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Get Rich Not So Quick: 5 Tips to Maintain Your Wealth

You’ll notice the internet is full of these “get rich, stay rich” articles, but you’ll notice it’s mostly a lot of fluff without any real helpful advice. No matter how many times you read about how rich people have an “optimistic attitude”, “persistence” or “set goals”, as an advisor for the past thirty years, I can assure you that these vague tips don’t give you, or your retirement plan, much help.

It could save you time and money to talk to a trusted advisor in person and put together a game plan. If you don’t know where to start, check out this list below.

1.) Have a long-term vision of what you want from your retirement.

The first step is to envision what you see as a fulfilling retirement. What do you want your money to do for you? Write down a few bullet points of what your ideal retirement would look like or a few accomplishments that would resonate with you.

2.) Find out if your vision aligns with your spouse’s vision.

Retirement is not just a financial decision, it is a major life transition. You’ll have different ideas about what to spend your money on with your spouse, and there might be conflicts. An advisor can be a mediator and help you and your partner reach a financially prudent solution. You can read more about how I helped a family with a purchase that changed their retirement here.

3.) Schedule a meeting with your financial advisor.

If you are concerned about losing your wealth or changing your spending habits, it is time to speak with your financial advisor. A good advisor can provide you support, guidance, and a long-term vision of your wealth along with an illustration of how different variables can affect your nest egg. If you are worried about spending, the good news is, that spending is a variable you have control over.

4.) If you don’t have a financial advisor, it might be time to consider getting one.

Good advice tends to always have a price. There’s a difference between using WebMD vs. going to a doctor’s practice for your health, the same discretion should be used when viewing your financial life. Financial advisors have a variety of fee structures that can work for you and help save you money over the long run.

5.) Monitor your spending with tools.

 Almost half of America’s well-off investors worry that they will spend too much and will lose their wealth during retirement. There are plenty of free tools that can help you monitor your spending and set budgets. If you have a financial advisor, their firm may have sophisticated software that provides in-depth analysis of your wealth.

If you have any comments or questions about this article feel free to contact Cordasco Financial Network here.

Choose Wisely,

Steve Cordasco