In the rush of daily life today, planning for anything more than a few days in advance can be difficult. But when it comes to your financial goals, including estate planning and asset protection, planning ahead is essential. It’s also key to becoming a quiet millionaire.
A quiet millionaire is someone who sets financial goals, budgets, saves, manages assets and taxes, and plans their estates in a thoughtful and mindful way. They also create financial plans that go beyond generating income, choosing investments and accumulating personal wealth in order to achieve their life goals.
Whether you’re new to managing your finances or need to plan your estate, thinking like a quiet millionaire can secure your legacy for generations to come.
Are you close?
According to a new report by Credit Suisse, the number of global millionaires will reach 87 million by 2026. These growing numbers reflect changes in how we think about and reach wealth. For those who want to become a quiet millionaire whose net worth is at least $1 million dollars in liquid financial assets, it may be more possible now than ever to reach that goal.
Power of Knowledge
Power of Knowledge
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To get started, begin with evaluating your current financial situation and establishing a timeline of significant milestones. For example, is it more important to retire early or to acquire a second home? From there, begin to assess your personal risk tolerance and start building your investment portfolio.
There are tax minimization strategies that can also help you work towards your financial goals. For example, you can use your 401(k)s and IRAs for investments that throw off short-term capital gains or interest income, which are taxed as ordinary income. Furthermore, estate planning can incorporate tax deduction strategies that help eliminate or mitigate estate, generation-skipping transfer (GST), and gift taxes.
You may already be there
Is becoming a millionaire one of your goals? For more than 25 years, the Hatley Law Group has provided holistic estate planning services to clients. As an experienced asset protection law firm, they work with clients to minimize estate taxes, avoid probate and conservatorship, and preserve their wealth. For help with protecting your net worth and assets or reviewing your current risk to maximize protection contact San Diego Asset Protection Lawyer Rodney J. Hatley today.
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