Factorialist

The Importance Of Wealth Planning

We live in the middle of the most competitive business environment in human history.

Smart and savvy entrepreneurs have found the last 10 years to be a real struggle and challenge to compete, as technological advances and the spread of the Internet makes it easier and easier for anyone – literally ANYONE – to compete with existing businesses or organizations on as level a playing field as there’s ever been before.

Combine that with global outsourcing, and even those that do not own their own businesses are finding it almost impossible to grab gainful employment in their chosen career field without expensive training and education.

Wealth planning has always been important, but it’s never been quite as important as it is today. If you aren’t seriously thinking about how you’re going to create wealth, and how you’re going to sustain that wealth moving forward, the odds of you having to work well into your twilight years are much more real than most people ever would have thought.

Substantial wealth is always under attack

One of the biggest enemies you’re going to have to your wealth planning process is the fact that you are going to be up against a significant amount of enemies at every corner.

The government is always one of the biggest enemies of wealth, trying to find new ways to tax those that have built up their financial future and strip them of the windfall profits they’ve been able to generate. You also have to look out for divorces, children, and frivolous lawsuits that will all pick away at your wealth if it isn’t planned and structured appropriately.

Three generations is all it takes for wealth to disappear

Research shows that the overwhelming majority of wealth that will be passed on from one generation to the next is almost always only generated by a single generation – and after passing through three generations, the entirety of that substantial amount of wealth has disappeared altogether.

Taxes play a major role in taking a big bite out of the wealth that you’ve been able to create, but you also have to deal with other regulatory and legal challenges, changes in the political and socioeconomic structure, and a number of other seemingly unforeseen factors that need to be prepared for.

If you’re going to help to create the kind of generational wealth that completely changes lives (not just your own or your children’s, but your children’s children and of their children’s lives as well), you’re going to need to move forward with the right wealth planning program to get you there.

You’re going to need to connect with quality professionals that know exactly what they’re doing, you’re going to need to structure a plan that allows you to achieve the goals that you are hoping to achieve, and you’re going to need to stick to that plan as best you’re able to – leveraging every opportunity as it comes down the line and avoiding dangerous pitfalls or mistakes that can send your empire crumbling.

About the Author: Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, where he writes most content on the site, and also writes the company blog. Some of the topics he wrote are “Singapore among Top 10 Countries with High Net Financial Assets Per Capita” and “Why Millionaires Choose Singapore as Their New Home”.

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