In this posting, I wrote about "family wealth management". Althought I don't have a wife yet, but I've got some pieces of knowledge about how to manage about it. I learned in Wealth Managers sertification program that I followed.
We need somes assumptions to give you an illustration, a husband get salary from his company is Rp4Million/month, he has a wife with Rp3million/month salary. It's means, their family income is Rp 7million/month or Rp 84million/year. Of course we already have a net income by included the tax income. In every activities we need money, and it's our outcome monthly. We assumed the outcomes are :
1. Rent living house Rp 1million
2. Car debt payment per month Rp 1,5million
3. Transportasion cost Rp 400thousand
4. Electricity, water, phone Rp 500thousand
5. Family needs Rp 600thousand
6. Driver, cleaning service Rp 1million

7. Entertaint, shoping, etc Rp 2million

So...... we have no problem if the have outcome on the text above, becaouse our income still accomodate it. But we will face a problem if we don't have consideration about risks and wants. Sometimes we forgot both of these factors. If we already in a bad condition, we thinks to borrow some money to our friends, neightbour, and someone else. This borrow that's we called we have a debt. As long as we can pay our debt, it still give us a breath. If we cann't?? we will have a big problem with debt collector. So, what's the point? the point is we have uncontrolable behaviour to manage our wealth, that's why we have to save our money and have a long term mind about our pension, child's education, and miscellaneous cost.
Here I will give detail information, how to manage our wealth. First step, we have to know our "goal setting priority". What's our goal priority, that's become a Milliarder. The point is, when you are 25 years old now.. you still have the next 30 years potensial time to collect money until Rp 1billion. You have to get Rp 5,5millio/month (assume interest rate 10%/year) or we have Rp 460.500/month. It's very easy for you to save Rp 460.500/month. That's all about long term priority, and than how about short term priority. To solve this problem you will need a principle "first saving and than get shoping", why? because it's easier to buy than we save our money.
To support these things, I also have somesthings :
1. Clear goal financial setting
2. Try to saving
3. Donn't to be comsumptive
4. Have an alocation fund
5. Future education to our childs
6. Prepare your pension
7. Protect needed
I hope several things that I have write in this post will give you advantages. thank you

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Have you heard about Certified Wealth Managers Association? yap, I'll tell you more about it. CWMA we called is part of IBI (Ikatan Bankir Indonesia). It established on March 16th 2005. What is the importances of this association?? before I answer, first we have to know about money. In Indonesia, the number of richman is going up year by year. We need accomodate their need to manage their wealth. We (as wealth managers) aim to protect. It's mean we have to growthing and minimizing risk of their wealth and investment. Basicly, we have a high comsumption level rather than our need to saving, that's couse our outcome bigger than our income. Remember, we also need wealth to our future until we've got old. These factors are somekinds that's make we need wealth managers. There are 3 pillars in CWMA :

1. How we can keep save people wealth and ourself wealth.
2. After we keep on it, our task is making the wealth growthing and accumulate it
3. The last, how we distribute the wealth to the right things and it can be usefull to somebody and ourself.
Wealth Managers is new Profession in Indonesia and in the future it will give a big advantages to our country.

Further information about CWMA, you can klik in this link. Thank you

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Risk, no body can not keep away from risk. Everything that we do, where we are, we always face on it. I've learned about Risk Management in class, my lecturer said "there are two types of risk, they are pure risk and speculative risk. In pure risk, it will not face that we called return, all of in this risk is only loss. For examples, have an accident, to be fire, to be flooded, etc. Meanwhile speculative risk can give both returns and losses. Usually we face this risk related to an activities that we called business, sometimes in doing business we get gains and sometimes losses. As I said before, we cann't keep away from risk but we can minimize it, by identifying and measuring on it. How we indentified risk? first, we have to know, what kind of risk that we will face if we want to make a decision in business. Yap, that's true... we have to think about the risk and the return in our mind. Then, we measured which is the riskier. Based on this analytical, we can minimize our risk in our business...absolutely.

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