Most of us don't like dealing with our personal financial assets. Planning ahead on this matter is something scarcely done and therefore will cost us a lot of money.
Few questions everyone needs to ask especially high net-worth individuals:
- How much money will I need in order to live the way I want until the age of 90 (at least)? Do I understand that assets are the tools to fulfill my financial goals and are not the goals themselves?
- Did I ever take in consideration a financial crisis planning ahead and its consequences on my household?
- Do I understand that statistically if I work until retirement than my first income after retiring will be 50%-70% lower than my last income as a working individual?
- Do I understand that I might need to financially help/support my kids for long period of time hence a higher burn rate of my assets?
- Do I have enough assets to serve my financial future goal and needs?
- If I don't, what needs to be done to overcome the gap?
- If I do, what needs to be done to create continuous growth?
- What am I looking for in my advisors?
- Will an advisor that gets paid commission from 3rd party will be objective enough for me to trust compared to an advisor which gets paid directly fees by me?
- Would an advisor that sees the whole assets picture be better than few advisors that each one sees a partial picture of my assets?
- Do I understand the costs of not having a one financial advisor that is paid by me and sees the full picture of my assets – tax wise, investments wise, risk management wise?
- What is the best way for me to have peace and quiet in such a dynamic and volatile global financial environment?
