Financial advisor Don Dirren discusses ways to protect and grow your family’s wealth for your children and future generations.
PHOENIX, ARIZONA / AUGUST 7, 2020 / Wealth accumulates when a person possesses more money or assets than they need for foreseeable expenses. Typically, to be wealthy means the person has more money or assets than they’ll need for the current generation. However, that doesn’t necessarily mean they have enough for future generations to live worry-free of financial hardship. Financial advisor Don Dirren recently explained that it’s common for wealthy people to want their wealth to be present for the lifetime of their children, their grandchildren, and beyond.
“Many people assume wealthy people never have to worry about money,” Don Dirren said. “But that’s rarely true. People are generally concerned with protecting their wealth and growing it for future generations.”
Don Dirren recently discussed several ways for those with wealth to protect and grow it for future generations. First, he explained that a knowledgeable and qualified financial advisor is essential. Financial advisors, like Don Dirren himself, specialize in the protection and growth of wealth. They know how to minimize taxes long-term and create an effective road map for future generations, so they and future financial planners know how the wealth is to be invested and managed.
“Historically, the families who have been able to preserve their wealth the best are those who educate themselves and their family members,” Don Dirren said. “The experience of older generations can be passed along to younger generations, and that is much of what leads to success in wealth management for decades to come.”
Don Dirren explained that it’s essential for those who have created or passed on the wealth to educate their children and grandchildren. Wealth can be extremely difficult for an inexperienced person to manage, and it can easily be depleted in the wrong hands. Don Dirren added that having a qualified financial advisor is an important part of the process, but family members should work hard to maintain their own financial skill sets as well.
Don Dirren added that making wealth visible to all is an easy way to lose it. He explained that remaining vigilant is an essential part of preserving wealth and not flaunting that wealth can keep predators at bay. There will always be lesser-qualified people telling you how to invest or spend your wealth, so it’s essential to stay alert and educated at all times. Don Dirren finished by explaining that the experience of being wealthy may appear easy, but the tasks of preserving and growing that wealth are ones that require a lot of knowledge and responsibility.
“Preserving and growing wealth can easily be considered a full-time job, and it’s not a job every wealthy person is capable of handling,” Don Dirren said. “Having a qualified team of financial advisors on your side and properly educating the next generation in charge can be the difference between protecting your wealth or watching it disappear in the hands of your children, grandchildren, and others to come.”