When contemplating strategies to increase your wealth, there are two main functions to consider.
The first function is reducing expenses. Accomplishing this requires intelligent and diligent wealth management. Think of your wealth as water in a bucket which has a number of holes out of which the wealth seeps. These “holes” could be unnecessary taxes and fees, spontaneous purchases, poor pricing on purchases, poorly structured plans and contracts, interest payments, handouts, or over-staffing, among others. The more holes you plug, the more water (wealth) you keep in your bucket. Our process includes helping you to identify as many of these holes as possible and implementing changes that will eliminate much of this seepage.
The second function is increasing returns. This involves monitoring and adjusting your sources of profit on an ongoing basis. It sounds like a lot of work, but it is very rewarding and worthwhile when you see the results. This process begins with careful scrutiny of financial and investment portfolio statements. It is only by monitoring your rates of return that you can get a sense of whether or not you are moving in the right direction. By taking an honest look at performance, you can catch problems before they escalate and make adjustments to capitalize on opportunities. This is not something that can take care of itself so it is worthwhile to pay attention to all of your income sources.