Getting Ahead? Or Not?

Getting Ahead? Or Not?

By John J. Checki Jr. CFP®

What are the major concerns for investors who have at least $1 million of investable assets, not counting our homes? According to research provided by CEG Worldwide and confirmed by an ever-growing series of interviews we’ve conducted, the concerns start with making smart decisions about our money and continues with:

  • concerns about the risk of taxes
  • lawsuits and blindside surprises
  • healthcare in our well-seasoned age
  • taking care of our family after we have been promoted to heaven
  • our charitable intent.

Personally, I have been running my own numbers since I was a Sea Scout in New Jersey. It’s interesting, back then we used little blue books with tables, along with charts, graphs, and printed publications available to us such as The Journal, Baron’s, and Fortune. Now my phone is smarter than we were back then. Yet, there is an exception.

Most of you reading this wonderful publication have a fabulous income, and thank God for that, along with our efforts, focus and dedication. Yet, are we getting ahead? Or, are we simply going from day-to-day, hoping it will all turn out okay, somehow, some way? Sadly, regardless of income, that seems to be much too popular of a story.

So, how do those who have $1 million-plus investable assets get that way? Simple? Maybe not. It usually boils down to one simple principle: Deferred gratification, combined with saving and investing over a long period of time. Honestly, that has been my experience and observation over the years. How do we do this? It is a habit. We invest automatically, from paychecks, bank accounts, or money market transfers into markets or businesses, or real estate, or you name it–– over time. We may, or may not, take taxes into account. Personally, I prefer to do some tax planning along with investment planning. It’s a great idea to consult with your personal tax advisor, private client attorney, and financial advisor to get their take on this as well.

We have a Simple Elegant Wealth Management Process: Investment Consulting plus Advanced Planning plus Relationship Management, which we summarize with Mind Maps. It’s nice to see ourselves on one sheet of paper in a picture. Something we can hold, see, review, and revise. There’s nothing like a picture to give us perspective. We follow up with a review of cases with our professional team: Tax CPA, Private Client Attorney, Property and Casualty specialist, and Registered Investment Advisor. It is fun and we run those extra meetings once a quarter.

What are the concerns of people who earn good money and do not have a plan and few resources, such as investments? Usually, it is simply survival. How will I pay for my lifestyle when I am no longer earning big bucks? Great question. I wish the answer wasn’t, never stop earning, spend less money, start saving now, and take a deep breath of fresh air and begin a new and improving journey.

Securities are offered through Securities America Inc., member FINRA and SIPC, Advisor services offered through Securities America Advisors., an SEC Registered Investment Advisor. John Checki, Jr. Representative. This is not a CPA Firm.

John Checki Jr. and his firm have been helping some of the nicest families in North Dallas, Richardson, Plano, and Frisco for about 30 years. They specialize in Baby Boomer’s Wealth Management and have a unique and complete Wealth Management Process. You can read the rest of their story on their website. (John’s proudest accomplishment is his family: Children, Grandchildren, and Wife.) They love family, traveling, scuba diving, taking pictures, studying, and attending church gatherings.