When most people think about building a healthy portfolio, they focus on putting as much money away as possible. But there are a number of other, hidden facets of wealth building and protection that are important but often forgotten. What are they? Here are a few key things to remember.

Protect Your Assets. Never underestimate the need to protect against losses. Regularly assess your insurance coverage to ensure that all your assets — home, property, health, collections, antiques, and lives — are covered against emergencies. As your personal value increases, you also need proper coverage against lawsuits, loss of income, identity theft, and libel. 

Diversify Holdings. It's tempting to put a lot of your holdings into particularly valuable investments. But you never know when one "up" cycle will end and another one will begin. Trying to time your purchases and sales is a tricky and often self-defeating idea. Instead, diversify your investments so that hold a mixed bag of different types — such as real estate, stocks, bonds, hard assets, and entrepreneurial activities.

Maximize Retirement Accounts. Retirement accounts are an easy win when it comes to building wealth. They are tax-advantaged, either when you contribute or when you withdraw. And there are a variety of ways to contribute more than the regular limitations, depending on how you set up a business structure. You may be able to sock away tens of thousands of dollars every year while reducing income taxes and utilizing automated investment plans. Don't neglect to make use of these easy saving methods first.

Make a Budget. Budgeting isn't sexy, but it's one of the best ways to build long term stability with your money. As you earn or save more overall money, you'll likely feel the temptation to ignore your spending. This can be dangerous though, as profligate spending can easily eat through more of your planned savings than you realize. You can save more and live on less if you budget reasonably. 

Get Assistance. Unless you're a financial planning professional, you probably don't know all the tips and tricks that can help you build and protect your assets. This is a time to work with a professional and value their advice. Just as you would hire an attorney to navigate complex legal cases and a surgeon to perform important procedures, you need a professional financial planner to help protect your portfolio. Look for an advisor with experience in wealth management services and an understanding of your personal risk tolerance. 

These five hidden elements of good financial preparation will help ensure that you and your money enjoy a long and fruitful life together. 

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