I'm a Wealth Manager: 5 Things the Top 1% Does Every Summer With Their Money
To the outside world, summer is when the wealthiest Americans let loose. Between international vacations and yacht parties, the 1% seem like they truly take time off. However, many of them are quietly allowing their money to work for them this summer — building more wealth while they’re relaxing deckside.
What do some of the wealthiest Americans — and the people who could soon join their ranks — do with their money in the summer? To find out, MoneyLion talked to Tom Scott, a retirement and wealth preservation specialist at American Standard Gold.
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1. They Evaluate Their Current Finances
Despite the perception that summer is only about fun, Scott said many wealthy people use the lull in their calendars to reflect seriously on their current strategies.
"The most financially successful people I work with spend far more time evaluating risk than searching for the next big return," Scott said. "Summer is often when that process takes place."
With summer marking the midpoint of the year, Scott added that many high-net-worth investors use these warmer months to conduct a clear-headed strategic review. They take a breather from the daily market chatter and ask themselves whether they're still positioned for the future they’re expecting — while also staying prepared for the unexpected.
2. They Do 'Preventive Maintenance' on Their Finances
Scott said many wealthy investors also use the summer to conduct what he called "a comprehensive midyear financial review." This review helps them identify strengths and pain points in their current strategy so they can perform preventive maintenance on anything that needs tweaking.
Scott said this review typically includes:
Reviewing portfolio allocations
Evaluating concentration risk
Assessing tax exposure
Updating estate planning documents
Reviewing trust structures
Analyzing retirement projections
Reassessing liquidity needs
Evaluating insurance coverage
"Wealthy investors understand that small adjustments made in June can prevent major problems in December," Scott said.
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3. They Rebalance Their Portfolios
In addition to working on their tans, many high-net-worth investors also use the summer to rebalance their portfolios.
As Scott explained it, when markets perform well, many investors inadvertently become overexposed to certain sectors, asset classes or positions, and savvy investors trim positions that have grown disproportionately large. They'll then reallocate capital toward areas that improve diversification and risk management.
Scott said this approach is particularly common during periods of economic uncertainty.
"Rather than asking, 'How much more can I make?' affluent investors are often asking, 'What could go wrong, and am I prepared for it?'" Scott said. "That mindset frequently leads to discussions around inflation protection, liquidity, alternative assets and wealth preservation strategies."
4. They Do Midyear Tax Planning
Though many people think of tax planning as a winter and spring scramble, Scott said wealthy people often use the summer to get ahead on midyear tax planning.
What do these people look for when they're planning? Scott named a few:
Capital gains exposure
Charitable giving strategies
Trust and estate planning opportunities
Retirement account contributions
Business income projections
Potential tax-efficient asset repositioning before year-end
"The earlier these conversations occur, the more options investors typically have available," Scott said.
5. They Think About Estate Planning
Estate and succession planning don't exactly seem like fun topics to chat about over poolside piña coladas, but they're important to discuss, especially when family members are already gathered together.
"Many families gather during the summer, making it an ideal time to discuss legacy planning, wealth transfer strategies, family trusts, charitable initiatives and long-term financial objectives," Scott said.
The Bottom Line
Scott had a clear message for anyone looking to learn from the summer money habits of the super-rich:
"The top 1% don't simply manage money. They manage risk, taxes, family dynamics and long-term legacy planning," Scott said. "If there is one lesson average investors can learn from wealthy individuals, it's that successful wealth management is rarely reactive."
Since summer often gives these investors time to review and adjust their strategies, Scott called it "one of the most important planning seasons of the year."
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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