You may have noticed, from some of our previous articles, that SignatureFD thinks differently about wealth. From offering tips on how lawyers can design a life that truly fulfills them to strategies for business owners to find time for what matters most to them, we believe wealth goes beyond money. We help clients Grow, Protect, Give, and Live (GPGL) all areas of their wealth because we think true joy is not driven just by a portfolio number.
We call this guiding principle NET WORTHWHILE. It’s the intersection of the accumulation of more and the achievement of better. It is a wealth-building journey that is firmly rooted in what motivates you. And, while in times like these, it can be easy to make knee-jerk decisions for short-term solace, anchoring goals in NET WORTHWHILE and GPGL continues to serve as the fundamental formula for helping our clients, “have it all.”
As the world continues to adapt to a COVID-impacted landscape, we wanted to share how all Morningside readers can leverage GPGL during this time.
Stay True to Your “Why”
We reverse engineer the goal process with our clients to get to their “why behind the what.” Money isn’t the destination, but rather the vehicle to get there. Why do you want to build wealth? Why is it important to you? Is it to be free from debt, to help your community or to travel? There is no wrong answer. NET WORTHWHILE is about what “having it all” means to you.
But, it’s easy to forget your why in times like these. So it’s important to revisit it, continually. Before making any decisions, ask yourself these two questions: (1) Why am I making this decision? (2) Does this decision align with how I want my life to look and feel now and in the future?
Make Sure Your How Aligns with Your Why
Grow your wealth and income potential. Protect your family, lifestyle and property. Give to the people and causes that matter most to you. And, Live with financial freedom. GPGL. These are the four tenets we use when creating a client’s wealth blueprint. Evaluating your strategies against these tenets helps people align complex financial solutions to actions that mean something. Below are things to consider for each pillar.
- Grow your wealth and income potential. With COVID, the market has gone through some significant changes lately. From deep troughs to sweeping recoveries, it may be challenging to figure out how best to ride the wave for the most advantageous outcome. Amid the volatility, don’t forget the basics. Set strategic allocations that align with your goals (your why) and rebalance portfolios when asset weightings change enough to throw you out of alignment. Partnering with a wealth advisor who continuously monitors your portfolio for you can make this a lot easier.
- Protect your family, lifestyle and property. A critical component of building wealth is protecting it. Your wealth advisor should provide you with tax-mitigation strategies and risk-management solutions of which you may not otherwise be aware. For example, have you heard of QLACs? The acronym stands for qualified longevity annuity contract – a mouthful, we know. Put simply, this product acts as longevity insurance by providing income you can’t outlive. QLACs are becoming increasingly popular, especially as they allow people to take advantage of some of the recently-implemented tax benefits.
- Give to the people and causes that matter most to you. One of our previous articles discussed “intentional generosity.” Just like all things that matter in life, generosity is something for which you can intentionally plan. When examining generosity plans with our clients, we analyze their unique generosity trifecta: what causes are meaningful to you, what relationships do you want to impact, and what resources do you have to give. When you are intentional about being generous, you can transform not only the lives of those you support but also your own.
- Live with financial freedom. We often find that people come to SignatureFD with the mindset of holding tightly to their wealth until retirement, causing them to miss out on enjoying life now. We also find that doing this is not necessary. It is possible to have a great life now and in retirement. Working with a wealth advisor can help you properly analyze your debt and plan your cash flow, so you feel comfortable in knowing you can reap the benefits of your wealth now and still have a great retirement in the future.
As the world adapts to this new way of living, our beliefs in NET WORTHWHILE and GPGL have only strengthened. Why? Because it works. By custom-designing a plan that puts your life at the center of all financial decisions, you’re in the best position to grow, protect, give and live your wealth to the fullest – living your NET WORTHWHILE.