Hi Keith,
"But one that will attend could buy us all and stick us in his back pocket. Why will he be there? Because I got to his sense of responsibility for his off spring."
I have thought very long and hard about "wealth transfer" over the years. The library's full of books on getting wealthy, but rather scant on what to do once we get there! It's one topic that seems to have been left out of most texts. The reason I include Jesse O'Neil's book as one that's important for investors is that her story represents quite well what happens to people's heads as they acquire wealth, work with the wealthy, envy the wealthy, or inherit wealth.
Since one of our missions here as investors is to accumulate "wealth", we have to take a responsibility for the eventual transfer of that wealth to another person, generation or even a charity.
Handing off a significant portion of one's assets to another who is unprepared is about as responsible as handing a child a loaded gun. It's been my intention all along to have Mr. Lichello's knowledge be used by multi-generations. My personal feeling is I'd like to have it ingrained as much as a Scottish Clan's belief in being frugal! We all know the siren's song of "get rich quick" and that tulip-mania is not new. There's no insurance that the next generation will be responsible users of the assets they receive, but training them is at least one way of relieving ourselves of any guilty feelings about it!!
Imagine the "terror" of coming of legal age and finding oneself wealthy - but with no idea of how to handle the wealth. After spending a lifetime accumulating wealth through hard work and responsible living, why would we be so careless as to not prepare the receivers of the fruits of our labors. Life's tough enough without being handed a "business" for which we've not been prepared.
In steps Mr. Lichello! AIM may not be the ultimate plan for getting rich quick, but it does lead to "rational exuberance!" So, yes, it is a great thing to teach the young or a spouse.
Have a great meeting,
Tom |
