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The News God > Blog > Business & Finance > Mark Trewitt Shares Insights on Common Mistakes to Avoid in Wealth Preservation
Business & Finance

Mark Trewitt Shares Insights on Common Mistakes to Avoid in Wealth Preservation

Rose Tillerson Bankson
Last updated: March 1, 2024 4:12 pm
Rose Tillerson Bankson - Editor
March 1, 2024
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5 Min Read
Mark Trewitt Shares Insights on Common Mistakes to Avoid in Wealth Preservation
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Mark Trewitt explains that building wealth takes dedication, sacrifice, and, often, a healthy dose of luck. But preserving it? That’s a whole different ball game. Even the most meticulously accumulated fortunes can dissipate if you fall prey to common pitfalls. So, before your hard-earned nest egg takes a nosedive, let’s arm ourselves with knowledge and explore the mistakes to avoid in wealth preservation:

Contents
Neglecting Emergency SavingsFlying SoloIgnoring InflationEmotionally Driven InvestingUnderestimating TaxesForgetting About Estate PlanningLack of Review and AdaptationFailing to DiversifyNeglecting Risk ManagementIgnoring Cyber Threats

Neglecting Emergency Savings

Don’t let the allure of growing your wealth blind you to the importance of safety nets. Unexpected emergencies like job loss or medical bills can quickly deplete your resources. Aim for 3-6 months of living expenses in a readily accessible emergency fund to weather any storm.

Flying Solo

Going it alone with your finances can be tempting, but it carries risks. Consider seeking professional guidance from a qualified financial advisor. They can provide personalized investment advice strategies and navigate complex tax and legal matters, ultimately saving you time, money, and stress.

Ignoring Inflation

 It’s a silent thief, slowly eroding the purchasing power of your wealth. Ensure your investments outpace inflation by considering assets like inflation-protected bonds or real estate. Remember, a stagnant portfolio might mean you must move forward realistically.

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Emotionally Driven Investing

The market is a roller coaster; fear and greed can cloud your judgment. Stick to your long-term investment strategy, avoiding impulsive decisions based on market fluctuations. Remember, patience and discipline are key ingredients for successful wealth preservation.

Underestimating Taxes

Taxes can bite a significant chunk of your wealth if you’re unprepared. Understand your tax obligations and explore strategies for tax minimization, such as utilizing tax-advantaged accounts and seeking professional tax advice. Every dollar saved in taxes goes directly towards preserving your wealth.

Forgetting About Estate Planning

Mark Trewitt notes that it might not be the most pleasant topic, but it’s crucial. Your wishes might only be respected with proper estate planning, and your loved ones could face complications and legal battles. Create a will, consider trusts, and designate beneficiaries to ensure your wealth is distributed according to your intentions.

Lack of Review and Adaptation

Life throws curveballs, and your financial plan needs to adapt accordingly. Regularly review your investments, risk tolerance, and overall strategy. Adjust your plan as needed to align with your changing circumstances and evolving goals. Remember, a static plan is no plan at all.

Failing to Diversify

Putting all your eggs in one basket is a recipe for disaster. Diversify your assets across different asset classes, industries, and sectors to mitigate risk and ensure your wealth is resilient against market downturns. Remember, diversity is your financial armor.

Neglecting Risk Management

Don’t be fooled by the illusion of guaranteed returns. Understand your risk tolerance and implement strategies like stop-loss orders and asset allocation to manage risk and protect your capital. Remember, wealth preservation is about securing what you have, not chasing risky bets.

Ignoring Cyber Threats

Mark Trewitt suggests that online security is paramount in today’s digital world. Protect your financial information with strong passwords and multi-factor authentication, and be wary of phishing scams. Remember, vigilance is key to safeguarding your wealth in the digital age.

By actively avoiding these mistakes and implementing wise strategies, you can ensure your wealth remains your loyal companion, not a fleeting memory. Remember, wealth preservation is an ongoing journey, not a one-time destination. Stay informed, adapt to change, and seek professional guidance when needed. With dedication and sound financial planning, you can secure your future and enjoy the fruits of your hard work for years to come.

“Advisory services offered through Delta Investment Management (DIM), an SEC Registered Investment Adviser. Investing in securities involves a risk of loss.  Past performance is never a guarantee of future returns.”

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