Month: September 2019

Many people concerned about planning for their future and retirement come across the term wealth management. They wonder what wealth managers do and if they may need the services of one the these highly skilled professionals. Wealth managers cater to clients with a considerable amount of money. Their clients include corporate executives and those with large trust funds. They may even offer wealth management for professional athletes. Here are three of the primary job functions of a wealth manager.

Capital Gains Planning

People with a lot of money need investments. When an investment makes money, that profit is called a capital gain. 

Capital gains are taxed at a lower rate than income earned from a salary. With proper planning, capital gains taxes can be minimized or avoided completely.

Wealth managers utilize strategies to assist high-net-worth individuals maximize capital gain income while minimizing taxes.

Estate Planning

Estate planning, at its core, involves how an individual wants their assets disposed of when their life comes to an end. Most people have some sort of estate at the time of death.

When estate planning involves extremely significant assets, this type of planning happens over the course of a lifetime and can continue well after a person’s passing.

A wealth manager is concerned with keeping taxes to a minimum and protecting the inheritances of heirs. These goals are often accomplished through years of reducing the size of the wealthy person’s estate well before death. Skilled use of life insurance, monetary gifts and charitable contributions are among the most popular ways to reduce an estate’s assets.

Risk Management

Wealth managers are also concerned with minimizing the financial risks associated with unexpected life events. These complicated asset protection strategies are often accomplished with the use of life, liability and long-term care insurance. 

Wealth managers … Read more

In order to make a large purchase such as a home or car and get a good deal on financing, you have to have a good credit score. A good score tells potential creditors that you are a responsible consumer and a low risk for the services they offer. How do you build good credit, though?

Get Credit for Consistent Payments

Paying bills on time every time is what potential creditors like to see. Many bill collectors don’t automatically report good behavior to credit agencies, though. Through reporting services, you can ensure that your consistent good choices are made apparent to all three credit bureaus.

Pay Loans on Time

You can also establish or build credit by taking out personal loans Houston TX, and paying them back on time. As long as you are careful not to apply for several loans at the same time, consistent payments can improve your credit rating.

Use Credit Cards Wisely

Timely payment of credit cards are another way you can improve your score. Just because you have credit left on a card, though, that doesn’t mean you should use it all. To improve your FICO score, try to use no more than 30-40% of your credit line at any given time. That is, maintain 60-70% of your credit line as available credit. Even if you pay a card off and don’t use it anymore, don’t cancel the account. Keeping it open increases your available credit to credit limit ratio, which can improve your score.

Building good credit mostly boils down to establishing responsible habits. Once you open credit accounts, use them, but don’t overuse them. Pay off your debts as quickly as possible. Pay all your bills on time without exception. By making good financial decisions, you can raise your credit … Read more