We all see ourselves as near broke, but that is probably about to change due to the Reset. So don’t count yourself out as penniless.
I read an article once about a man excitedly calling his wife about winning the Jackpot. He hastily said to start packing. She asked “For cold weather or hot?” He quickly said, “I don’t care as long as you’re gone when I get home!”
I don’t recall exactly but the numbers are staggering of lottery winners being bankrupt within two years. This probably is because they weren't trained in their minds for wealth management.
I worked for an upstart computer sales company in Pensacola, Fla years ago. Two under thirty fraternity brothers, Marketing and Accounting majors, created a jackpot for themselves. Just before desktop computers were invented, they sold $100,000 computer systems with software they purchased and streamlined for CPA firms and construction contractors. They literately had no competition at the time and sold all over the U.S. The company was a cash cow if ever there was one.
In a round-about way they went public and became overnight millionaires. The accountant said he was going to sit under a tree for a year and make no decisions. A year or so later he purchased a new car sales company in Pensacola. Today he has about three new car lots and a few used car lots. He is known for all of his local charity support.
The marketing major immediately went into commercial real estate investments. Within two years he was bankrupt and spent about three years in the pen for hiding assets from the Bankruptcy Trustee.
We are moving to an era when there will be no more 401(k)s, banks or traditional investments. Every adult will become their own Family Banker. A great many barely-making-it people will be the new rich from reparations due them. We all will have to learn how to be fund managers quickly. We had better have a plan.
It will take time to learn what is needed or you will have to rely on a ringer. Once a manager (you or a chandler type) you will be set. My guess is that a small family fund of less than $20 Million in today’s money world will require less than one hour per week to manage that fund. But knowledge of Family Banking and Fund Management will be the key.