Top 1 Percent Net Worth Wealth Management – PillarWM
Everyone has wealth goals they wish to achieve by some point in their lifetime. Some want to become millionaires, while others dream even bigger and hope to join the billionaire club. If you have ever wanted to attain a top 1 percent net worth, you will need to follow many of the strategies that billionaires have used. At Pillar Wealth Management, we can help you build your net worth and guide you in working towards your wealth goals. You can learn about some of our strategies by requesting a free copy of our new book 7 Secrets To High Net Worth Investment Management, Estate, Tax and Financial Planning For Families With Liquid Investable Portfolios Between $5 Million and $500 Million.
STRATEGIES FOR FAMILIES WORTH $5 MILLION TO $500 MILLION
The insights you’ll discover from our published book will help you integrate a variety of wealth management tools with financial planning, providing guidance for your future security alongside complex financial strategies, so your human and financial capital will both flourish.
Clients frequently share with us how the knowledge gained from this book helped provide them tremendous clarity, shattering industry-pitched ideologies, while offering insight and direction in making such important financial decisions.
Understanding Top 1 Percent Net Worth
The richest individuals in America own a substantial chunk of the country’s wealth. This wealth exceeds that of ordinary millionaires by a significant margin. So how much money do the wealthiest 1 percent have? It is estimated that the combined wealth of these individuals amounts to around 40% of the country’s wealth. Please talk to our wealth management experts to learn how you can boost your net worth.
So what is top 1 percent net worth defined as? The net worth needed to be counted in the 1% keeps increasing with each passing year. This is due to both inflation and the increasing number of millionaires in the country. If you wish to join the 1% net worth club in 2021, you will need a minimum net worth of $4.4 million. This means a significant number of high net worth individuals in America could be considered part of the top 1 percent.
Who is in the Top 1 Percent?
It is easy to assume that the top 1 percent is populated exclusively by billionaires. However, as we have learned thus far, plenty of millionaires fit in this category. So who is top 1 cent net worth? Most A-list celebrities and a significant chunk of investors could be counted in the top 1 percent.
How You Can Join the Top 1 Percent
Attaining a net worth of $4.4 million or greater is possible if you already have a net worth of 1 million or greater. This is because you can use your wealth to generate more wealth. Some of the strategies wealthy investors can use to boost their net worth include:
Paying Off Your Debts
A significant percentage of individuals in the country are beholden to debt. This includes high net-worth individuals.
Many investors hold off on paying their debts because it would require them to liquidate some of their assets. This strategy of prolonging debt repayments can slow down the rate at which your wealth grows. This is because you may need to keep paying interest on the debt. These interest charges can add up over time.
Repaying your debt quickly allows you to focus your attention on other wealth-building strategies, so you should strive to be debt-free as soon as possible. The only exception to this rule is if you believe your current investments are too valuable to liquidate and that their returns exceed your debt interest amount.
Improving Your Portfolio Performance
You may also be able to build a greater net worth by restructuring your portfolio. This involves investing in up-and-coming companies that offer high returns and identifying inefficiencies in your portfolio. You can learn about some useful strategies to improve your portfolio performance by reading our special guide.
Growing Your Portfolio
You can grow as well as protect your wealth by expanding your portfolio in the right manner. Plenty of wealthy investors are familiar with the ins and outs of investment. However, it would be best if you always remembered to balance the risk and reward of each decision you make.
Investing in an unfamiliar market can be tempting, as the rewards could be great. But diversification should never come at the cost of jeopardizing your portfolio. You can learn about some tried and tested portfolio expansion strategies by reading our guide.
Maintain a Budget
Another great wealth-building strategy is to maintain a budget. Everyone can benefit from budgeting, no matter their current net worth.
Creating a budget forces you to assess your income and expenditures and to revise your spending habits accordingly. If your expenses are almost as high as your earnings, you won’t be able to build wealth very quickly.
You should aim to minimize your expenses and spend on things that are absolutely necessary if you wish to increase your net worth. This is a practice that many billionaires follow, and it is one that can also benefit you as a millionaire investor.
Get the Right Insurance
Wealth protection is also a crucial component of wealth building. You can spend many decades building your wealth, only to sacrifice a significant chunk of it due to a medical emergency. This is a common occurrence, especially in a country where some emergency medical procedures can set you back a million dollars.
