A Checklist for High-Net-Worth Individuals: How to Protect and Grow Your Wealth
A strategic guide to managing, preserving, and expanding your wealth for long-term financial security.
Building wealth is one thing — maintaining it is another. For high-net-worth individuals (HNWIs), financial success isn’t just about how much money you’ve accumulated; it’s about how strategically you manage it. Preserving wealth requires smart planning, from tax efficiency to investment diversification and estate planning.
There’s no universal definition of a high-net-worth individual, but according to the Corporate Finance Institute, HNWIs typically have at least $1 million in liquid assets, such as cash and investments. As of 2023, North America leads the world with 7.9 million HNWIs.
As we move into spring — and with the first quarter officially behind us — now is the perfect time to take a step back and assess your financial game plan.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Whether you’ve already secured your financial future or are fine-tuning your long-term strategy, this checklist will help you stay on track, protect your assets and ensure your wealth lasts for generations to come.
1. Take stock of your wealth: Assess your assets
Do an audit of all your income to see how much money you have in every account. You should check:
- Cash and Liquid Assets: Checking accounts, savings accounts, CDs and money market funds.
- Retirement Accounts: Traditional and Roth IRAs, 401(k)s, pensions (if applicable) and other employer-sponsored plans.
- Investment Accounts: Brokerage accounts, mutual funds, stocks, bonds and alternative investments.
- Real Estate Holdings: Primary residence, vacation homes, rental properties and other real estate investments.
- Tangible Assets: Collectibles, fine art, precious metals and other valuable possessions.
- Insurance and Annuities: Life insurance policies, annuities and Health Savings Accounts (HSAs).
- Business Interests: Income from active or passive business ventures, as well as the valuation of any owned businesses.
Work closely with your financial adviser to assess the value of each asset and determine a strategy for maintaining liquidity and tax efficiency. Your adviser can also help you prioritize which accounts to draw from first to maximize your wealth over time.
For instance, Roth accounts allow tax-free withdrawals, so you may want to use those before you tap into Traditional IRAs or 401(k)s.
Even HNWIs should consider adding Social Security benefits into income calculations. While you may not claim Social Security benefits as early as some other folks, you might still want to include them in your income estimates.
Your adviser can help you figure out how much you’ll earn if you delay claiming benefits until turning 70.
2. Plan your spending: Estimate future expenses
Wealth isn’t just about accumulation, it’s about using it to create the life you want. Whether that means traveling the world, expanding your philanthropic impact or ensuring financial security for future generations, planning your expenses is key to sustaining your lifestyle.
Your spending habits may shift over time. Perhaps you’ll travel more, invest in passion projects or fund experiences that bring you fulfillment. Health-related costs may also become a larger consideration over time, even if you’re not reliant on a fixed income. Ensuring you have a plan for long-term care, insurance and medical expenses can help you maintain peace of mind.
Your financial legacy is another important factor. You might choose to increase charitable giving to align with your values and reduce tax liabilities or provide ongoing support to children or grandchildren.
Thoughtful planning allows you to enjoy your wealth while securing your impact for years to come. Estate planning should be a continuous process, not a one-time task.
Regularly update your wills, trusts, power of attorney and health directives to reflect your evolving goals. By aligning your financial plan with the lifestyle you envision, you can ensure that your wealth serves both you and the people or causes that matter most to you.
3. Secure your financial future: Smart strategies for lasting wealth
Wealth isn’t just about what you have — it’s about how you manage it for the future. Whether you're preparing for retirement, expanding your investments or securing your financial legacy, having a strategic plan in place is essential.
Start by reducing outstanding debt where possible. Paying down liabilities like mortgages, business loans or other large expenses can free up cash flow and provide greater financial flexibility.
If you own a business, consider how to structure or eliminate business debt to protect your personal assets.
Work with your financial advisor to develop a tax-efficient strategy for managing your income and withdrawals from investments. Minimizing tax liabilities allows you to retain more of your wealth while ensuring long-term financial stability.
Even as your financial priorities evolve, maintaining a structured spending plan helps you stay in control. Mapping out expenses — whether for lifestyle, philanthropy or legacy planning — ensures that your wealth continues to support the life you envision for yourself and future generations.
How to protect and grow your wealth for the future
Wealth isn’t just about earning, it’s about sustaining and growing what you’ve built. High-net-worth individuals must take a proactive approach to financial planning to ensure their wealth supports both their lifestyle and long-term goals.
From optimizing tax strategies to structuring investments wisely, the key to maintaining wealth is strategic decision-making.
By carefully managing your assets, planning for future expenses and ensuring your estate is in order, you can protect and even expand your wealth for generations to come. Staying rich isn’t just about how much you have — it’s about how well you manage it.
Use the tool below, powered by Bankrate, to explore your savings options:
Related Content
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
Dori is an award-winning journalist with nearly two decades in digital media. Her work has been featured in the New York Times, Wall Street Journal, USA Today, Newsweek, TIME, Yahoo, CNET, and many more.Dori is the President of Blossomers Media, Inc.
She’s extensively covered college affordability and other personal finance issues, including financial literacy, debt, jobs and careers, investing, fintech, retirement, financial therapy, and similar topics. With a strong journalistic background, she’s also worked in content marketing, SEO, affiliate marketing, content strategy, and other areas.
Dori graduated with a Bachelor’s degree in Multimedia Journalism from Florida Atlantic University. She previously served as the president of the Florida Chapter of the Society of Professional Journalists, where her chapter won the coveted “Chapter of the Year” award for two consecutive years.
-
Over 50 and Still Paying Student Loans? Here's Some Help
It's the club no one wants to join. But if you are over 50 and still paying student loans, there are ways to tackle both debt and retirement savings.
-
Eight Estate Planning Steps to Protect Your Loved Ones (and Your Legacy)
Two-thirds of Americans don't have an estate plan. If you're one of them, these are the essential steps to take now to prevent problems for your family later.
-
Over 50 and Still Paying Student Loans? Here's Some Help
It's the club no one wants to join. But if you are over 50 and still paying student loans, there are ways to tackle both debt and retirement savings.
-
The Three C's to Financial Success: A Financial Planner's Guide to Build Wealth
Consistency, commitment and confidence in your chosen strategy are more critical to your financial success than finding the 'perfect' financial plan.
-
Baby Boomers vs Gen X: Who Spends More?
Baby Boomers and Gen X are guilty of spending a lot of money. Here's a look at where their money goes.
-
A Financial Expert's Tips for Lending Money to Family and Friends
What starts as a lifeline can turn into a minefield if the borrower ghosts the lender. Following these three steps can help you avoid family feuds over funds.
-
The 401(k) Mistake That Could Cost You Millions in Retirement Savings
Thinking about reducing your 401(K) contributions in the current market? Here are six reasons why you may want to reconsider.
-
I'm an Insurance Expert: Yes, You Need Life Insurance Even if the Kids Are Grown and the House Is Paid Off
Life insurance isn't about you. It's about providing for loved ones and covering expenses after you're gone. Here are five key reasons to have it.
-
7 Rules Frequent Flyers Swear By
From dodging long lines to avoiding bad coffee, these clever travel rules can help you save time, stay healthy and reduce stress every time you fly.
-
My Professional Advice: When It Comes to Money, You Do You
This is how embracing the 'letting others be' and 'learning to surrender' mindsets can improve your relationship with money.