A Unique Technique for Staying Wealthy
What do Oprah, Warren Buffett, and Steve Jobs have in common?
Besides being three people with whom I’d personally love to have a Moscow Mule, all three are obviously wealthy. However, ask anyone who has come into money and they’ll tell you that riches can be gone in a blink of an eye.
These three, however, have maintained their wealth for decades. So as an advisor, I’m naturally interested in studying how.
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The answer cannot be that they have great lawyers and accountants. Any one of us can pay a great professional to navigate tax laws, design profitable business deals and create asset protection trusts for our families.
The answer also cannot be that they’re lucky. We’re all blessed with the opportunity to have luck play a role in our fate. However, that luck may result in finding a dollar on the sidewalk when you wallet was empty or randomly bumping into your future spouse at an event you almost didn’t attend. And not necessarily $1B in your bank account the next morning.
Could it be persistence? That seems to be closer to the key to staying wealthy. However, if you’re persistently pursuing the wrong idea you may achieve insanity and not wealth.
While all the above is true, they don’t necessarily form the common core of staying wealthy over the long term. Whittle away all of the things — whether conceptual or tangible — that can play a role in maintaining wealth that everyone else has access to, and you’ll come to at least one singular thing that has kept these three successful individuals wealthy over the long term.
While an advisor can position your wealth to potentially multiply and provide you enough long term growth such that money isn’t a concern for you and future generations, and also while an advisor can help you plan for unexpected medical and life events that have the potential to wipe away your wealth; wealthy individuals have a safety net that can potentially bring new assets into their lives: the ability to find a niche in life that they love and that the market appreciates and follows.
That skill has brought many a rich person back from the brink of losing everything. Just ask George Foreman whose unique personality made him more money selling a grill than knocking out people’s grills. And more success than similar products endorsed by Hulk Hogan, Evander Holyfield, and even Jackie Chan!
Even Buffett’s unique ability to translate the complexities of investing and business into clear language has supported him in maintaining trust with his firm’s shareholders and building highly profitable partnerships that ultimately led to his becoming a billionaire.
While having the ability to benefit from and dominate a marketable niche isn’t a guarantee to staying wealthy, it has historically been a good technique for helping a person’s net worth withstand the ebbs and flows of events around you that you can’t control.
Without this ability, we may not have had Oprah in our living rooms for 25 years and we very well could be carrying around Microsoft iPhones.
Therefore, seek out what you do best and present that to the world consistently. And be willing to change course. Then perhaps we too can have a toast over Moscow Mules — extra lime in mine.
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