Dear Clients and Friends:
The topic of this blog entry might seem basic to many of you, but we do get questions from clients and prospective clients regarding how to begin accumulating wealth. People can accumulate wealth in various ways. Inheritance, growing a business, or saving and investment are classic ways for people to become affluent. If there isn’t an inheritance on the horizon or you aren’t self-employed, you are left with saving and investing as your main wealth-building option.
To invest you first must save, and saving involves managing your cash flow. Those who simply earn income and pay bills are merely surviving day to day, not managing cash flow. The process of cash flow management involves understanding where money comes from and where it goes.
The five essential components of cash flow management include: Read more