What do Wayne Newton, Mark Twain, and MC Hammer all have in common? They all declared bankruptcy after amassing a great fortune through their trades and talents. Their cautionary tales seem to prove one commonly held belief to be true:
Making money is not the hardest part—the hardest part is holding on to it.
Now, because you’ve worked hard, been lucky or blessed, and are affluent, you can probably relate to that sentiment. There are plenty of ways to spend money, and there are even more ways to spend money in the supposed pursuit of planning for the future.
Traditional planning methods simply don’t encourage you to personalize the process and discover what your real goals are for the future of your wealth. As a consequence, too many affluent people squander away their resources because they don’t know the options available or they don’t know how to decide on the right options for their situation.
Many prosperous people don’t take advantage of the strategic planning opportunities available to them. When there is a lack of clarity about what you want to do with your money, it leads to an onslaught of confusing options from your advisors. And without clarity, those options will only result in indecision and inaction.
Expect deeper, more engaging conversations with a trusted advisor about what you want to do. Most of all, expect more from yourself. Believe you are more than the things you possess. Listen to your spouse and heirs and hear what matters to them. Expect more from your planning and from your trusted advisors.
Wealth is more than money. Don’t just plan for your future, live it right now. Pass it on and share the insights like this that you find valuable.