by Timothy McNeely | Sep 1, 2023 | Business Success, Dental Wealth Nation, Family, Motivation, Smart Ways, Success
One of the best plans to take from the financial playbook of the Super Rich—those with a net worth of $500 million or more—is to work with professionals to help manage your financial and lifestyle concerns.
But, as the Super Rich know, you can’t stop there. We also need to regularly assess whether the financial advice we get—and the financial solutions we rely on—are truly up to snuff.
The Super Rich regularly takes this step, and so should you. One reason: As your circumstances change, or the world around you changes, the solutions you have in place may no longer be optimal for your needs. “Life happens,” as they say—and strategies that were ideal for you a decade ago might be in need of revision.
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by Timothy McNeely | Mar 1, 2023 | Business Success, Dental Wealth Nation, Family, Smart Ways, Success
Major unexpected challenges can occur at any time. A sudden job loss, a terminal diagnosis or death, a lawsuit directed at you, or a disaster that wrecks your property may cause significant distress that puts your financial future in question.
And while having significant savings or an extensive resume might mitigate much of that uncertainty, affluence and experience don’t guarantee that you’ll completely sidestep serious financial setbacks.
Example: By age 70, nearly all Americans (96 percent) will have experienced four or more major life events such as a layoff, illness or divorce that cause their incomes to drop 10 percent or more. And at least once over the course of their working lives, six in ten workers go a full year or more without earnings, according to the National Endowment for Financial Education.
Here’s how you can navigate those (probably inevitable) periods of financial uncertainty and come out the other side.
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by Timothy McNeely | Mar 1, 2021 | Business Success, Family, True Wealth Report
Wealth and family can be a tricky mix. Affluence can help families achieve great things and realize their shared vision, of course. But it also can create resentments and rifts that could potentially damage a family’s financial position and cause estrangement among family members.
What’s more, as wealthy families grow and expand over time, one big issue is keeping them and their shared capital together. Sometimes the wealth remains commingled because of legal structures, such as multigenerational trusts. However, family members who feel wronged in some way may take legal action to try to break such trusts—creating still greater family disharmony and possibly jeopardizing the family’s bottom line. (more…)
by Timothy McNeely | Sep 10, 2019 | Business Success, True Wealth Report
Many extremely wealthy people have a much better handle than others on a key concept of success: the long game.
The long game means having a concrete vision of your ideal future down the road—years or even decades from now—and taking specific, carefully considered action steps at every stage along the way to maximize your ability to get there.
Unfortunately, we find that most people don’t effectively plot out their financial futures, or lay out a clear and actionable path to follow. As a result, people often come up with scenarios that are as unrealistic as they are attractive—fantasies that stand little chance of becoming reality.
The upshot: It’s probably time to honestly assess how well you’re doing at both creating a detailed vision of your ideal long-term future and acting in ways that consistently move you toward that result. That’s true whether you’re trying to get wealthier through investing, earn a higher salary or retire on your terms.
These guidelines can help you get on track!
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by Timothy McNeely | Aug 1, 2018 | Business Success, True Wealth Report
Want to see some amazing results in your life? Ask questions and then listen well. We have discovered that a disproportionate number of the most successful people consistently and systematically use an approach known as insightful questioning to build rapport with other people in ways that generate much better outcomes. Here’s how they engage in insightful questioning—and use it to generate truly impressive success. (more…)
