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The Four Pillars to Wealth - How To Create And Grow Wealth

They say that your first million is the hardest to make. But, it can also be challenging to protect and preserve wealth, particularly during uncertain economic times. To stay rich forever, we must not only know the techniques for acquiring wealth, but for maintaining it.

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Create and Grow Wealth

First, you must begin by taking a snapshot of your present financial situation. Create an inventory of your assets, liabilities, and income for your entire household. In addition to creating an initial net worth statement, you will also want to create and assess your household budget, as this will give you some insight into how much you will need in the way of capital to sustain your lifestyle during retirement. The term retirement does not refer to a specific age, but rather the point in time where you have enough capital and assets working for you that retirement becomes a financial option. Once you have an idea of where you are and where you need to get to, you can build an investment plan that will allow you to grow wealth.

Receive Income in Tax Efficient Ways As you near retirement, you will need to develop income strategies that will allow you to receive the funds required to maintain your current lifestyle and to facilitate your ability to achieve your retirement dreams. Leveraging tax minimization strategies both while preparing for retirement through investment selections and then during retirement through withdrawal strategies will allow you to outlive your funds. And, you will be receiving retirement income in a tax efficient manner.

Protect and Preserve Wealth

Once you begin to grow your wealth, you need to preserve it against risks such as market risk and inflation risk. Building a portfolio allocation upon the principals of asset allocation will provide the foundation for you to begin proactively protecting and preserving your wealth.

Protect Wealth Against Disability and After Death

While most people don't enjoy thinking about the 'what if's' in life, it is an important process to work through when developing a financial plan. Disability is one of the leading causes for foreclosure in the U.S., and can derail an individual and an entire family if not properly planned for. In addition to disability protection, you will also want to ensure your assets go to whom you designate in an orderly fashion upon your death by establishing wills and trusts.

When you build four solid pillars, you will be able to build a solid financial house for you and your entire family. This can be achieved through proper long term financial planning. Trippon Wealth Management has over 30 years of experience in helping families create a solid foundation for their financial security.

Trippon Wealth Management Group, LLC. (TWMG) is a registered investment advisor with the Securities & Exchange Commission. TWMG may only transact business or render personalized investment advice in those states and international jurisdictions where we are registered/filed notice or otherwise excluded or exempted from registration requirements. The purpose of this web site is for information distribution on products and services. Any communications with prospective clients residing in states or international jurisdictions where TWMG and its advisory affiliates are not registered or licensed shall be limited so as not to trigger registration or licensing requirements.

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