1. Quarterly Reviews
Von Adelung Wealth Management reaches out to every client every quarter for a review of their finances. While this is not a mandatory requirement, we hope to make sure all clients are on top of their financial wealth. The goal is to increase their net worth and completely eliminate any debt.
2. Financial planning process
Financial planning is a life-long process that assists you and your family in taking control of your financial future. By setting financial goals, developing strategies, and monitoring the progress on a regular basis, the likelihood of achieving your results is greatly increased.
Many people believe that financial planning is only for a very small number of wealthy families. This is not true. All households need to manage their financial resources carefully.
Its purpose is to create a solid financial plan, which helps you not only with today’s problems, but also solves future needs to meet all of your financial goals and objectives.
A Very Wise Proverb
“Tomorrow belongs to the people who prepare for it today”
- Gather financial information
- Identify and prioritize personal financial objectives
- Process/analyze financial information
- Create a financial plan with realistic solutions
- Make a checklist of actions to implement your financial plan
- It is always a matter of Discipline
Financial Planning Do’s
- Start creating a real succession plan (selling your practice at retirement)
- Open and fund Roth IRA’s for your children
- Start saving early for your children’s college (use a 529 plan and educational IRAs)
- If you are 50 years or older, either purchase long term care insurance or create a long term care strategy
- Update your financial plan yearly
Financial Planning Don’ts
- Do not spend more money than you make!
You are not the federal government.
- When purchasing an asset for your retirement or your practice, consider the following:
Will the asset give you cash flow now and in the future?
Does the asset create more to your net worth?
- Never, ever invest in something you do not completely understand! If it is that complicated there is something wrong.
- Never invest more than 5% of your liquid portfolio in illiquid investments such as partnerships, private placements, etc.
3. Hope is not a Strategy
Von Adelung Wealth Management finds some clients coming to us with a ‘hope’ of retiring or being debt free some day. This happens because they may be late in the financial planning cycle. We apply actual strategies that, based on *past outcome, meet or exceed your stated goals. We are not counting on the government dole or some family inheritance for creating the wealth you will need. We come up with real solutions to real problems.
*Investing involves risk including the possible loss of principle. Past performance is not a guarantee of future results or success.
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