Desert Living Now
Financial Planner Says Holistic Planning Is Key to Building Long-Term Wealth
A financial planning expert is encouraging people to take a broader approach to managing their finances, saying long-term success comes from coordinating investments, taxes, retirement savings and estate planning rather than treating each area separately.
During an interview on Desert Living Now, Bob Chitrathorn, CPFA and Chief Financial Officer of Wealth Planning by Bob Chitrathorn, said one of the most common mistakes people make is focusing only on their investments while overlooking other important aspects of their financial picture.
"A lot of people just focus on their finances or their investments only, not looking at the consequences of taxes or estate planning," Chitrathorn said. "You want to take all that into consideration."
He noted that for many Americans, a 401(k) is their largest financial asset, yet those retirement accounts often go years without being reviewed or reallocated.
Chitrathorn compared financial planning to preparing for a road trip, saying it's important to evaluate what you already have before deciding where you want to go. He encouraged people to inventory their finances and work with a professional who can review the complete picture.
He also emphasized that financial planning is not just for wealthy individuals. Chitrathorn said building a strong financial foundation early can benefit people regardless of income and that starting sooner allows more time to prepare for retirement.
Estate planning is another area he believes many Californians overlook. Without a plan in place, he said, estates may be subject to probate, which can reduce the value passed on to heirs.
For viewers wondering where to begin, Chitrathorn recommended scheduling a financial review to better understand their current situation and identify any gaps in their retirement or estate planning.
Explore: NBCPalmSprings.com, where we are connecting the Valley.
By: NBC Palm Springs
September 8, 2026
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