significant wealth should be willing to spend the time and money to make sure his or her will is prepared properly.
Consider the flipside. If you are underinsured, a fire in your home is not just a tragedy for you and your family but a financial calamity as well. If your will is inadequate or not up-to-date, your assets might not be distributed as you desired or you leave your heirs with hefty tax bills. Do a cost-benefit analysis. Often, it pays to obtain professional advice in these instances.
In a Nutshell
As a financial entrepreneur, you need a plan. It is a three-step process:
Set your goals. Determine how much money you'll need to meet your financial, often multiple, objectives.
Assess your investment options. Figure out which kinds of investments are appropriate to reach your goals.
Determine how much money you'll need to invest. Calculate how much money you'll need to set aside.
In addition, as you develop a plan to accumulate wealth, remember that managing debt wisely is key to your success.
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