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What are they and how can you avoid..
1. Think about investing chronologically, A to B instead of B to A.
- The key to wealth attainment is first to clarify and quantify what Point B is, then work backward.
- Identify your vulnerabilities so you manage critical items that could prevent you from achieving your goals.
Our financial advisors in Calgary developed a Financial Priority and Financial Vulnerability Assessment tool to make this step of the process simple and easy.
Simply put, it is more efficient and effective to look at the picture of the puzzle before you try to put the pieces together.
2. Focus on only investing in RRSP and TFSA accounts
- Investors can limit their wealth growth in terms of diversification and tax sheltering if they think only 2 tax-sheltered accounts exist.
- After those 2 account limits are reached, many investors invest in regular investment accounts that are fully taxed resulting in slowing down the growth of your wealth, there are other options to tax shelter your investments personally and corporately.
- It is important investors understand what they are invested in and why, high-level 1 sentence explanation but understand why. Without understanding, you loose control of your wealth.
Our tax-optimized wealth strategies diversify into 4 different asset classes and use multiple tax-sheltered account options which can help reduce risk and increase growth.
Simply put, don’t put all your eggs in 1 or 2 baskets.
3. Don’t have a tax strategy and integrated plan
- Minimize the largest expense of your life, tax. Don’t just focus on investment return, look at your after-tax return.
- Investments are only 1 of the 6 critical areas of your financial life, to grow your wealth more efficiently it is important you build a holistic strategy.
We developed a financial optimization system called Value Stacking that integrates the 6 critical areas of your financial life which creates synergies for your wealth growth.
Simply put, you limit growth and loose out on opportunities when not looking at your complete financial picture.
4. Implement before planning
- Plan before you invest and ensure you are investing in a strategy that is working for you and not just a product that you are paying for.
- The timing and structure of how you implement your wealth strategy is just as important as what you invest in.
Our advanced processes and specialized tools help simplify the complex so your wealth strategy is easy to understand and most importantly, easy to execute. We break down the implementation of your custom strategy into simplified steps which helps increase success.
Simply put, measure twice and cut once.
5. Set it and forget it mentality
- Change is the only constant in life and your financial strategy should change and adapt with you and the world around you if you want to maximize your wealth and most importantly achieve your goals.
- Important to have the right professional support to help you manage your finances and provide you with valuable updates and recommendations so you can make decisions that add value to your life.
We developed a scientific approach with frequent communication to evaluating and updating your wealth strategy to help you achieve your goals.
Simply put, the typewriter was a great tool for its time but not the most efficient and effective way to communicate today.
Solution: MRG Value Stacking System
MRG Wealth Management created a systematic financial process called Value Stacking to help clients pay less tax and grow their wealth more efficiently so they can avoid working longer and harder.
If you are interested in learning how you can pay less tax and grow your wealth more efficiently, schedule a 15-minute introduction call via the link below.
If you have questions about financial planning in Calgary and wealth management in Calgary or would like to explore your options, connect with us to speak with a financial advisor in Calgary and get the answers you need to achieve your goals.[/vc_column_text][/vc_column][vc_column width=”1/6″ el_class=”hidden-areas”][vc_column_text]I am[/vc_column_text][/vc_column][/vc_row]