Financial well-being requires more than just investment advice.
The financial industry typically provides financial advice which primarily focuses on investment returns, based on the amount of risk you can stomach.
With typical financial planning advice, too much emphasis is on statement wealth. (i.e., how much is in your 401(k) worth?)
But statement wealth can go up and down overnight!
Of course statement wealth is important, and should be considered in any sound financial plan. But it isn’t the only important thing to consider.
Financial Well-Being May Require:
- Having adequate protection.
- Access to money.
- Contractual wealth which could include various contracts offered through insurance companies.
- Real property wealth.
Achieving a suitable balance is one of the keys to financial well-being.