Wealth protection is to ensure that you will live the lifestyle you desire. It is more than protecting loss of income from death, disability or critical illness and includes protecting cash flow through budgeting, monitoring, control and actively pursuing means to protect income from unplanned tax consequence.
Some critical questions that you need to consider are:
- Adequacy of income protection in event of death, disability or critical illness,
- Have you received all your income from various sources,
- Are you spending as budgeted,
- Tax planning.
Proper understand of revenue source and spending will encourage you to save and invest according to plan thus providing enough for your desired lifestyle.
Proper understand of revenue source and spending will encourage you to save and invest according to plan thus providing enough for your desired lifestyle.
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