When we talk about wealth management, the natural inclination is to think of it as a service only for the rich. The word “wealth” is a big red STOP sign for a lot of people, and that’s unfortunate because it shouldn’t be that way. Wealth management at its best is simply a methodology for making the most out of your income, no matter the size. Regardless of how you define the word, you can always use these tested strategies to build what you have into a nest egg.
There are simple ways that working-class families can manage their money the way the very wealthy do. Setting aside money is a matter of percentages, and every penny counts. That means that even if you can only square away a small amount every month, it’s still worth doing. Come into some unexpected cash? Pretend it never happened, and put it away or invest it. Make a list of everything you buy in a week and take a good look at what you need and what you don’t. You may be surprised at how easy it is to get started managing your money.
Those of us in wealth management would do well to remember that the clients we serve, whether millionaires or those of more modest means, all have the same goal: making the money they have into something more. Not everyone is looking to buy a yacht, but we all could use a little more in our pockets. This country is facing a crisis, as saving rates are as low as they’ve been in history. With all the uncertainty surrounding Social Security, it’s as crucial as ever that everyone does what they can to manage their money. While we might not all be wealthy, wealth management is within everyone’s reach, even for those who can’t afford a manager.