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High Net Worth

What To Do When Your Income Reaches 7 Figures in Columbus, Ohio

Did you recently add a second comma to your bank balance? Has a recent financial event raised your net worth to the next level? It's an exciting time, whether it's the result of your long-term goals (e.g., from the sale of a business), a windfall transfer of wealth, or a key promotion. You're probably already considering how to protect and manage your wealth.

Keep in mind that this article is for informational purposes only and is not a replacement for real-life advice. Consult tax, legal, and accounting professionals before modifying your financial strategies as your income changes. This article was written to provide insights into a few related factors you may wish to consider.

Estate Strategy on a New Playing Field

You may already have an estate strategy in place. However, reaching a new level of wealth may be an excellent time to revisit your approach. More wealth can mean a larger estate and more complex estate issues. For example, it may be time to consider a living trust. You create a living trust while alive and fund it with the assets you choose to transfer therein. The trustee (typically you) has full power to manage these assets. But using a trust involves a complex set of tax rules and regulations. So before moving forward with a trust, consider working with a professional familiar with the relevant rules and regulations.

Pace Yourself

Many newly wealthy individuals feel like they are in a rush once they have their money. Now that the world is your oyster, you may be better off waiting for the pearl. This means getting accustomed to your new bank balance before putting the money to any practical effect. A few conversations with a financial professional regarding your ambitions may help put things into perspective.

What You Need Today

Your new wealth will create as many questions as it will opportunities. For example, if you've sold your business or are considering leaving your job, you will need to consider health insurance choices for yourself and your household. Other household demands may also warrant consideration, from travel costs to big one-time purchases. You will almost certainly face some unplanned expenses along the way, so be sure that your short-term budget makes an allowance for that.

Risk Tolerance and Time Horizon

Your risk tolerance will be affected in part by your ongoing day-to-day needs. For example, if you're considering buying a new home, money may need to be earmarked for all expenses related to that purchase. The risk takes into account not only the home itself but also your overall strategy. The time horizon determines the lengths of time considered for your various expenditures. Some unexpected expenses may happen within a few months, while others can be put off for up to a year.

Congratulations on that second comma becoming a part of your everyday life. It will mean many exciting things for you and your household, some of which you've prepared for and others you might not have anticipated. A trusted financial professional in Columbus, Ohio in your corner may provide answers to your questions along the way.

Why Choose State Street Advisers?

Your wealth has allowed you to enjoy a fulfilling lifestyle. It’s also given you the opportunity to help other people, organizations, and the causes you support. Your generosity will be a key component of your legacy.

I want to be sure your wealth is creating the legacy you envision. Whether you want to provide for family and friends, establish a trust, or leave an endowment to a charity, I can help. I work with a network of legal experts, certified public accountants, and other professionals who will collaborate on estate plans, trusts, philanthropic endeavors, and more.

What Do You Do With Your Money?

What do you want to do with your money? Provide for your family in Columbus, Ohio, fund your lifestyle, support causes that are important to you, build your legacy: the options are limitless. Whatever your plans, your next step must be to protect what you have.

I understand the importance of preservation. My approach, at all times, is to protect your wealth and income while adhering to these fundamental principles:

  • Your security and lifestyle needs are always met
  • I communicate regularly with all your family’s advisors to collaborate on your financial plans
  • You and your family agree on why, how and when to distribute assets
  • Your wealth is having the impact you want and will continue to have an impact for years to come

Customized Investment Portfolios

Could your wealth be doing more for you? As an investor with numerous assets in Columbus, Ohio, you may be missing out on key strategies and solutions that would benefit your portfolio. I can help you create a customized investment portfolio focused on preserving wealth, growing assets, and protecting against risks.

Gain access to world-class public and private investment opportunities, sophisticated models, and leading investment solutions. When warranted, we can also explore specialized investment options, such as private equity, real estate investment solutions and more. With all these options at our disposal, we are certain to find the investments that make the most sense for you.

Furthermore, your portfolio will be actively managed to evaluate costs, tax efficiencies, liquidity, and your unique long-term goals. When circumstances change, your portfolio will respond.