Most people struggle financially because they attempt to build wealth with a linear approach—using one investment strategy, one portfolio, and one stream of income. To build significant wealth in a way that brings your greater freedom with each dollar made, you have to learn to manage multiple investment strategies, portfolios, and streams of income.
To do so effectively, you will need to leverage the expertise of a number of different advisors including wealth coaches, financial and estate planners, stock brokers, insurance agents, and tax accountants and attorneys.
In working with these professionals, you should always consider the following before making any investment or financial decision:
- Your potential risk relative to the rate of return
- The amount of control you have over the investment
- Tax consequences
- Your level of asset protection or exposure created by the investment
- Estate planning consequences
Often times when dealing with financial and other professionals, their expertise is limited to one field and so is their advice. Therefore, it is important to have a number of professionals with expertise in these various areas and as well as a base level of knowledge about these areas yourself.
Since you may not have the luxury of bringing all of your professional advisors together, it is imperative that you maintain your total financial picture and all times. A wealth coach can help you quickly develop your knowledge and team.
A key distinction in the use of financial professionals is that those of modest wealth seek professionals to advise them, while those of great wealth seek professionals to execute their vision. Definite Purpose, Self-confidence, and Insight comprise the first three "Supreme Principles" in The Baron Son. You would be wise to leverage them when working with your advisors to help build your fortune.
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William R. Patterson is CEO of The Baron Solution Group. He is also Chairman and CEO of The Warcoffer Capital Group, LLC ("WCG"). He leads the WCG's corporate strategy and development consulting efforts including portfolio management, mergers, acquisitions, and divestitures. The Baron Solution Group is an award-winning training, business coaching, and consulting firm for executives, entrepreneurs, and investors lead by William R. Patterson. William is ranked as the #1 Business Motivational Speaker by Ranking.com and is also winner of three 2008 Web Awards including Best Speaker, Best Male Author, and Best Wealth-Building Site. THE BARON SOLUTION integrates over 200 proven business and financial accelerators to help you rapidly achieve your organizational and personal goals.
