Outlook Money
It is difficult to manage wealth through different stages of life, especially when one approaches retirement.
Beginner Stage:
In this stage, one needs to patiently and consistently build a strong foundation and cultivate investment habits. One can do this by budgeting and creating a surplus to invest regularly.
In this stage, one needs to focus on optimal growth. Here, asset allocation and diversification are done to reduce risks and understand newer investment avenues.
In this stage, the focus should lie on how to manage and maintain larger amounts of wealth. The skills required are for better risk management systems, consolidation, and simplification.
In this stage, the focus shifts to using wealth effectively to enrich personal life experiences.