If you do not have the right health insurance plan, you may need to pay for such medical procedures out of pocket. Wealthy investors should consider looking at the various insurance options out there and choose one that offers the right coverage for them and their families. Please talk with us to learn about the various insurance options available to you.
How a Wealth Manager Can Help You
Plenty of wealthy investors turn to wealth managers for assistance with meeting financial goals. These professionals can help you build your net worth and protect your wealth.
So what is a wealth manager? A wealth manager is a specific type of financial advisor that offers a broad range of financial services. They cater to clients with a high net worth or an ultra-high net worth and are familiar with such investors’ unique needs and goals. You can learn more about our wealth management by setting up a meeting and speaking with us.
Some ways a wealth manager can help you build and protect your wealth include:
Analyzing Your Portfolio
Wealth managers offer portfolio analysis services. They can study your current portfolio and help you identify the risks and inefficiencies present within it. They can then offer guidance on how you can restructure your portfolio to be more efficient. In addition to this, they can teach you how to manoeuvre around the risks present.
Portfolio analysis services are incredibly valuable for any investor that wishes to optimize their portfolio performance and get ahead of other investors.
Managing Your Assets
Managing your assets can be time-consuming, especially if you have a large portfolio with a diverse range of assets. You can ask a wealth manager to manage some of these assets for you and offer periodic updates on their performance. You can learn more about asset management by requesting a free copy of our new book 7 Secrets To High Net Worth Investment Management, Estate, Tax and Financial Planning For Families With Liquid Investable Portfolios Between $5 Million and $500 Million.
In addition to allowing a professional to make decisions on your behalf, asset management services also allow you to focus on other wealth-building activities.
Creating a Tax-Efficient Portfolio
As a millionaire, you are likely paying some of the highest taxes in the country. You are paying taxes on your income and on your asset earnings. However, there are actually many ways to reduce the amount of taxes you legally owe.
A wealth manager understands different ways to make your portfolio more tax-efficient. This means you may be able to pay fewer taxes while staying in compliance with tax laws.
Planning For Retirement
Wealthy investors can grow and protect their wealth with the help of retirement planning services. This service encompasses many different activities, such as choosing the right investments and following a budget. After all, the goal of retirement planning is to ensure you have enough savings for a comfortable retirement lifestyle.
A wealth manager can offer guidance with setting retirement planning goals, as well as how you can achieve them. They can use their expertise to create a plan that fits you and your specific goals.
How to Find the Right Wealth Manager?
There are plenty of wealth managers who offer services to investors across the nation. However, all wealth managers are not created equal. If you are interested in picking a suitable person for the job, you will need to use specific selection criteria. This includes:
As mentioned earlier, wealth managers take on clients that have a high net or an ultra-high net worth. However, it may also be worth looking into the type of clients they take on. An investor with a $5 million net worth may have vastly different needs compared to one with a $500 million net worth.
For this reason, you should typically opt for a wealth manager who has served clients with a similar net worth to your own.
As with any type of financial professional, experience is essential. In fact, a wealth manager’s experience may be more valuable than that of other types of financial professionals. This is because wealth managers help clients in a variety of different areas and build their expertise over time.
This makes wealth managers who have been practicing in the industry for many decades invaluable. Such wealth managers should have helped their clients during times of crisis and learnt from the experience. They can then use the expertise they have gained towards helping their newer clients such as yourself.
A wealth manager is required to possess a good understanding of different financial areas. However, testing their knowledge can be tricky if you have never used wealth management services before. If you would like to gauge a wealth manager’s expertise, you should ask them some of the questions we discuss in our guide to choosing a financial advisor.
You can find plenty of wealth managers with experience and industry knowledge. However, they may be poorly suited for your needs if they do not offer personalized services. The greatest wealth managers always make time for their clients and tailor their plans to your liking.
Personalized services are essential in the wealth management world because a one-size-fits-all approach rarely works for everyone. When interviewing a wealth manager, you should ensure they take the time to understand your needs before offering to help.
Why Choose Pillar Wealth Management
Many individuals with a top 1% net worth turn to Pillar Wealth Management for wealth management services. This is because they understand the value we bring to the table with our six decades of industry experience.
We are also transparent about our pricing structure. We charge our clients a straightforward annual fee based on their asset value. Our wealth managers also personalize each plan so that it is in line with your future financial goals. Please set up your complimentary meeting with our wealth managers to get started with better wealth building and protection practices.
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