All of these ideas help people to track their money and to keep more funds in the bank, which, in turn, leads to the development of their family’s net worth over time. Check out this presentation by David Milberg!

1. Creating a Family Financial System that Will
Help Grow Net Worth for Life
Saving money for a trip to Disney World is different from saving money to provide for the future
of your family. You don’t simply want to see a few hundred dollars crop in up in the next couple
of months; instead, you want to develop a financial system that will help the family to achieve
serious long-term goals and to provide security for each of its members.
1. Look to retirement.
Some people do not even want to think about retirement until they are close to that age, but
doing so is a mistake. If they retire before their children are out of college, for example, they
could be putting their education at a risk. Even if only providing for two individuals, failure to
procure a suitable retirement plan can put a drain on the savings account.

2. 2. Watch for debt.
At some point in their lives, most people have some level of debt. In a world where prices rise,
that facet is almost unavoidable. As a result, people must focus on the type of debt that they
accumulate. For example, loans with high interest rates are dangerous because people may spend
the rest of their lives paying these loans off. Also, individuals should work to avoid revolving
debt, such as credit cards, as much as possible.
3. Discover tax exemptions.
Meetings with accountants are generally useful in finding ways to save money on taxes. Other
people may wish to grieve their taxes and to look into other discounts available to the
community. On top of that, some individuals, such as those who have children, are eligible for
certain tax credits.
4. Organize a planning space.
Part of the problem that some individuals have with growing net worth is that they isolate the
components of their larger financial picture. They see only the smaller parts, but when they put
them together, the picture may not appear as healthy. Individuals should use a tracking system to
organize their finances. Looking into online tools and applications, especially those that are
available on clouds, allows people to update their information and to gain perspective on their
financial situation virtually wherever they are. For individuals considering new financial
opportunities, that possibility is imperative.
All of these ideas help people to track their money and to keep more funds in the bank, which, in
turn, leads to the development of their family’s net worth over time.
David Milberg is an investment banker from NYC.