By Edward “Ted” H. Miller and Seth B. Royster
- Health is a form of wealth. Take the time to analyze how your daily schedule affects your health. Small changes in your daily life make a big difference over the course of a year. Taking the stairs instead of the elevator may not seem like a major difference, but it is a difference that can be implemented consistently. Look for health decisions that can be actualized on a consistent basis.
- Know the odds. Properly review your insurance coverage in light of probability. Many families have insurance gaps. Others spend significantly too much on the wrong forms of insurance. Read the fine print before signing up for another year of your current coverage. It may make a big difference.
- Empower Your Family. Empower family members through better communication. Tell your advisors that you want your children to be able to make informed decisions. Most wealth advisors have inheritance coaching programs, many of which are complimentary. These lectures help the next generation learn how to manage advisors, read legal memoranda, and analyze portfolio diversification. It often takes children years to learn how to manage wealth. Give yourself the gift of knowing that they will be capable of handling the family business when you are no longer able to do so. Empower others in order to protect your legacy. See wealth as a catalyst for change.
- Take The Time To Plan. Consider the importance of planning. Whether it is tax planning, insurance planning, retirement planning, or estate planning, planning is worthwhile. In the hustle and bustle of life, it is easy to forget that often there is a difference between “activity” and “action.” There is also a difference between what is “urgent” and what is “important.” Take the time to plan in 2016.
- Build a Team. The best way to preserve wealth is through a good team structure. The advantages of a team approach are countless. Force your advisors to work together, and if they do not want to do so, consider whether they are putting your best interest first. Have joint meetings so that your own time is protected and nothing gets “lost in the shuffle.”
- Educate Yourself. A vibrant life is a moving target. The workout techniques that were popular in the 1980s are no longer popular today. Laws change. People change. Take the time to educate yourself about your surroundings, your future, and your past. Reflect on what you could have done better in 2015 in order to achieve greatness in 2016. Live greatly through reflection, meditation, and a renewed commitment to positive self growth.