Wealth Management Tips for Living off the Grid

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Maybe you’ve decided to try working from home or take a bigger risk and go “off grid”.  You have done all of your research and you made sure it was feasible before taking the plunge, but did you or have you considered your financial future, like really consider it?  When you work for a corporation you have a retirement plan and/or other investments and often times those are managed within the company, however, what happens when you decide to “break away” from civilization or work on your own?  How will you budget and manage your finances to ensure you have a strong and stable financial future? According to the website of ETF Capital Management team, an investment management team located in Vancouver:

Increasingly today the responsibility for financial well-being and decision making is shifting away from government and employers onto individuals.

This sentiment goes hand-in-hand with the living off the grid mindset as it puts you, the individual, in charge of your own well being. When most people think about living off the grid they think more about living free from electricity, day jobs and growing their own food. While all of these things are possible the likelihood of being completely free of money is quite unlikely.

Considering Wealth Management

People choose to go off grid for various reasons.  While some choose to escape a lifestyle driven by technology and never being able to “shut off”, others feel an overwhelming responsibility to live more simply, more sustainable, and more eco friendly.  Some people, tired of working 60 hour weeks in the corporate world and commuting an extra two to three hours a day, decide to work from home, slow down and enjoy life a little bit more.

  • Money Still Matters: Regardless of how simplistic you choose to live, money and assets are still important to keep and take care of responsibly.  We’ve all heard stories of an elderly person who lived as a minimalist (sometimes off grid) and upon their passing, someone discovers a heaping amount of cash stored away beneath floorboards or deep within an old mattress.  While the idea of storing money away for “safe keeping” may be your most trusted means, there are too many factors working against you such as vermin, natural disasters, and simply forgetting where you may have put those thousands of dollars.
  • Be Financially Responsible: Despite controversy and wavering mistrust of banking institutions these days, they have been and continue to be a perfectly good place to store money safely.  Unless you have a background in financial investment or banking, you will need help managing your money; no matter how you choose to live and wealth management may be able to help.

 

What Wealth Management Can Do for You

When most people think “Wealth Management” they may think of big corporations or big money and typically, wealth management companies work with affluent clients and assist them in managing assets and enhancing their financial situation.  Basically, keeping  money and assets organized and growing.

Here’s where some people might get stopped up, after reading “affluent”.  If you decide to work from home or go off grid, you may not consider yourself as affluent and even less so as your life situation changes.  While many wealth management companies only work with clients who have a at least $500k in investments, don’t let that number turn you away.

  • Never Hurts to Ask:  Assets, real estate, taxes, investments, inheritance and retirement.  All of these can make your head spin and it’s far too much money to manage on your own.  Instead of contacting an accountant, a banker, or a stockbroker (all individually), contact a wealth management group.  They will tell you if you qualify as a client and if not, they will refer you to a certified financial planner or an appropriate advisor for your financial needs.  It’s much easier to ask for help rather than make a costly mistake.
  • Keep in Contact, “Be in the Know”:  People with money often make the mistake of disconnecting from their money, assets, and investments completely.  While you should and can trust your wealth management company, it’s important for you to keep in contact and know what your money is doing and where it is going.

When going off grid, if you keep in touch with anything, know where your money is and who is handling it for you.  With wealth management, you can have a stable financial future.

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