Can you really make your money last through generations?
This was just one of the questions tackled and answered through Wealth
Management 101 organized by the Network for Enterprising Women (NEW) last
January 25, 2017 at Fully Booked, Bonifacio High Street, Taguig City.
Richard Gan, an entrepreneur and one of the founders of
Wealth Academy was the day's esteemed speaker. During the seminar, he made a comparison
between two billionaire families in the late 19th century which are the
Vanderbilts and the Rockefellers.
The Vanderbilts were considered as the wealthiest family
in America in 1800s. Their business started with shipping and railroads that
soon expanded into various other areas of industry and philanthropy.They also
went on to build great mansions and luxurious summer cottages. Their prominence
lasted until the mid-20th century when their family's great possessions were
torn down and were sold to museums. On the other hand, the Rockefellers whose
humble beginnings started from oil business were able to retain their success
and wealth up to this date. This family was able to keep a system of protecting
their assets for generations, the kind which Gan introduced to all the
participants during the half day event.
According to Gan, having a system and being able to plan
ahead is the key in creating, maintaining and protecting one's wealth. This is
how the elites are able to keep their status and wealth for generations, as
compared to the average entrepreneurs and investors.
An average person as per Gan, has two columns in his finance sheet –
capital (in the form of savings and investments) and expenses. While on the
other side of the spectrum, the wealthy people have three columns –capital,
expenses, and the additional column on returns. The returns column comes from
the dividends they receive from their capital. The key here is to create a plan
to make the returns stable and consistently increasing at long term until such
time it is more than enough to add more capital and take care of the expenses.
Another point of discussion is the three levels of wealth
management: to have the capital as level 1, to secure the capital/ wealth as
level 2, and to have the cash flow (business/investments) as level 3. However,
Gan pointed out that most people jump into level 3 without having a secured
level 1 and 2. And this is why the average Joe when investing and failed always
starts from scratch but the wealthy does not. Whether their investment fails or
not, they still have an ample left to keep them comfortable.
Wealth Management 101 was among the seminars organized by
the Network for Enterprising Women (NEW), a group of aspiring and current women
entrepreneurs. NEW's advocacy is to create an environment where there is an
exchange of business ideas, sharing of experiences and creating opportunities
for women to trigger entrepreneurship. The goal of NEW is to uplift women to
follow their dreams and shatter the stereotype that women can only be wives and
mothers.
Monthly gatherings which includes seminars like the
Wealth Management 101, are all part of the organizations' many activities.
Following the success of the event, NEW is also preparing for its annual women
conference on March 4, 2017 at the New World Hotel from 8:00 AM to 12:00 NN
tagged as the "10th Annual Women Entrepreneurs Conference". This
yearly culmination includes esteemed speakers and celebrated entrepreneurs
which are set to inspire and help women in fulfilling their entrepreneurial
dreams.
ABOUT NEW
Network for Enterprising Women (NEW) is a group founded
in 2006 which aims to empower women to expand their horizons and be free to
share their ideas, experiences and opportunities in the business world. For
more information about their advocacies, you may visit their website at
www.new.com.ph or visit their Facebook page, www.facebook.com/newphils. For the
10th Annual Women Entrepreneur Conference tickets and reservation, please call
(02) 908-2558 and/or (0917) 540-8697.
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