We all like success stories. However, when it comes to our finances, most of us don’t take the time to define what success means. Without a clear understanding of your financial ability or lack thereof, it is difficult to make informed financial and life decisions.
Our clients, husband, 42, and wife, 36, are married and financially independent. They both enjoy work but are concerned that they will need to work longer than they wish. They enjoy golfing and socializing with friends at their country club. However, the expense of the club keeps them up at night and they are concerned that this expense is simply above their means.
Another wish they have is to spend their annual vacations in at least two major cities in the United States but believe this is just wishful thinking. With concerns adding up, they asked their Wealth Advisor at United Capital to develop a financial plan to take control of their financial situation.
Their Wealth Advisor at United Capital worked very closely with them and developed a comprehensive financial plan that clearly explained their financial life. They met with them regularly and explained where their assets were held, how they were managed, and made some adjustments to better suit their current situation. They also explained what type of lifestyle they could afford and how long their assets would last.
The Wealth Advisors at United Capital took the lead role of coordinating the financial plan with the Clients’ other trusted advisors. At United Capital Wealth Management, nothing is more fulfilling than helping a client regain control and power of a financial need.
During the financial planning process, their Advisors learned that they had more than enough assets that would last them till retirement while still fulfilling all their goals and wishes. Their Wealth Advisors at United Capital showed them that even if we entered a recession and the market pulled back that they would still be able to live the life they want without concessions.
Sometimes the smallest steps make the biggest difference. If this couple had assessed their financial situation sooner, they may have avoided all of the stress and sleepless nights of thinking they needed to drastically alter their lifestyle.
At United Capital Wealth Management, we guide our clients towards peace of mind by helping them clearly define their goals and design and implement a plan to help achieve them.
Staying up-to-date with financial markets and investment strategies is a wonderful thing. However, sometimes it can be difficult to filter the good advice from the bad.
Our clients, Kola, 38, and Amaka, 32, recently welcomed an addition to their family this year. They have been operating a thriving family-owned legal practice since they got married and wanted to assess the sustainability of their investment portfolios for their post-work life.
Kola reads magazines and books about the financial markets and is an avid CNBC Africa and Bloomberg enthusiast. He is very organized and maintains detailed spreadsheets of their cash flow, assets, and liabilities. He is also a member of the ‘Creating Capital Community-CCC an online financial resource platform for education and financial empowerment. CCC has helped them to identify, achieve and maintain their desired lifestyle with adequate financial planning.
But with a new baby, Kola and Amaka will need to determine if their current investment strategy will be sufficient for the long term.
Last week, I was chatting with some of my former college buddies about my experience so far with my United Capital Wealth Advisor, and the conversation went something like this, ‘Wake up Millennials! Time is your biggest asset.’ Ok, so I know I may sound a bit harsh but I am a Millennial too and I get just as annoyed by Baby Boomers harping on us, our work ethic, our style and our music (I don’t like Afrobeats music either, I always tell Dad). But if there is one thing our generation most certainly lacks in comparison to our parents, it’s financial literacy.
Several studies have shown that the Millennials worry so much about money. Many of us saw our parents get burned by the market during the last financial crisis and are also saddled with huge loan debt running into several millions of Naira. These factors have had one or two impacts on us: saving money inefficiently, or not saving at all.
The financial crisis, and the media blitz that ensued has done so much damage to millennials psyche that most of the money millennials have set aside are placed in low-interest paying (and sometimes high-fee charging) savings accounts. This conservative approach may provide a bit of relief from the risk of the unexpected, but not much in terms of building long-term wealth.
Chief Olaoluwa is someone who many would consider a ‘typical wealth management client’ AKA ‘HNI’. He is 49 years old and married with grown up children. He has his own engineering firm where he is the 75% shareholder. He has N550m invested with us – but has another N90m invested elsewhere. He is a firm believer in the fact that to maintain your desired lifestyle at the point of retirement, you need to save more than what goes into your mandatory Retirement Savings Account monthly, hence he introduced a “Lifestyle Retirement Scheme” for all the staff in his firm. Chief Olaoluwa had two main concerns when he met us:
Firstly, that his retirement arrangements should be reviewed to maximize his chances of retiring at 60, rather than 65;
Secondly, that the investment policies for the “Lifestyle Retirement Scheme” should be brought up to date and an effective investment strategy be implemented.
Onyinye and Onome are both young middle class professionals and like many couples in their mid-30s, they owned a home and had recently started a family. However, they had not considered a Private Wealth Advisor. To be honest, it wasn’t that many years ago that their biggest concerns were getting through college and graduating from school.
During Graduate school, they started amassing a considerable amount of debt and had difficulty saving. As their incomes rose dramatically after securing high paying jobs, Onyinye and Onome soon realized that they did not have a plan in place to save for their children’s university education, manage their debt, and set money aside for their own retirement, among other things. They couldn’t decide on how to prioritize these different interests or where to start. Between their careers, family commitments, and social activities, they continuously put off what seemed to be a daunting and arduous task: creating a financial plan for their future.
Finally, after several attempts to figure it out on their own, a trusted friend encouraged them to reach out to a Wealth Advisor at United Capital to review their financial situation.
Success in life is essentially the accomplishment of one’s aim or purpose. Could there be a correlation between personality traits and whether one achieves a purpose? Most certainly! Although there are several misconceptions about introverts( those who tend to be more focused on internal thoughts, feelings and moods rather than seeking external stimulation ) an inc.com article.
The goal of investment advisory is to help investors manage their money more effectively. However, the spirit behind such advice is education, including educating investors on their investments and how they work. It’s with this purpose in mind that the Private Wealth team at United Capital form “Creating Capital” Community groups. Creating Capital is the Online subscription-based version of United Capital’s Private Wealth services.
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