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Building Your Financial Dream Team: A Guide for the 1%

Megan Galane
May 13, 2024
Building Your Financial Dream Team: A Guide for the 1%

Today, we’re diving into the world of finance, specifically focusing on the concept of the “1%” and the importance of having a solid financial team. This information is based on the wisdom shared by Dr. Erica Jordan Thomas, host of the Seven Figure Educator Podcast.

Who is the 1%?

The 1% is often associated with ultra-wealthy individuals like billionaires. However, Forbes defines the 1% as those who have an annual income of $597,000. This realization can shift perspectives, as many people may be closer to the 1% than they think.

The Importance of Financial Planning

Being part of the 1% requires different financial planning compared to the rest of the population. Recognizing this can help individuals better plan their finances, potentially allowing them to keep more of their money or accelerate their wealth growth.

The Financial Team

Dr. Thomas shares her personal experience of having seven positions on her financial team. These roles include:

  1. Bookkeeper: Maintains accurate books for tax purposes and securing business funding.
  2. Accountant: Helps file your taxes.
  3. Tax Strategist: Helps manage your tax liability ethically.
  4. Chief Financial Officer (CFO): Helps you look forward in your business and finances.
  5. Financial Advisor: Helps with your personal finances, including budgeting, personal investments, and retirement accounts.
  6. Wealth Manager: Helps protect and grow your wealth.
  7. Personal Banker: Acts as an advocate for you with the banking institution.

When to Bring These Roles Onboard

You don’t start with all these roles at once. Here’s a rough guide on when to bring each role onboard:

  • Bookkeeper and Accountant: As soon as you start making money in your business.
  • Tax Strategist and Financial Advisor: When you approach your first six figures.
  • CFO, Wealth Manager, and Personal Banker: When you reach the seven-figure mark and beyond.

Remember, this information is based on Dr. Thomas’s personal experience. It’s always a good idea to consult with a certified financial professional when making significant financial decisions.


Building a solid financial team is crucial for managing personal and business finances, especially for those in the 1%. By understanding the roles of each team member and when to bring them onboard, you can better plan your finances and accelerate your wealth growth.

We hope you found this blog post informative and helpful. If you have any questions or comments, feel free to leave them below. And don’t forget to subscribe for more insightful content!

Until next time, keep growing your wealth and building your financial dream team!

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