Developing a wealth mindset

THERE are various avenues to get rich, whether that’s being born with a silver spoon, marrying well, securing a high-paying career, creating wealth through business or sound investing, receiving a big windfall, or inheriting wealth.

But we all know that it is not how much you earn (or inherit) that is important, but what you do with it. This is where developing a wealth mindset is essential, an area with much room for improvement.

A recent survey by asset management and investment firm Capital Group, The Great Wealth Transfer, found that a significant portion of wealth holders expressed regrets about how they used their inheritance, with a notable percentage wishing they had invested more. The research highlighted challenges in communicating succession planning and suggested that inherited wealth is often underutilised, with a small percentage invested in securities or mutual funds.