According to a survey collected by Empower, 67% of parents would like to leave an inheritance. However, 34% or over a third of them are unsure if they will have the capacity. While there are many reasons why most families are financially unstable, part of the problem is a lack of wealth management ideas. However, there are several things that families can do to ensure financial stability. Below are some of these great ideas for wealth management for families.
Update Your Home
A home is one of any family’s most vital and priced assets. Therefore, it makes sense to have it in the best shape possible. Moreover, renovating your home is a great way to add value, allowing you to leave something of substance for the next generation. So what are some of the updates you can make to your home?
Bathroom remodeling is among the top home improvement projects with a high return on investment(ROI). According to The New York Times, in 2020, bathroom remodeling fetched an ROI of up to 60% upon home resale. Installing oversize mirrors is another great way to improve the mood of your bathroom and create the illusion of a bigger space. If you have space, you can switch to a walk-in bathroom. However, to enact any of these updates, you may need the assistance of your local bathroom remodelers.
Besides bathroom remodeling ideas, you could redo the lighting in your living spaces. You can improve the mood in your home by installing vanity or ambient lighting. Surface-mounted lighting makes your space feel bright and cheerful. Additionally, you can upgrade your kitchen by switching to a double sink, adding quartz countertops, and installing new cabinets. You can even add a coffee bar if you fancy a morning coffee ritual. The idea is to enhance functionality and create more storage space.
Turn to the exterior section and do some landscaping. You could plant some flowers in the garden in your backyard and front yard to uplift your home’s aesthetics and curb appeal. Go a notch higher and install a pool – your house value will leap massively. Ultimately, such improvements are significant wealth management for families as they ensure that the next generation has a valuable asset.
Dress Up
At the core of wealth management is the ability to create new networks. You can’t make new connections while dressing haggardly. While there is a thin line between dressing up neatly and being extravagant, the importance of personal style in enhancing professionalism, creating a good first impression, and boosting confidence can’t be over-emphasized.
Though you may not think it, the accessories you don are excellent wealth management for families. This idea is typically more embraced among wealthy families who can afford expensive accessories. These allow them to hold massive monetary value in seemingly small objects. For instance, custom jewelry made of rare metals and stones carries massive value and is passed down through the generations. These jewelry pieces come with unique designs and are sentimental. Their uniqueness makes them a valuable asset. Additionally, high-quality custom jewelry also appreciates with time, making it a great investment.
Interestingly, you don’t need professionally designed custom jewelry. With a global market value of $151.5 billion, according to PR Newswire, homemade custom jewelry can be just as valuable. Custom watches are another great collector item that you can hold. Like jewelry, custom watches carry great value and cost a fortune. Similarly, the value appreciates with time, making the possession ideal for wealth management and preservation.
Prioritize Health
In 1860, economist and health expert Ralph Waldo Emerson opined that the first wealth is health. And decades later, the statement holds. Health care and insurance are expensive ventures. Often, medical bills are likely to drive a family bankruptcy in case of a health crisis. Therefore, prioritizing health is a means of wealth management for families.
But how do you prioritize the health of your family? Health checkups are a great way to watch over your family’s health. During these checkups, your doctor goes through your health history and that of your family. They will also talk to you about your lifestyle, including things like weight, diet, physical exercise and alcohol use.
You should also undergo tests and screens to detect and identify issues at the early stages. These measures protect you and your family from medical emergencies that strain your finances or put you in debt. Besides regular health checkups, we recommend visiting your local urgent care center whenever a family member feels unwell. This measure averts illnesses that may destabilize your family’s financial well-being.
Care For Your Teeth
For most Americans, dental care is one of the most costly aspects of healthcare. And for some, it is outright unaffordable. According to Forbes Advisor, you will pay an average dental cost of$292.93 for a simple procedure like whitening. Other more complex procedures, such as a complete denture, can cost up to $1,278.24.
Therefore, to avoid financial upsets for your family, take good care of your dental health. It prevents dental problems, especially in children. So what are some of the ways you can care for your teeth?
Doctors recommend brushing your teeth at least twice a day. They also encourage flossing between your teeth to ensure no plaque builds up between your teeth. Besides these, you should also ensure your family cuts down on sugar. Sugar is the key threat to healthy teeth, causing cavities and decay. Therefore, you could prevent expensive dental procedures by reducing your family’s sugar intake.
Other dental care tips include getting your kids into brushing routines and taking them to dental checkups. It is also useful to get your crooked teeth straightened with braces. Crooked teeth typically make dental care, including brushing and flossing, challenging. It often results in plaque buildup and other dental problems you can easily solve by straightening your crooked teeth.
Relax Well
Stress is the number one threat to a healthy life. Stress symptoms could affect your thoughts, feelings, and, most importantly, your body. Therefore, it is good to relax and relieve yourself from stressful environments. Through this, you can protect yourself from health complications associated with stress.
For instance, stress has been proven to be a major cause of conditions like high blood pressure, stroke, diabetes, and obesity. Some of these lifestyle conditions are terminal and extremely costly to manage. A condition like diabetes could cost your family a fortune to manage with insulin shots. All these reasons make planned relaxation a great idea for wealth management for families.
