Finding and Defining Wealth

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By Jackie Heater, Director of Client Relations

What is wealth?

Ask 10 people to define wealth, and you’ll probably get 10 different answers. And while most people define wealth as simply an abundance of money, many people wonder what the true meaning of wealth is. At Gertsema Wealth Advisors, we dive into wealth every day and we learn what the word means for each individual client.

When most people think of wealth, they think of personal property such as homes, cars, boats, savings and checking accounts, retirement accounts and other real estate holdings, but there are other things that define a person’s wealth.

Define Wealth Beyond Money

Sometimes we forget about those things that are considered priceless that really give us wealth: your family and friends, memories from those you’ve lost, mementos that mean everything to you but have no real monetary value, your health and happiness. All of these things, including what you’ve worked so hard to save for, are what make you wealthy and what can drive you to those dreams, goals and a legacy for your family.

At Gertsema Wealth Advisors, we ask about goals each time we meet with a client – for the first time or the hundredth time – and ask if those goals have changed since our last meeting. The most common question clients ask during first meetings is, “Can I retire?” Many times, clients think they haven’t saved enough or that even if they can retire, they won’t really be able to live out some of their dreams.

Over Christmas, I was hospitalized for six days with COVID-19. While it wasn’t a pleasant experience, the team of health care professionals taking care of me made things as comfortable as they possibly could. If I hadn’t had the team of doctors, nurses, CNAs, respiratory, dietary, housekeeping and emergency room staff all working together taking care of me, my stay and recovery wouldn’t have been as easy. At that moment in time, that team was my wealth.

Helping Clients Find and Define Their Wealth

Recently, we had a Personal Financial Gameplan meeting with a long-time client; she is retired and living comfortably. As we reviewed her financial plan, it was clear that she had some dreams, but just didn’t think she was wealthy enough to live them. As we added those dreams to her financial plan and she could see in real time how this was going to affect her portfolio, her face lit up. We were able to find a plan that worked to where she was able to live some of her dreams. She left excited because she’d found her wealth. The next time we meet with this client, she may have a new dream – and as a team, we will work to help her make it happen.

We tell clients there is a number they need in their checking or savings account that makes them feel wealthy. For some, it’s $10,000; for others, it’s $50,000. Whatever the number is, we want to help them maintain that balance so they feel comfortable enough to live their other dreams and goals.

Help Building Wealth

The Gertsema Wealth Advisors team wants to help you build your wealth, manage taxes and work through estate issues while managing wealth through your retirement years (or, as we call them, the Go-Go, Slow-Go and No-Go years). Wealth is not just about money. It’s the entire picture of what is important to you.

Do you want to explore what your wealth is and how to attain it? Contact us for a no-obligation consultation.

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