What is Modern Day Wealthy? | FMG Wealth Strategies

How much money is modern day wealthy? And what does wealthy now mean to us as modern day Australians?

Modern day wealthy tends to now mean having the freedom to (within reason) live wherever, to travel as required, to not be unbearably burdened by the costs of everyday life, to have the option of helping children, and grand children, to keep fit and healthy, to look our best, to follow our interests, and to pursue our hearts desire.

Modern day wealthy also means having individual freedom. It now reflects the broader values and demography of aspirant modern day wealthy people.

But, it does require planning.
And especially for contingencies like; dare we say, divorce, job loss, your health, the loss of a life partner, preparing for children and to invest in property or the stock market, and so on.

This middle modern day wealthy Aussie lifestyle probably includes a house, but it does not have to include a house. Modern day wealthy is encapsulated in having the freedom to choose between what is considered to be reasonable and proportionate options.

Modern day wealthy doesn’t mean living in the best suburbs either. But what it does mean, is that when we get older and preparing to retire, having a safe environment in which to live, with not debt and a level of income that provides a wonderful future for as long as it may last. For some, it may mean having the freedom to take a holiday, to visit the kids, to buy the best quality groceries, to stream a movie that takes their fancy. I think wealthy equates to freedom, and only you can know what freedom means; whatever that is for you.

If we can help you with the lifestyle that delivers your personal happiness and satisfaction, and that may include a home, an apartment, an investment property(s) for topping up your income , a passive income portfolio, but it is also just as likely to be the way of life that suits you and the needs of you now, and in the future, then we have done our job. 💰📈

Money is as important as time.

Modern day wealthy Australians tend to have a more balanced view of being wealthy, which is comprised of financial wealth, plus stability, plus health, plus time. Their aim is to have sufficient finances to deliver freedom of choice in life and in retirement.

Modern Day Wealthy now means…
Financial independence
Having contentment
Being in good health
Being close to and with family
Having freedom to make choices.
Having time to do the things for yourself and others
The absence of stress
Being educated, and being able to provide education for children
Having the ability to help and care for others.
Having a supportive social circle
Having a sense of success in life.

So, modern day wealthy isn’t always about money.

And maybe that’s just the point. There is no single answer to this question of what wealthy means to modern Australians.

Security, liquidity, the ability to change things about, having other options, other interests, nourishing relationships, how they choose to live their lives, the value of health and personal relationships. That’s what it means to be wealthy – YOU get to choose.

💰 Now is the time to plan…

You may say, I’ll do that next year, and next year comes and so does the next, and the next.. From personal and professional experience, I will let you in on a little secret, now is the time.

The longer you take to start your plan the sooner things get in the way of being how you want things to be.

💰 Now is the time to start.

Start small to ease your way in and once you get the hang of it, you’ll ramp it up, live more fully and be inspired by what’s going on in the background while you are out living your life. And, sooner than you think you’ll be living your life with even more choice and freedom that you may even choose more. 😝

What you can expect

Because you’re unique, the financial advice you’ll receive from us will be designed for you, based on what you want in life. We’ll take a step-by-step approach to help you reach your goals.

We may make recommendations about your day-to-day money management or make suggestions to help you make the most of your financial potential.

💸 Our five-step process

You’ll always have control and decide whether to stop, change or continue any of the recommendations we make. Our advice process involves five key steps:

❇️ STEP 01

An initial meeting helps you find out about us and helps us get to know you.

❇️ STEP 02

We’ll ask you for information so we can understand who you are and what you’re aiming to achieve.

We’ll also help you clarify your goals.

❇️ STEP 03

We evaluate your financial situation and formulate the right financial plan for you. We consider your tax, social security, estate planning and retirement needs and develop specific recommendations which we present in your financial plan.

❇️ STEP 04

We discuss our recommendations with you and ascertain how you feel about them.

❇️ STEP 05

Your plan can now be put into action. We begin executing the agreed actions and help you make any changes you agree to make.

AND

If you would like us to, we can periodically review your objectives, achievements and ongoing needs.

If you need help with the right modern day wealthy plan, strategies, and a support team or if this article has inspired you to take action now, contact us and allow us to assist you on your wealth building journey.

Call us on 08 7111 0022 or book a chat here. A simple call may be all it takes to get you started.
We want you to make the rest of your life the best of your life.

Arthur Panagis
Author, Founder, Wealth Coach and Financial Strategist

B.Bus (Accountant)
Grad Dip (Financial Planning)
Professional Certificate in Self Managed Super Funds
ASX Listed Equities Accreditation
Tax (financial) Advisor

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Disclaimer: This article is factual information only. It is not intended to imply any recommendation about any financial product(s) or to constitute tax advice. The information in the article is reliable at the time of distribution, but may not be complete or accurate in the future.