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Tips on building long-term wealth

17 December 2010 174 views No Comment

By: Chris Penrose

There is a generation of young professionals and entrepreneurs who are turning their ideas, passion, innovation and drive into success. They are opening businesses, climbing the corporate ladder (quickly), and finding their way into influential positions in our social fabric.

Dwayne Chin, owner of Asset Wealth Management, is excited about this generation. “We are bringing things to a whole new level,” he says. “You used to see millionaires, now you are seeing billionaires. There are people who have hundreds of millions of dollars, and the ages of these people are younger and younger.”

His tone, however, is not celebratory. While he is encouraged by the success that he is seeing, Chin notes a gap in regards to turning that momentum into building wealth.  He says many young professionals and entrepreneurs do not have a plan for their financial future. “You have to think long term,” Chin says. “If I told you to meet me at a particular address and that is all the information I offered, you would be lost. If I gave you a map with directions, you are going to have no problem getting there.”

As a financial planner, Chin helps clients to assess their financial goals and works with them to develop a clear plan detailing how they are going to get there. “If you are sick, you are going to see a doctor,” he offers as an analogy, “If you want to build wealth, go to a professional.”



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His own roots in the realm of financial literacy go back to his father. As a child, Chin observed his dad’s success and followed in his footsteps. One part of building wealth he says is knowing the traps to avoid. “We want the car before the house,” he says. “Anyone can buy a car, but can you keep up the payments, the insurance and the gas?” Chin has no aversion to owning a vehicle or having nice things, but he asserts that, “you need to get them the right way, you need to have a strong financial foundation.”

One strategy Chin recommends for building that base is to get together with a few like-minded people and set up a syndicate. “If you have $5,000 or $10,000 and you are interested in real estate, there is not much you can do with that,” he explains. “If you get three or four people together and invest in a property then you can split the profits. That is a good way to get started if you don’t have the money right now to do it on your own.”

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