Old Rich’s Secrets to Lasting Wealth Shared at Network Of Enterprising Women (NEW) Monthly Seminar

Can you really make your money last through generations? This was just one of the questions tackled and answered through Wealth Management 101 organized by the Network for Enterprising Women (NEW) last January 25, 2017 at Fully Booked, Bonifacio High Street, Taguig City.

Richard Gan, an entrepreneur and one of the founders of Wealth Academy was the day’s esteemed speaker. During the seminar, he made a comparison between two billionaire families in the late 19th century which are the Vanderbilts and the Rockefellers. 

The Vanderbilts were considered as the wealthiest family in America in 1800s. Their business started with shipping and railroads that soon expanded into various other areas of industry and philanthropy.They also went on to build great mansions and luxurious summer cottages. Their prominence lasted until the mid-20th century when their family’s great possessions were torn down and were sold to museums. On the other hand, the Rockefellers whose humble beginnings started from oil business were able to retain their success and wealth up to this date. This family was able to keep a system of protecting their assets for generations, the kind which Gan introduced to all the participants during the half day event. 

According to Gan, having a system and being able to plan ahead is the key in creating, maintaining and protecting one’s wealth. This is how the elites are able to keep their status and wealth for generations, as compared to the average entrepreneurs and investors. 

An average person as per Gan,  has two columns in his finance sheet – capital (in the form of savings and investments) and expenses. While on the other side of the spectrum, the wealthy people have three columns –capital, expenses, and the additional column on returns. The returns column comes from the dividends they receive from their capital. The key here is to create a plan to make the returns stable and consistently increasing at long term until such time it is more than enough to add more capital and take care of the expenses. 

Another point of discussion is the three levels of wealth management: to have the capital as level 1, to secure the capital/ wealth as level 2, and to have the cash flow (business/investments) as level 3. However, Gan pointed out that most people jump into level 3 without having a secured level 1 and 2. And this is why the average Joe when investing and failed always starts from scratch but the wealthy does not. Whether their investment fails or not, they still have an ample left to keep them comfortable.  

Wealth Management 101 was among the seminars organized by the Network for Enterprising Women (NEW), a group of aspiring and current women entrepreneurs. NEW’s advocacy is to create an environment where there is an exchange of business ideas, sharing of experiences and creating opportunities for women to trigger entrepreneurship. The goal of NEW is to uplift women to follow their dreams and shatter the stereotype that women can only be wives and mothers.

Monthly gatherings which includes seminars like the Wealth Management 101, are all part of the organizations’ many activities. Following the success of the event, NEW is also preparing for its annual women conference on March 4, 2017 at the New World Hotel from 8:00 AM to 12:00 NN tagged as the “10thAnnual Women Entrepreneurs Conference”. This yearly culmination includes esteemed speakers and celebrated entrepreneurs which are set to inspire and help women in fulfilling their entrepreneurial dreams. 

ABOUT NEW

Network for Enterprising Women (NEW) is a group founded in 2006 which aims to empower women to expand their horizons and be free to share their ideas, experiences and opportunities in the business world. For more information about their advocacies, you may visit their website at www.new.com.ph or visit their Facebook page, www.facebook.com/newphils. For the 10th Annual Women Entrepreneur Conference tickets and reservation, please call (02) 908-2558 and/or (0917) 540-8697.