Your Survival Guy wrote to you yesterday about how your children will always need you, and about how you never stop being a parent. Well, I’m here to say you need a break. And that with some things, it’s okay to say, “enough is enough.”
Just yesterday, for example, I was speaking with a client who has guided his children’s investments for most of their lives and said, “I don’t want the responsibility anymore. Ever since we hired you guys, I haven’t paid as much attention to investing as I used to. And quite honestly, I don’t miss it. I’m happy they’re with you.”
“I am too,” I said.
Now, Your Survival Guy would like you to believe I’m doing this out of the kindness of my heart, working with children and grandchildren. But let’s be honest, this is a business—the business of keeping yours—and it needs to work for all parties involved. Yes, many of you have been talking about investing at the dinner table for years, and years, and years (sorry, kids). But there comes a time when the money is too much to leave to chance.
To leave it to chance that it may go to a new boat, to Paris, or on some trip to St. Somewhere. You don’t want to leave to chance good stewardship of the principal, the corpus, you worked a lifetime to achieve. Because you just don’t know how someone else will deal with new money. You never know if what you preach sinks in.
In a conversation with a prospective client, he said, “I’ve been hearing about you guys forever. I get your weekly emails, even your Survival Guy one. I’ve been hearing about Richard C. Young for decades. “I don’t know,” he said, “maybe it’s after the 128th email that got me, but at some point, you feel like you know someone and are ready to act.”
“I’m glad you did,” I said.
Action Line: Years ago, I called Dick after a recent issue of Intelligence Report, commenting on a specific section I thought readers would enjoy. “You never know what they will like—what will sink in,” he said, “I’m just telling them what I know.” Click. When you need a break from giving investment advice, have your children email me at ejsmith@yoursurvivalguy.com. And for your grandchildren who are graduating, send them my free Special Report: How To Invest After Graduating College.
Read more here: Your Survival Guy: Children Never Stop Needing You
