Everyone has wealth of some level. It may be a lot; it may be a little. No matter what level you are sitting at, you will want to have a competent wealth management plan to make the most of your life. If you are wise and look after your money, there is no reason you can’t manage your money for long-term gain.

Evaluate How Much You Need in Retirement

How much you want to save depends significantly on what your needs are. If we look specifically at the example of funding your retirement, which is most people’s long-term goal, we can get a better idea of a strategy. What is your lifestyle? Do you intend to travel a lot, or want to be dining out and living the high life? If so, you will need to be able to put a reasonably high amount away each month. If you will be happier with a comparably frugal existence, then not so much is necessary.

Look at Your Income

How much you will be able to put by is dictated not only by your retirement needs but your current income. It would be folly to sacrifice today’s enjoyment thoroughly to enjoy future happiness in retirement. The trick is to note down your essential income and outgoings and calculate what is leftover; you can then split this number into savings and social spending. It’s easy to do this, and you can even download budgeting apps for your smartphone to assist in this task.

Consider Assets

Consider any assets that you currently own. This can be stocks, pension balance, and your house. These should be taken into account when assessing what your future wealth pot will be comprised. Now, some assets, of course, won’t be able to be realized, even in retirement; consider your home, you will still need somewhere to live, but if the mortgage is paid off, then that is a saving.

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Bank Accounts

Generally, there are two different types of bank accounts, current accounts, and savings. Current accounts mostly don’t pay much interest, if any, at all. Even savings accounts from banks don’t tend to pay high-interest rates unless you have substantial amounts to invest. You can get some decent savings products from credit unions though, for example, Patelco still pays 2.0% APY on smaller balances.

Wealth Management

The game of strategizing and planning your money is not easy, and the wrong investment can put you in severe financial trouble if you don’t know what you are doing. This is why it is sage advice to employ a wealth manager‘s services who can guide you through the process and even ask what your goals are and what level of risk you are willing to tolerate. It is important to note that an advisor will never make any guarantees, and any chance you take is ultimately your own. They will however offer comprehensive financial planning advice and work with you to help you achieve your financial goals. 


The humble pension is the classic vehicle for retirement savings. It’s important to remember that a pension is not an automatic right to a retirement income, but rather a savings product where a pension management firm invests your pension fund to generate growth. Still, the value can fall if the pension happens to be mismanaged. Much like any other investment opportunity, pensions come in a range of forms, and some are low risk while others are higher risk.

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Stock Market

There has never been an easier time to invest in the stock market and never more opportunities to make or lose money. Unlike in the old days, when you had to either visit or call a stockbroker, the whole thing can be done entirely online these days. But you should still be careful to whom you entrust your funds, check with your wealth manager if you are unsure. You can also easily compare online stockbrokers to assess what they can offer. As with all the other investments we have covered so far, stocks are variable in value and can make or lose you money depending on the performance of the companies involved.

Physical Assets

You may also hold physical assets, the primary one for most people being their home. But you could invest in other property, be a landlord renting out a second home, or take ownership of commercial property. Also, antiques and valuables are common sort of physical assets that some may hold. If you do have any valuable items, consider storing them in a secure location to protect your investment.