Easy Tips for Wealth Creation

Building wealth and leaving a considerable legacy for future generations is a goal shared by many; however, most individuals consider it to be a privilege privy only to the rich and affluent. Richard Cayne of Meyer International Thailand says that wealth creation is not just limited to those born with a silver spoon in their mouth; it is something that can be achieved by anyone if they follow a few simple steps. Richard Cayne of Meyer International Thailand further adds that capital should be treated like a sapling, with the right care and nourishment it can attain unprecedented heights.

According to Richard Cayne of Meyer International Thailand, one of the first steps in wealth creation is to opt for a job that you love to do. Innumerable surveys have shown that individuals who do what they love will almost definitely end up fetching a higher rate of remuneration and excelling in their careers as opposed to those who are in it just to earn a living. Therefore, finding a job you are passionate about is quite important to wealth creation.

The second most important step for wealth creation according to Richard Cayne of Meyer International Thailand is to know your options. This step relates to investments. Richard Cayne of Meyer International Thailand explains that simply saving money does not hold the key to wealth creation. To reach a state of financial independence, one has to make their money work hard for them. Equipping yourself with the knowledge about various investment options in the market and aligning the same with your personal financial goals is one of the best ways to make sure that you have a considerable wealth base by the time you think about retiring. While your earning powers will always have a limit, the earning potential of your investments is indefinite.

Last, but not the least, Richard Cayne of Meyer International Thailand mentions that in order to create wealth one must remain optimistic, but at the same time be willing to take calculated risks. Every investment opportunity comes with a certain amount of risks, knowing your capacity to withstand risks and then investing in the best performing vehicle in the category can help you create wealth faster. Richard Cayne of Meyer International Thailand explains that staying optimistic in life goes a long way in helping you get through any kind of personal or financial situation. By combining the power of knowledge with optimism, you can create wealth and happiness for yourself.

Richard Cayne is based in Bangkok and is Managing Director of Meyer International Ltd which is part of Asia Wealth Group Holdings Ltd a UK listed financial services holding group.

Tips to Ensure Better Financial Security by Richard Cayne Meyer International Thailand

While financial security and planning are things that occupy most individuals’ minds these days, there are only a small percentage of people who actually take the right steps in order to secure the future of their loved ones as well as themselves. Richard Cayne of Meyer International Thailand offers the following checklist for individuals looking to secure the financial aspect of their future, so that they can efficiently manage their funds, while leaving enough room for contingencies.

    Emergency Fund - Richard Cayne of Meyer International Thailand opines that every individual must   have an emergency fund set aside at all times so that they can easily deal with life’s unexpected events. Allocating a part of your income on a monthly basis for an emergency fund can help you deal with situations such as an accident, car problems, loss of a job, etc. in a calmer manner, while avoiding a position wherein you would need to take a loan.

    Repay Your Debts – Next on the priority list according to Richard Cayne of Meyer International Thailand should be the repayment of your debts, besides mortgage. Working your way up from smaller debts or those with a higher rate of interest is an effective way to get rid of your obligations in a timely manner.

    Create a Buffer - Richard Cayne of Meyer International Thailand strongly suggests keeping a bank balance that covers at least three to six months of your living expenses. These could include rent or mortgage, monthly bills, gas expenditure, average food bills, etc. Ideally you should add up your monthly expenditure and multiply it by six to arrive at a figure.

    Investment – Once done with the above checks, Richard Cayne of Meyer International Thailand suggests it is time to start paying yourself or investing for your future. According to Richard Cayne of Meyer International Thailand, one should allocate 15% of their income in their 20s, while 40% should be the target for those in their 40s and older.

    Family – For those who have managed to tick the above items off their checklist, it is time to start concentrating on the needs of your family. Creating a college fund and paying off your mortgage should be high on your priority list now. The earlier you start, the better your chances of helping your family live a rewarding life. Richard Cayne of Meyer International Thailand adds that leaving your family with considerable wealth should also feature on your priority list. Appropriate tax planning and optimized wealth transfer solutions should be looked into along with suitable life insurance and other financial planning tools.

Richard Cayne is Managing Director of Meyer International which forms part of Asia Wealth Group Holdings Limited a London UK listed financial services holding company.

Choose the Right Health Insurance Plan for Complete Wellness

In the wake of trying to meet daily expenses, fulfilling the wishes of your loved ones and making wise investments, health insurance is something that always seems to take a back seat. However, Richard Cayne of Meyer International Thailand says that getting the right health insurance plan is one of the greatest gifts you can give yourself and your loved ones. Choosing the right health insurance plan truly puts you on the path to complete wellness, since it helps you deal with medical emergencies in a more efficient manner, giving you complete peace of mind knowing that the health of your loved ones is well taken care of.

Richard Cayne of Meyer International Thailand strongly believes that one must put in a great deal of thought into the kind of plan they are opting to invest in, since getting the right amount of cover is imperative if you wish to fully benefit from health insurance. One of the first steps in choosing the right plan for you and your family, as advocated by Richard Cayne of Meyer International Thailand, is understanding the ins and outs of the policy. You should not only look in detail into the health conditions covered by the plan, but also those that are excluded. You need to fully understand the conditions that would require co-payments or be eligible for deductions and how many family members are covered, as without complete knowledge one cannot expect to make a sound decision.

Richard Cayne of Meyer International Thailand says that the next step entails understanding the specific needs of your family. You need to make a decision on whether you wish to include the entire family or just a few members. You might want to consider leaving out members who are already covered by their employers or who have separate health insurance in place. Once decided on how many members you wish to include, you now need to decide on the kind of cover you are willing to allocate. According to Richard Cayne of Meyer International Thailand, this can be one of the trickiest steps, since this would require a more keen assessment on the existing health conditions as well as probable requirements of health cover of your loved ones. However, a clear assessment on this step will help simplify which member needs to be covered under which grade of the health insurance plan.

Once decided about the above, Richard Cayne of Meyer International Thailand says that evaluating your budget would be the final step in choosing the appropriate health insurance policy for you. Being able to afford the health plan throughout its tenure, without compromising on the necessities of life, is key in achieving complete wellness for you and your loved ones.

Richard Cayne is Managing Director of Meyer International Ltd in Bangkok Thailand which is part of Asia Wealth Group Holdings Ltd a London listed financial holding company.