The progression of wealth begins with a Builder, transferring down to a Janitor, and finally disappearing from the clutches of a Debtor. There is a better way to leave an inheritance for our Children.
One of the greatest burdens on children is the inheritance of wealth. Yes, I know this sounds counterintuitive. Yet, with 35+ years of experience working with three generations of families, I can attest to the validity of the premise.
Each culture has its phraseology:
- Old English: “there’s nobbut three generations atween a clog and clog.”
- Italy: “from the stable to the stars and back again.”
- Japan: “rice paddies to rice paddies in three generations.”
- China: “from peasant shoes to peasant shoes in three generations.”
- Scotland: “father buys, son builds, grandchild sells, and his son begs.”
- America: “shirtsleeves to shirtsleeves in three generations.”
Why is this true? Answer: “We want what we don’t have.
Continue reading “Shirtsleeves to Shirtsleeves in Three Generations”
Life is like a carousel — it only goes in one direction: Forward. There’s no going back to undo, redo, or otherwise change anything in the Past.
And, on that Carousel, we have a choice: Sit on the benches near the center, move to the stationary animals to the right of the benches, or climb on a horse moving up and down — while we reach for the brass ring.
Obtaining a brass ring involves three components: Fate + Choice + Skill.
Continue reading “Dynamic Carousel”
Every decision we make involves the dimensions of Time and Money. Furthermore, for every decision, we have a choice to Spend or Invest.
Right about now, the contrarians among us are busily thinking of an example that doesn’t involve both Time and Money.
While I wait for them to exhaust the possibilities, I’ll continue with the thoughts about — and facets of — Time and Money. Because, after all — and between the two — Time is the most precious.
Continue reading “Time and Money Are the Resources to Manage”
I was sitting at the desk with a salesman and behind him, tacked to the wall was a piece of plain white 8½” x 11″ size paper with these letters: TKD. Thoroughly impressed, I commended his belief in “Think Know Do.”
He grinned sheepishly and confessed that his manager had pinned the sign as a reminder “Time Kills Deals.” My antennas shot straight up. After a tour of their factory, conversations with upper echelons, and a discovery of inferior processes and unethical people, sure enough, “Time Kills Deals.”
So, TKD is a two-edged sword — it can represent success, or defeat.
Continue reading “Think Know Do”
Notorious for bragging about their lifestyle are the Montana ranchers — while they use the leverage of debt as a crutch to hobble down to oblivion.
There is a better way.
Million or Penny a Day?
What would you rather have — a million dollars, today, or a penny doubled for a month?
Continue reading “Leverage or Lifestyle”
Through the years, I’ve given lots of free advice. I’m beginning to realize that’s been a very bad character trait.
» Advice — the wise don’t need it and the fools won’t heed it.
» Free — the perception of something worth nothing.
So, this week, when I said “No, thanks,” to an opportunity of continuing in my tradition of offering free advice, the response was enlightening. Well, I was enlightened. The person making the request was shocked. They were shocked that I would, could, should, and did say, “No.”
Continue reading “Free Advice”