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Tag : north texas wealth management

Wealth Building: 5 Ways Young Professionals Can Get Ahead

When you’re just beginning your career, it can seem impossible to find the extra capital to begin investing or saving for anything, but getting a head start on investing in your early 20s can pay monumental dividends down the road. Here are 10 ways Metroplex Wealth recommends young professionals get ahead when it comes to building long-term wealth:

 

Build an Emergency Fund

Depending on your risk tolerance, an emergency fund should be somewhere between 3-9 months of living expenses on hand and liquid in case you need to access it in a pinch. Do this first before moving forward with other investment strategies.

 

Take Advantage of Time

As a young professional, time is on your side. Compounding is the greatest gift of an early investment – an investment opportunity that you cannot ever get back.

 

Take Risks

In that same vein, the longer timeframe for investments mean you can take more risks with your money. Consider talking with a wealth manager about aggressive growth funds.

 

Start Slow

As you’re learning the markets and the investment style that works best for you, start with a conservative amount of money and only invest that which you don’t need for everyday expenses and your emergency fund.

 

Use Networking to Your Advantage

If you don’t know where to start with investing and building wealth, do not be afraid to ask. Ask others what they are doing. Look to older professionals you trust and ask what their strategies are; ask which companies they invest their money with. You never know until you ask.

 

Are you ready to take the plunge into investing and building long-term wealth? If so, give us a call at Metroplex Wealth in Southlake, Texas – the top wealth management firm in Southlake. Each investment approach is tailored to your individual needs, ensuring we’re doing what’s best for you and your long-term financial goals. Set up a consultation today and let’s talk about building wealth now!

Asset Protection in Texas: 4 Ways to Minimize Your Risk

At Metroplex Wealth, one of the services we offer is Asset Protection in Texas. Asset Protection is a commonly misunderstood part of wealth management, so let us clear the air on what it is – and what it isn’t.

What is Asset Protection in Texas?

Asset Protection is simply a legal way to evaluate your assets and ensure that they get to the individuals or charities that you choose. In a society where litigation is more and more common, your personal and business wealth must be structured in a way that it’s protected. Asset Protection is not an illegal way of hiding money. At Metroplex Wealth, we work with an estate planning attorney that works with the law to legally diversify and protect your money.

Ways to Minimize Risk

So exactly how does Metroplex Wealth work to minimize risk? Here are 4 common Asset Protection methods we use often:

  1. Charitable Giving: Gifts to children, charities, or other family members are a great way to minimize risk and increase asset protection. This is one of the easiest strategies and one used often by our clients.
  2. Retirement Plans: Money held in many retirement plans is well protected from creditors until you begin distributions. 401(k) and 403(b) plans are some of the best for Asset Protection, but you’ll find that IRAs also offer some protections as well with generous caps.
  3. Trusts: Worried about creditors coming to your heirs and depleting assets? In that case, a trust may be a smart choice for Asset Protection, as the funds in a trust are protected.
  4. Family Limited Partnerships (FLPs): These partnerships among family are a legal way to provide a safe haven for your assets. You are your family will get limited partnership rights to the money while it’s kept in safekeeping.

Is Asset Protection Planning Right for Me?

If you’re concerned about litigation or your assets falling into the wrong hands in the future, then call us at Metroplex Wealth for a consultation. We have estate planning attorneys on staff to offer sound advice on what makes sense for you and your money.