Regardless of how you define wealth, it is definitely time to begin learning how to accumulate more for yourself. The world seems to be closing in on those without some form of wealth to trade with others and share with family.
Despite this truth, many seem leery of an investment in wealth expertise. The industry may be less public than, say, basketball or country music, but it is exponentially more important that you know what a Bitcoin is rather than Jason Aldean’s latest single. Let’s take a look at what might define you as a good candidate for a wealth coach.
You Have No Surplus
The surplus being referred to could constitute a surplus of money, food, guns, bullets, land, or any other valuable physical resource that will help to sustain you in tough times. If you are living paycheck to paycheck with nothing to show for yourself at the end of a month, what happens if the system you rely on has a hiccup? What if you lose your job or your source of income? Not only will you quickly run out of money, but you may also put yourself behind the eight ball.
In the world of modern finance, going into debt for day to day expenses is a death note. A wealth coach, believe it or not, may be your ticket out of the rat race.
You Have Only One Source of Income
We are no longer living in the 1950s – one stream of income is no longer enough for a household. Soon enough, one stream of income will no longer be enough for a single person. A wealth coach can teach you how to cultivate multiple streams of income without drastically expanding your total hours worked.
Passive streams of income are the only way to truly build wealth – there are only 24 hours in a day for everyone. Wealthy individuals are able to cultivate streams of income that work on their own. A wealth coach may draw your attention to financial vehicles you may not have considered.
You Need an Encouraging Hand
Wealth coaches do not teach you how to manage your day to day income. However, having a teacher looking over your shoulder may encourage you to save money to stay in the game. As you pay bills, you will also pay the appropriate amount of money into your wealth accounts or risk non-participation in wealth building activities.
Having a wealth coach will discipline your own money management once you find out just how many opportunities there are for people who have wealth to invest.
You Have a Surplus That is Not Actively Working for You
If your excess funds are sitting in a traditional savings or checking account, then you are probably losing money. Modern interest rates do not outpace inflation – basically, you have to invest in managed risk accounts in order to build more resources for yourself in the future.
If your surplus is not working for you, you are more likely to spend it as well. Money that is working is usually less liquid; therefore, you have less of a temptation to use it on an impulse buy.
You Are Financially Illiterate
A wealth coach will help you realize that not all risk is bad. You will learn how to properly assess your future monetary goals and match them with investments in the present. You will learn risk management and how to properly diversify a portfolio without being arbitrary about it.
In order to build wealth for the future, you must learn the basic vocabulary of finance. Being able to talk to money ensures that you do not lose it, even in tough times.
You Are Considering a Large Purchase in the Future
Common sense tells us to save today if we want to splurge in the future. There may be a better way to reach a set monetary goal, and a wealth coach will be able to identify it for you.
Believe it or not, a wealth coach may actually welcome your business with knowledge that you plan to spend it all on a particular item. With your eyes on a set prize, you have a time frame, a risk profile, and a set scale. Basically, you are making the job of your wealth coach much easier.
Regards,
Ethan Warrick
Editor
Wealth Authority
