Wealth Management, The Simple Rules
No, you do not need a doctorate in wealth management or financial planning to do well financially. Learning all the rules of game but not playing your cards right forfeits all you have.
We do have all the skills we need to play our cards right. And there’s alot to learn from your family and friends. From the people that I interact with, I’ve learnt that some behaviour, though sometimes repulsive can be put to good use when dealing with wealth.
Guard your wealth, the way your kid guards his toys (repulsive behaviour?)
Yes, they say sharing is kind, is what we should practise. I’d say it doesn’t apply to wealth. Well, unless you have too much of it, like Bill Gates, then yes, please share with the less fortunate. If you don’t even have enough for yourself, guard your wealth like how your kid guards his new robot. The bottom line is, have enough for yourself first, then decide on how much to share. Being overly generous makes you look like an idiot in wealth management and hurts your savings significantly over time. So, guard it till the day you have more than enough to share.
Love your wealth, the way you love your wife
Loving your wife means you try your best to keep her by your side (the same goes for your wealth?), by spending time on it, nurturing it day after day. Yes, you need to spend time on your wealth (otherwise, how do you manage it? Got it?) Spend some time, say every 2 weeks, to go through your financials. Always be up to date on your financial status.
Know how much you are earning, spending, including your savings, liabilities, loans etc… Keep a spreadsheet so you can plot a graph for it when you need it. Nonetheless, love your wealth and make sure nobody meddles with it, unless you say so.