October 20, 2014 Fact of the Day: What do $25 Million Plus Investors Worry About?
Did you know that households with $25 Million of net worth are worried about many of the same issues as the rest of us?
60 percent of those with more than $25 Million are worried about maintaining their financial position. That is similar to the 69 percent of Mass Affluent households…those with $100,000 to $1 million of net worth…who have the same concerns.
56 percent of those with more than $25 Million worry about having someone to care for them in their old age. That’s similar to 53 percent of the Mass Affluent who have the same worry.
How should one confront these issues?
-Talk with a financial advisor about your own financial plan. It’s not enough to cross your fingers and hope your money lasts. Make sure that you are appropriately allocating your assets to balance the risk against potential return.
-Discuss with a professional whether long term care is an option you should consider. While most individuals with more than $25 Million have enough to finance a lengthy illness….many families can’t afford to pay thousands of dollars each month to a nursing home or other care facility. It’s important to address this issue before it becomes a problem.
Having a financial plan and looking into a long term care solution will mitigate some of the financial issues you (and wealthy investors) may worry about. For help in creating a financial plan, check out our Best Advisors.