By Ian Byrne CFP, GRW Advisory
The Princess Bride by William Goldman. In both the book and the movie, so many marvellous one-liners, characters, messages and lessons (apparently the 5 minute Billy Crystal ‘Miracle Max’ scene took three days and over 3 hours of footage of his ad-libbed brilliance and humour that was so funny the sound department had to ban more than half the crew including the director as they kept laughing and ruining the take).
Unfortunately, I’m not that talented. However, my hope that you enjoy or glean something useful from the below is at least genuine.
Inigo Montoya: “Let me explain. No, there is too much. Let me sum up.”
Wealth, like true love, can be an enduring thing. If your wish is to help make sure it is not lost, squandered, or stolen but assured for generations, some salient statements derived from a simple story book:
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- True Love’s Kiss A strong family bond is the foundation of a lasting legacy. Nurture your relationships with your loved ones. Spend time together, share laughter and create lasting memories. A family that plays together, stays together.
When it comes to money matters, communication is key. Help them understand where your wealth has come from, what you’ve endured to ensure it lasted, the respect it deserves and what they may need to consider during their lifetimes.
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- The Dread Pirate Roberts Sometimes, you must be ruthless to protect what you love. This doesn’t mean you should be cruel or heartless. It means you must be decisive and strategic.
A wise captain knows when to strike and when to retreat, when to go to sea or stay safely in harbour, expand the fleet or when to bury the treasure somewhere safe. So too with investment markets and economic environments you need to know when to take advantage of seemingly adverse conditions or to batten down hatches, all with a strategic overlay.
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- The Six-Fingered Man Beware of those who would seek to harm your family. A watchful eye and a quick wit can save you from disaster.
The number of unlicensed ‘get rich wealth seminars’ or online cyber fraud schemes have risen dramatically with the sole intent of taking as much of your wealth as possible.
Be very skeptical of unlicensed advice. Some authors who couldn’t make a successful career while they were licensed are treated with a guru status simply for generalised low-level tips. Be cautious that these may be wrong for your personal circumstances. If you have significant wealth, seek the right expert advice from a suitably qualified professional for your own unique situation.
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- The Battle of wits A sharp mind is a powerful weapon. Use your intelligence to outsmart your rivals and protect your wealth. Remember, knowledge is power and always believe in the power of human ingenuity. A little faith can move mountains, and a lot of money can buy a lot of faith.
Taking risks can be rewarding, but it’s important to weigh the costs. A well-calculated risk can lead to great rewards, but a foolish gamble can lead to ruin. Sometimes, the biggest threats come from unexpected places.
Don’t underestimate the power of small mistakes. A single misstep can have catastrophic consequences. A good adviser can be a priceless asset and help you take the right path without the pain of a misstep. Surrounding yourself with the right experienced professionals can help protect not only your wealth but possibly your sanity.
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- The Good Parts A healthy mind and body are essential for a long and fulfilling life. Take care of yourself, and you’ll be better equipped to handle life’s challenges for the long run.
Life is full of ups and downs, learn to live in the moment and appreciate the good times, even while weathering the storms.
And as Westley would say, “As you wish.”.
We support wealthy individuals and family groups by working with you to create a direction, structure, strategy and security for your wealth and a retirement that is right for you, your values and your legacy.
If you require further information or any of the above has struck a chord with you, feel free to reach out any way you wish (LinkedIn, telephone, email or other). I have clients all over Australia and the world, and always happy to have an initial discussion without cost or obligation.
*The above is general information only and not personal advice. For further information or a confidential discussion, please contact the author directly.
