What Does Wealth Building Mean to Our Clients?

Jackie and Jin are back for another Ask Us Anything Live Session, the focus is on the topic of building wealth during the summer season and the reasons some of the reasons our clients prioritize wealth building. Jackie introduces the concept of the pleasure principle, drawing inspiration from Janet Jackson’s breakout song. The idea is to understand what motivates clients and people in general, to embark on the journey of building wealth, emphasizing that they are making a commitment to their future.

What is a Financial Pyramid and how does it Relate to Building Wealth?

Jin explains the significance of the financial pyramid, which represents the different stages of wealth accumulation. Starting at the foundation, individuals lay the groundwork for their finances by ensuring basic expenses are met. Moving up the pyramid, the next stage involves building a financial fortress, including creating an emergency fund and preparing for uncertainties. The subsequent stage focuses on wealth accumulation, aiming for financial freedom and independence. Finally, the pyramid culminates in leaving a legacy for loved ones.

They highlighted that the meaning of wealth building varies depending on the stage of life you are in. For those in the foundation-laying stage, their focus is on meeting daily needs and overcoming financial pressures. This stage is often associated with millennials and Gen Z individuals who are working towards establishing their financial foothold. On the other hand, pre-retirees and retirees are concerned with preserving their accumulated wealth, balancing growth potential with stability. They also value having the flexibility to enjoy their wealth and pursue personal interests.

How a Financial Planner Adds Value to the Wealth Building Conversation

The importance of wealth preservation and flexibility is emphasized, as you strive to protect the wealth you have accumulated wealth and look for ways to enjoy it. Jin acknowledges the desire of clients to leave a legacy for their loved ones or contribute to charitable causes, illustrating the impact that building wealth can have on future generations. Financial planners play a crucial role in helping our clients navigate these considerations and determine how they can provide for their heirs without compromising their retirement lifestyle. Reach out to us today to help build your financial fortress and your financial fortune.

Let’s talk about some challenges clients face while building wealth

Addressing the challenges individuals face while building wealth, such as the temptation to spend-especially during the summer season when many of us can finally enjoy our favorite hobbies, see friends and family, and attend events again. At the same time, you need a financial fortress and a cushion to navigate uncertainties, such as inflation and higher interest rates. Let’s not forget the importance of life insurance as a wealth-building strategy, particularly for those who still need to build up substantial wealth. Life insurance also provides financial protection for loved ones, ensuring they can maintain their desired lifestyle in the event of unforeseen circumstances.

By striking a balance between present enjoyment and future financial security, you can make informed decisions and maintain disciplined spending habits. We cannot over-emphasize the need to seek guidance from financial professionals who can provide insights and strategies throughout your wealth-building journey.

Who are some of the clients we have helped to build wealth?

Lawyers- We work with two types of lawyers, one who wants to continue working until they can no longer physically do so, and lawyers who wish to retire as soon as possible or have the flexibility to explore other career options in the future.

Female clients who are curious about financial independence- Jackie also shared a story of a client who sought financial planning advice to assess the possibility of leaving her husband and ensuring she would be financially secure. While she ultimately chose to stay in the relationship, having the knowledge that she could be financially independent alleviated the mental stress and allowed her to focus on the non-financial aspects of the relationship.

Clients who want help with retirement and estate plans

Jin discussed various wealth-building strategies and goals, some are examples of clients who were able to provide financial assistance to their children, such as helping them pay down their mortgage. The impact of wealth building on family dynamics and the ability to witness the positive effects of wealth in real time is emphasized.

What are Some Unexpected Benefits of Building Wealth?

We have clients who have achieved their initial financial goals and are now considering new wealth-building endeavours. These may include significant home renovations, extended vacations, early retirement, or personal sabbaticals based on building wealth sooner than expected.

Any final advice for people looking to make that big move?

Jackie encourages you to think about your wealth-building goals and consider what stage of wealth building you may be in. What steps are you taking to commit to your future financial well-being, particularly during times when spending temptations arise? Do you have a plan? Reach out to Team Jackie Porter if you require guidance on your wealth-building journey. Feel free to reach out to our client experience manager Jody.euloth@askjackie.ca.

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