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Manage your Wealth

Although we equate money to wealth, the actual wealth is the feeling of safety that is imparted by money. The concept of safety again arises from our insecurity of the future. There should be a purpose of wealth management. Just managing your money for the sake of becoming rich is probably not the reason why people save money. Being rich brings responsibilities. By this it is implied responsibility towards yourself; responsibility towards your family, and also, responsibility towards the greater society in general. Also, it is not necessarily true that only the super rich have to manage their wealth for the sake of an unpredictable future.

General wealth management is important for people belonging to all income categories. Whether you have more than sufficient money for investment or whether you live from paycheck to paycheck, you should definitely learn to manage your wealth in the proper way, keeping the best of the future in mind. Everyone is part of the same social structure, and the right effort of every individual with a futuristic vision, is definitely going to have a positive impact on the way mankind’s collective future is going to evolve. Presented in this article are some basic aspects of wealth management that applies to all irrespective of their income status.

Blueprint For Future

First, you should prepare a blueprint for the future. Although it seems weird that how you can prepare a blueprint for unpredictability, yet, every one of us indulge in this unpredictable game of life. It’s just the way it is. The way you want to see your life shaping in the future and the lives of your dependents (like kids) is reliant on the direction you are shaping up your savings. Saving aside money for possible medical emergencies; saving aside money for kids’ education, saving aside money for paying your loans and bills etc. are all crucial aspects of preparing this blueprint for future.

However, you should also keep your mind open to the fact that the structure you are shaping up for yourself may not be the structure your future has in mind for you. You never know, when economic emergencies like hyperinflation etc. would strike and all your plans for the future would go haywire. But, still, we should do everything in our ability to develop a proper plan for the future. The rest, it is better to leave in the hands of time.

Protection of Assets

The assets that you develop over the course of time would require proper safeguard measures. Insurance policies, lawyer expenditure, taxes, creditors etc. are various aspects that you should keep in mind while making sure that you are protecting your assets. To manage your wealth properly you should know about the balance between income and expenditure. Everyone can benefit greatly from cutting the corners of excess expenditure.

This rule applies to people of all income level; just the concept of excess expenditure differs. What is excess for someone, may be the necessity of someone else to maintain their status. Status is something else that requires proper attention. What exactly is status but a sense of position in the society? It is also a misconception that status is exclusively dependent on money. Unless you are contributing positively to the super social structure, you do not really gain the status you are aiming. Respect is not money. Money is just as aspect of respect.

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