Lear Capital Group’s report went on to say any good financial planner or a experienced advisor will assure a single parent that the way of creating a stable source of finances in the event of uncertainties is very much like whether one is in a relationship or single parent environment. It is in the proper wealth management that single parents are able to lift themselves up from the morass of debt and insecurity into financial stability - and according to some financial gurus, such steps to wealth building is easy to undertake.
Lear Capital Group also drew up some simple steps to wealth management and to help a single parent achieve financial stability:
Step One - Prioritizing.
Once a person has a set goal or financial achievement to meet, they will usually strive to meet such an goal, especially if done for the benefit of the family. Planning ahead and setting clear priorities will allow a single parent to traverse the often derailing moments when a lack of control on their part could mean disaster for the family budget. Setting aside money for monthly or weekly food consumption, rent or mortgage, as well as a savings in the event of an emergency should be on the top of the priority list. Secondary priorities should include any items which the kids may want or hanker for, given that they are rewarded promptly.
Step Two - Earn Double.
Single parents may assume that had they been tied down to a partner, earning would not be so hard. An expert mentor for finance may disagree, with very clear data stating that there is not much difference in the income of a partnership, than there is in single parenthood.
However, because everything is more pressing for single parents, earning extra income, or earning twice as much as one would earn normally is indeed a Godsend. Wealth management experts suggest that single parents undertake small-time businesses that can be managed from afar with very little supervision as a means to added income. Likewise, overtimes, extra work, and practically anything than can add more money to the family budget should also be viewed as an opportunity to rise from a financial quagmire.
Step Three: Security.
Security is essential to the proper flow of wealth management. Yorkshire Capital will underscore the fact that keeping everything, including oneself insured in the event of accidents, illness or death will be a very great asset for both the parent and the child or children involved.
While it does sound like overkill, planning ahead and ensuring that the children have place to go to where they will be well taken care of in the event of death or debilitating illness is a must. Furthermore, a reliable mentor will remind single parents that health care and child support go a long way in helping out with monetary issues.
About Lear Capital Group: http://learcapitalgroup.com
Lear Capital Group’s focus and strength is on delivering an outstanding investment service to our clients through exceptional support, pioneering value-creation and wealth-building in the mid to long-term. Combining this with our boutique business model the incentive structure builds our corporate culture by closely aligning the interests of our clients with those of our team. We research and advise on a wide range of asset classes and apply a variety of investment strategies to leverage all of our resources for each and every one of our clients.
Our members of staff work in synergy with our clients and partners seamlessly as one single team. We have an industry-leading team of over 95 investment professionals specializing in global markets, ranging from established asset classes, investments and corporations, through to innovative securitized products. We have investment services for all our institutional and private clients around the world.
We have established a formidable reputation within the industry for delivering the highest levels of strategic advice, operational skills and market knowledge, while maintaining a stringent ethos of diligent professionalism. We are proud to be renowned for exceeding the highest expectations of every single one of our clients worldwide.