You can relax in various ways, such as spending time in nature or getting a massage at a spa. You can also do other fun activities, such as listening to music or going out for a family movie night. Additionally, experts advise you to rest after any medical procedure to heal and rejuvenate. For instance, after a visit to a med spa for acne therapy or facial peel, it is a great idea to rest for a few days.
Know Your Rights
Legal issues are often a great threat to a family’s financial security. A legal issue going south can lead to a family bankruptcy or debt. According to the California Business Journal, an average simple lawsuit costs $10000. Therefore, it is always cautious to know your rights or have a family lawyer to help you navigate the complexities of the law. But what are some of your rights you ought to know off the top of your head?
First, you have a right to due process. As an American, you have a right to effective, efficient, and fair treatment in the interest of the administration of justice. Knowing such a right will protect you from mistreatment or confusion that may lead to unknowingly admitting guilt. Remember, you are innocent until proved otherwise.
Since you never know when you will get at crossheads with the law, knowing your rights is a great way to keep your family and finances safe. Therefore, you also need to know your right to bail bonds – a court agreement by a defendant to pay a sum as assurance they will appear for trial. While there is no absolute right to bail, knowing the available options could greatly benefit. Family lawyers encourage knowing your rights as a great idea for wealth management for families.
Stay Active
Staying active is another great way to stay healthy; it complements relaxing, sleep, and good nutrition. According to the CDC, physical activity can significantly and positively impact your well-being. The top benefits include helping you manage your weight and strengthen your muscles and bones. Moreover, exercise can reduce the risk of diseases and improve your mental health.
To stay active, there are numerous activities you can do. One of the easiest and most recommended is cycling. Better Health Channel reports cycling improves strength, coordination, and balance. Additionally, it can also help protect you from diseases such as heart attack, diabetes, arthritis, and obesity. Therefore, it is a great idea to pick up cycling by buying a new bike or getting a bike repair for an old one.
Alternatively, you can also pick up walking exercises. You can improve your cardiovascular fitness and manage weight by taking a 30-minute walk daily. With better health, you are safe from potentially financially draining health issues. Therefore, this is excellent wealth management for families.
Avoid Wildlife
Exploring nature can be a rejuvenating and rewarding activity. However, it is smart to avoid unnecessary risks that may impact your family’s financial stability. When venturing outdoors, you should be cautious of encounters that could damage property or cause medical emergencies. Additionally, familiarize yourself with safety guidelines for outdoor activities. These include camping, hiking, and wildlife observation.
One of the most essential pieces of advice when dealing with wildlife is to avoid physical contact. Wild animals are more than physically dangerous; some carry diseases that are potentially fatal to humans, while others, including many reptiles, have venomous stings. For instance, possums can often transmit tuberculosis, leptospirosis, coccidiosis, and spotted fever. For these reasons, they are such a menace when they invade urban areas. If one of these animals invades your home, immediately contact a possum removal service.
By prioritizing safety and awareness, you can mitigate the risk of unforeseen expenses. This measure protects your finances and your general well-being. Ultimately, exercising caution in natural environments contributes to effective wealth management for families.
See Specialists
Health specialists are individuals with specialized skills within certain areas. For instance, womens health requires specialists to handle a range of unique medical concerns specific to their biology and life stages. Specialists, including gynecologists and obstetricians, typically provide much-needed healthcare services for women. These include services like routine screenings, reproductive health management, and guidance on family planning.
Furthermore, health specialists play a crucial role in preventive care. For instance, opticians advise you on how to care for your eyesight, while oncologists advise on cancerous risks. They educate patients about lifestyle choices, contraceptive options, and early detection of reproductive cancers.
Families can safeguard their physical well-being and financial stability by prioritizing regular consultations. Investing in healthcare ensures a healthier future for generations. This measure aligns with the principles of effective wealth management for families.
Invest Smartly
Lastly, smart investment is one of the most crucial and effective wealth management strategies for families. Building wealth requires strategic financial planning and smart investment decisions. With these, a family can create opportunities for wealth creation and accumulation. Here are some key things to know for smart investment decisions.
Diversification is key to successful investing. This term means spreading risk across various asset classes such as stocks, bonds, real estate, and mutual funds. By allocating investments across different sectors, you can minimize the impact of market volatility. You also get to optimize long-term returns.
Moreover, staying informed on economic trends is essential to making sound investment choices. To maximize gains and reduce risks, you must always be aware of the twists and turns in the market. This tip means monitoring financial news and consulting with investment analysts.
Exploring alternative investment options is another smart strategy for effective wealth management for families. Such options include peer-to-peer lending, real estate crowdfunding, or cryptocurrency. Ultimately, families can achieve financial success by adopting a smart and disciplined investment approach.
Wealth management for families is the practice of daily activities aimed at building financial security. Through this, families can ensure financial stability and create opportunities for future generations. From updating your home to making smart investment decisions, these proactive steps can help you leave a lasting legacy for your children. Ultimately, the key lies in prudent planning, informed decision-making, and a commitment to long-term financial success.
