Fear of severe health problems

It’s no secret that getting older brings more doctor visits and possibly hospital bills. Dealing with chronic health conditions can drain you physically, emotionally, and financially. These risks are why the financially successful do all they can to avoid health problems, and preparing for the possibility is a top priority.

Here are two things you can do to address health concerns:

1.) The first thing you can do to promote good health is to pursue a longer life intentionally. This focus can include things like nutrition, exercise, and reducing stress. It can also include diagnostic tests that may reveal your specific future health risks — so you can address them earlier —such as personal genome sequencing.

2.) Secondly, you might consider a variety of forms of healthcare, including joining a concierge medical practice. Concierge practices typically allow quicker appointment scheduling, longer, more in-depth visits, and in many cases, more personalized care by physicians with greater expertise than general practice providers.

Fear of losing wealth

There is always a looming concern for the financially successful about the fear of losing their wealth. Especially, in the current economic environment, between volatility, political worries and life changes, there is much for people to be concerned about. They want to make sure they are making smart decisions with their money, and not putting themselves and their family into a precarious situation. You can do to help prevent the loss of wealth, but today I want to share three things.

1.) Work with a reliable team of professionals

The more wealth you accumulate, the more responsibilities you have and the more potential to wonder if you are making smart decisions with your assets. One individual typically does not have the ability to be an expert in all aspects of wealth management. Instead, the financially successful build a team consisting of a minimum of a wealth manager, CPA, and an estate attorney who all work in tandem to protect the family. It is important to assign one professional, traditionally the wealth manager, to coordinate with the family and other professionals.

2.) Implement asset protection strategies

These asset protection strategies can include building a war chest, living within one’s financial guardrails, and continuously monitoring your tax situation. While you do not need to look at the minute-by-minute action of the public markets, you need to have a strategy that can help weather various types of financial events. Additionally, as your life changes, you need to be prepared to make changes when necessary.

3.) Protect yourself physically and electronically

With financial success comes the increased potential for becoming a target. While you may already have insurance and alarms to protect your physical assets (and if you don’t, you should), the financially successful also look for ways to protect themselves electronically. This protection includes their identity, including their financial accounts and online footprint. Protect what you have worked long and hard for and be prepared to find new ways to protect yourself and your family.

In summary, I hope you see that there ARE things you can do to help alleviate your biggest fears now and into the future. Being proactive will not only help you overcome your fears, but it may also lessen the possibility those fears will ever come to pass.

Our mission at Zeches Wealth Management is to use our financial planning and tax expertise to help multi-generational families and business owners. If you have specific questions to your family’s situation, feel free to contact us, and we will do what we can to help.