I want to talk to you about your circle of wealth.
We all have a circle of wealth, and what do we want to happen to our circle of wealth? We want it to grow! What’s the first thing that comes to your mind’s eye to make your circle of wealth grow? Some people say, “I’ll get a better job. I’ll get a higher paying job, I’ll spend less money” or, “I’ll save more.”
However, the conversation that most financial planners will have with you would go something like this: Perhaps you’ve heard the conversation before, “Well, how much money do you have? Where is it? Ah, I can do better than that.”
Three Types of Money
I want to teach you about three types of money. First is your accumulated money. These are dollars that you’ve already saved and will continue to save. Second is your lifestyle money. How much time would you like for me to spend with you and your significant other in helping you reduce your lifestyle so that you could save more money? None, right? And third is your transferred money. These are dollars that you are transferring away unknowingly and unnecessarily. We also call these wealth transfers.
Some examples of wealth transfers surround how you pay your mortgage. Do you have a 30 year mortgage? A 15 year mortgage? Did you put a lot down? Or perhaps just the minimum? In addition, we’ll ask how you pay your taxes? Do you participate in qualified plans like a 401k? Do you put in more than what the company matches? How are you going to pay for your kid’s college? How about major capital purchases?
Stop Losing Money
People are losing thousands and thousands of dollars by transferring money in these areas unknowingly and unnecessarily. If, in working together, we could recapture those dollars and bring them back to the table, then we would have more money to put it into your accumulated money so that your future is more solid.
We would also put some of that money back into your lifestyle so that the journey along the way as a pleasant one.
Does that sound with what you’re looking for? If you want to learn more about your circle of wealth, then I’d love to have a conversation with you. Just give me a call or shoot me an email.