Failing to plan is to plan to fail. Through proper planning, the following goals could be achieved.
Wealth measures the value of all the assets of worth owned by a person, be it in cash, investments, real estate, businesses, company shares, etc.
Wealth accumulation thus refers to the systematic and disciplined approach to the amassing of your wealth. It is not to be confused with wealth creation, where you gain wealth through economic activities.
A typical strategy would be to set aside a specified amount of money to a fund (or funds) on a periodic basis for a specific goal (children’s education, retirement, property, etc).
Wealth protection relies on proactive advocacy, coupled with tools and strategies to mitigate or eliminate a person’s risk of financial losses due to external factors.
Essentially, it seeks to guard your wealth and ensure that it does not diminish, in the event those “what ifs” occur, through a comprehensive planning process.
These “what ifs” include legal disputes from public or professional liability, business interruptions, accidents, chronic or critical illness, permanent disabilities, pre-mature death, etc.
Wealth distribution emphasizes on the transfer of your wealth to your intended recipients.