Michael Wolfe is rich
Suddenly a millionaire! And now? First-class advice on protecting assets from startup founder Michael Wolfe
Whether through gambling, a surprising share success, the sale of a good business idea or an ambitious company - what do you do when you suddenly hit the jackpot and have a few million more in your account?
I would do the usual. Buying a villa, traveling a lot and of course adding a few designer clothes to your wardrobe. I would probably lead an exhilarating lifestyle with wild parties in exotic places and eventually end up broke again after a while.
No. My high life can't end like this before it even begins! But one knows what to do and seeks advice.
Michael Wolfe, Founder of Unity Productions Foundation and successful author, was able to captivate me with his tips on securing assets on Quora. Incidentally, they are also worth a look for (still) non-millionaires.
"The first 20 million are always the hardest." Not correct. “The first 20 million are almost always the only ones”.
What do you do with a multi-million dollar account?
– Don't touch your money in the first 6 months. Quick decisions are often wrong decisions. Keep the money in cash or in the form of secure securities. Invest a lot of time thinking about your life. What do you want to do? How much money will you need Be patient! The money isn't going anywhere - unless you do something stupid with it!
– Get excellent wealth and tax advisors. They are worth your money. Meet at the beginning of your newly acquired financial fortune and plan your assets and your portfolio with them. Take it slow. Get to know your advisors better and don't make ill-considered decisions.
– Take care of the essentials first. Do you have enough savings for your retirement or at least flexibility in your choice of job? Check. Do you have enough money to protect your (future) children or parents? Check. Do you have a home where you are completely satisfied? Check. Do you still have any wishes? Then go out and have fun, but don't forget about your future plans.
– Create thoughtful wealth preservation plans. One often hears: "You could lose everything again tomorrow!" Honestly, no, you can't do that unless you do something stupid with it. Get a consultant on board with whom you can create a balanced, diversified and low-risk portfolio.
– Don't buy anything "unnecessary". Chic cars, boats, holiday homes, ... sounds like a dream. But these dreams can pull a bunch of money out of your pocket very quickly. Such investments should really only represent a small percentage of your wealth. Did you think about who lost, taxes, insurance, maintenance, etc.? Follow the motto of many rich:
"Don't buy anything that you can rent"
– Buy experiences, not things. Go on a sabbatical or take long breaks between jobs. Travel. Discover new places. You can travel pretty cheaply in many countries. It's also another reason why you shouldn't spend money on vacation rentals and boats.
– Stay who you are. Keep track of your current friends, hobbies, personality, partners, etc. Don't waste time trying to figure out how “rich people behave” - except for their money behavior, of course. Really rich people hardly show their wealth - just a few idiots who want to make you rich and want to be players.
– Do not worry about it. Don't think money makes you unhappy - it's really great to be honest. But don't think that money will make you happy either. Just assume that you will stay roughly the same level. It is also no reason to plunge into an existential crisis. Be grateful, enjoy and live your life.
The bottom line:Act slowly and carefully!
I have to say one more thing: Michael Wolfe is not particularly willing to take risks when it comes to money. Even if I like to be on the safe side with my systems, a little risk and thrill are simply part of it. That's what makes life so exciting 😉
Last but not least: everyone starts small. If you run your own business and are tired of wasting valuable time on invoices, check out Zervant's online invoicing program. We cannot guarantee that we will make you a millionaire, but that you will spend less time doing office work and more time building your wealth. Try it now for 30 days for free.
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