The common trait of most wealthy people is financial planning – taking stock of expenses and choosing the appropriate investment vehicles. One of the reputed surveys demonstrates that 80% of affluent and ultra-rich Americans may invest the same or more in 2023 compared to the last year. 51% of the participants plan to spend on travel, while 13% are likely to invest in businesses or franchises. Another 10% showed interest in real estate. At the same time, some studies point out the strong likelihood of economic meltdown in the country. While 87% talk about recession, 31% of others feel inflation would be the next big concern for their portfolios. 11% of Americans worry about high-interest charges, and 27% about volatile market conditions.
As a wealthy American, you can have different tools to navigate a recession, but experts warn that they may not provide a cushion against market volatility. If you want to keep your wealth safe and growing, it can be best to take financial advice from an agency like Harding Financial Group. The reputed agencies can choose a suitable plan to help you gain and save your earnings despite unpredictable economic scenes. Let’s find out what most wealthy Americans plan to do this year for a cue.
Asset buying
81% of people want to tweak their portfolio funding in 2023. Reports suggest 41% want to invest more in equities, while 37% want to focus on a fixed income. About 29% plan to invest in cash. On the other side, 16% of high net-worth individuals plan to pull out their investments from cash, and 14% of others plan to reduce debt financing. 12% may decrease their equity spending. Whether they tweak their allocations or not, three things make the highlight for 2023 – 1) long-term ROI, 2) portfolio diversification, and 3) safety from a volatile financial environment.
Furthermore, some showed interest in REITs, some talked about revocable trusts, and others expressed a desire to explore a Spousal Lifetime Access Trust or irrevocable trust.
Charitable donation
About 72% of survey participants say they will contribute to charities by year-end for altruistic reasons. Only about 41% look at tax benefits from this. The same study also revealed that younger people might have to let go of the hefty financial gifts during the holiday seasons, as just about 48% of people plan to give something significant to the next generation. And those who want to give will open a trust or give a share in the stock or digital assets.
All these insights can give you some idea about managing your financial portfolio. However, it can be challenging to reap the benefits without a comprehensive financial plan. Since you are already busy and have multiple things to supervise, paying time and energy to this aspect can be out of reach. But you cannot risk your money accumulated through the years with your mental exercise and hard work. If certain things keep you occupied, it is best to approach an agency for an overall wealth management plan crafted based on your expectations and needs. If you find the right partner, you will get updated information about the financial world that matters to you the most.
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