Why Even Rich People Worry About Money


We all worry about money. Whether you worry about how to pay your bills next month or about estate and tax planning, we all have has some concern about how to best use the money we have.  With money comes a responsibility to use it well, and with more money comes more responsibility to be wise and judicious.

 

At Tobias Financial Advisors, we work with individuals who aren’t just looking at the short-term future. They are thinking about the long-term future and legacy planning. We talk about a lot more than money. We talk about the concerns that comes with wealth and how to best plan for the future. Below are concerns we’ve seen. We share these concerns so you know you’re not alone.

Logistics of What To Do With The Money

When you’ve amassed a large sum of wealth, you may have specific ideas of what you want to do with that money. Or you may be worried about how best to pass it on. Many wealthy people are looking to either benefit their children or grandchildren, and provide for their future, or invest their money into charitable causes. Both of these options come with specific decisions to avoid unnecessary taxes and fees. Many people worry about making the right decision that leaves to their beneficiaries the most amount of money. It seems simple, but these decisions often come with family politics, challenges or uncertainty about the best way to set everyone up for the long-term.

Emotions Behind the Money

Wealth often comes with a story. Wealthy people may have built a business or amassed that income through a lifetime of work. Or they may have inherited it from another generation. Each story has its own emotional ties. These come with feelings of obligation and responsibility to do the best with the wealth built. That burden can feel overwhelming and lead to worry about the short and long-term.

Specifics in Handling Wealth

Tax planning and investment are critical factors in being wise with wealth. Wealthy people worry about making the right investments each year, and when and how those investments should change, especially in regards to taxes. When tax laws change, they worry about how this will impact the money they have worked to earn and save. We have worked with clients to help them through these kind of challenges to ensure they are at ease and so they know they have a well thought out plan.

Importance of Expertise

All that worry can be laid aside when someone chooses to work with an advisor they can trust. A financial advisor should not only understand the logistics and decisions that need to be made, but also the worry that comes with any amount of money. No matter how much you have earned, turn to an advisor that understands you – and can help you worry less about that money. We are grateful to work with an amazing group of clients. Know that you aren’t the only one worrying or who has concerns. We love working alongside and helping to ease the burden.

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