Wealth Planning for 2024 with DeLauretis Wealth Management
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7 Common Wealth Goals for 2024

And We’re Off – Make 2024 count for years to come!

As we settle into a New Year, no doubt you are beginning to think about steps to put in place for your 2024, to make it that much better than 2023! You will most likely concentrate on your current financial situation as memories of December’s extravagance come to mind and as “Tax Time” looms ahead. 

This is a perfect time to remind you to revisit your short and long-term financial goals and the dream lifestyle you want to achieve.

Common Wealth Goals

Here are 7 common wealth goals to help you live a richer life: 

1. Savings Accounts

Establish intentional, goal-specific savings accounts, for example, an emergency savings account, an account for vacations, home or vehicle purchases.

2. Protection Plan

Establish a solid financial protection plan for you and your family in the case of life’s terrible D’s: Death, Disability & illness, and Divorce.

  • Think about it—what will your family do, or how will they live if you die unexpectedly, or if you became critically ill and could not work for years? 
  • What will happen to your family if you and your spouse divorce—can you maintain two households to the same standard of living as before? 

There are various wealth protection solutions to many of life’s realities that you need to have in place to ensure your family’s standard of living is maintained. 

3. Retirement Planning

Fund a long, comfortable, and totally worry-free retirement, with no compromise in lifestyle and no real concern about ever running out of money. 

  • The earlier you start to invest in your future the better, and the more you save and invest over the long term the better your success. If you do not plan for this, who in your circle will fund your retirement (please do not say the government!). Learn more about our retirement planning services here. 

4. Make Meaningful Impact

Assist or provide a meaningful impact in the financial lives of your children/grandchildren, either during your lifetime or as legacies to them.

  • Imagine the extraordinary things they can do and accomplish knowing you were planning your family wealth with them in mind.

5. Assist & Support Your Family

Support in whole or a large part of the education of your children/grandchildren, and the daily living costs and care for those with special needs. 

  • There are so many financial tools and strategies in the market-place that can be implemented to provide great financial peace of mind. Do you know what these solutions are? Definitely check out our financial planning services

6. Health & Wealth Management

Be able to pass on the management of your health and wealth when you are unable to, and/or provide quality care and support for your parents in their later years when they are unable. 

  • Will you or your children have the capacity to support those in your family that need it, either financially or physically and emotionally? How ready is your family to manage your health and to inherit your wealth?

7. Create Your Legacy

Make a meaningful legacy to a much-loved charity, religious organization, school, or other institution.

  • Did you know that planned-giving at time of death can save you, your family and estate, thousands in taxes?

Do any of these financial goals reflect your plans for the future?

Create Your Wealth Plan

Experience the wealth from purposeful planning and management. Translate your financial goals into an actionable wealth building plan. In short, a wealth plan is the big picture serving as your road map to lifelong financial security and increased financial wellbeing. By having a plan in place and taking action today you can live a richer life tomorrow. 

We are reminded of an interesting quote by Edmund Burke:

If we command our wealth, we shall be rich and free; if our wealth commands us, we are poor indeed.

By The Way, Are You Ready For Tax Time?

We mentioned “Tax Time” to remind you of key points and important 2023/2024 Tax Deadlines. Check out our blog post titled 2024 Tax Deadlines where we let you know of the important tax dates to mark in your calendar.

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