“Wealth is forever,” or so many a bank ad claims. Most people with money certainly hope so. Indeed, there are individuals and families whose financial resources have not dissipated for years, even centuries. One only needs to recall the fabled Rockefellers and the Medicis to make a point. With thrift and hard work, one can certainly generate substantial wealth. However, it’s the financial planning strategies employed by companies like Asset Management Strategies, Inc. that allow you to safeguard this wealth.
The very wealthy are generally categorized as either being old rich or new rich. The old rich possess old wealth, as ancestors have amassed massive fortunes which are then inherited by subsequent generations. Such a super-wealthy family tends to be prominent in its country’s social register. The new rich (or nouveau riche) are those who have acquired their wealth within a shorter span of time—through luck, talent, business acumen, or some other means.
Forbes Magazine continues to list a growing number of millionaires and billionaires throughout the world every year. It really doesn’t matter whether one belongs to the old rich or nouveau riche segment—although the former may have a more snobbish posture in society. What is important is that you have acquired your money legally—fair and square. The next question is, how long can you hold on to your wealth? More importantly, how can you make it grow?
If you aim to create a fortune that can rival the great families of old—something you can pass on to the next generation—you will need to manage your finances properly. It is best to hire a team of professional financial planners to manage your wealth for you. The smart move would be to seek the assistance of companies to preserve and nurture your fortune.
Wealth can give you the freedom you desire and provide you with many other benefits. But it can be problematic as well if you don’t know how to control or manage it. Asset management companies can provide that peace of mind by establishing charitable legacies and maximizing wealth transfer. They can also minimize the risk of financial catastrophes and protect your wealth from inflation.
Chicago asset management firms can also help you provide for your children’s or grandchildren’s education, and reduce your tax burdens. You would not have to worry about your retirement income as this can be secured as well. Additionally, asset management companies can provide investment strategies, life style planning services, and assist with estate planning to preserve your legacy. Through these companies, you can have your cake and eat it too!
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