According to NerdWallet, although there’s no official definition, most experts agree that a High Net Worth Individual is a person who has somewhere between $1-$5 million dollars in liquid assets. Given that attaining this status is a goal that so many of us aspire to achieve, on this episode of CFO at Home, Vince has a conversation with Ben Hockema, CFP and Founder of Illuminate Wealth Management, about how the habits, routines, and behaviors that he’s observed in High Net Worth Individuals that he’s actually worked with lines up with some of the common personal financial advice on wealth building that’s available today. You can learn more about Ben and Illuminate Wealth Management by visiting illuminatewm.com
Key Takeaways
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Budgeting (4:31)
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Frugality (10:07)
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Young People and Frugality (12:52)
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Spending Guardrails (15:18)
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Fostering an Abundance Mindset(18:13)
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Generosity (Money and Service) (21:22)
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Using Debt (26:10)
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Educating Yourself on Financial Topics (34:11)
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Vetting Financial Professionals (38:32)
Resources:
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Forbes (June 2021) 16 Habits Of The Wealthy Anyone Would Be Wise To Emulate
Ways to Contact:
Contact the Host - vince@thecfoathome.com
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