Who do you trust?
REALLY trust?
In our daily business there are many people and institutions we expect to perform on our behalf and in our best interest. And to perform loyally, objectively and wisely.
The more we achieve, it seems, the more important the axiom “inspect what you expect” becomes. Without regular check-ins on our trusted advisors we are subject to our own decision or indecision and our action or inaction.
A careful review of our options, opportunities and timing change our results. What you will learn here is how to better create value out of your money and your time. (By the way, this is the first secret—so write it down.)
Write down your answer to this question:
'How do I create value out of my money and my time?' Keep your response in a place where you will look at it daily for the next 21 days. As you think about your answer you will become aware that you have more choices.
“The Investment of a Lifetime” is a story about a family. It describes a process for ordinary people to connect with extraordinary results, consistently. Most people are thrilled to discover they can simplify the management of their assets, and their legal and other obligations. Let’s consider the environment of "having money."
"I love the 'checklist' on assessing your manager
in The Investment of A Lifetime. This is such a personal step, but so important in making your
choice of professional support."
Russ Mason, President,
The Investment Management Institiute (IMI)
www.investmentmanagementinstitute.com
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"Many folks are intimidated by investments and Robert Bailey in his new book "The Investment of a Lifetime" ends that simply and easily by educating you on how to obtain and keep your money! This book is easy to read and offers great solutions that give you confidence on how and when to invest."
Lee Milteer
Author of "Success Is An Inside Job:
Spiritual Power Tools for Successful Selling"
www.milteer.com |
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As we grow financially--have more money--we sometimes add new interests. Not only can we do more things, we tend to also need to watch out for what the comedian George Carlin called "our stuff." Of course, the smarter we become the more wealth-generating assets we have, too.
Remember, our key assets include time and money. In my work I commission surveys to better understand peoples' views. My surveys have shown many things, but there is one finding that started my research for the "7 Strategy System:" Anyone who is consistently successful manages an advisory team of their own creation. Period.
I have spoken with many people over a long time about this concept. They were curious. As I began sharing the story of how this concept came about they became entranced. I decided that my task was to help people be completely drawn into the concept with a story that would help them succeed.
The original story I created changed the way I look at business teams. Let me warn you. A few people have been shaken up by what they hear. Only later did I realize that this story mirrored one or more incidents that had happened to THEM!
Before I share the story behind "The Investment of a Lifetime," let me illustrate one change that has permanently altered our working lives.
In the 1960s there was a man who practiced medicine—surgery in fact. He was a teaching assistant at Brigham Young University. He was an airline pilot. He also defended people in court—and won before he was himself taken to court for impersonating licensed professionals. He was a fraud. His name is Frank Abnagale. Steven Speilberg made a movie was made based on his life, called “Catch Me If You Can.” Today Abnegale is a highly paid speaker on the subject of fraud and a consultant to the FBI!
There are two good lessons from Frank Abnegale’s life. It is estimated that the average American will have as many as TEN careers over her lifetime. Today it is the exception to follow a single career path for an entire lifetime. This is especially true of the billionaires and the affluent customers we will be discussing.
And secondly, the Abnagale story shows how difficult it can be to distinguish someone with apparent credentials and no real capacity or ability to deliver results.
With greater affluence more people experience a broad number of distinct experiences. These experiences are about ten times what our parents saw--our children may experience as many as 50 times what we are seeing. Global educational levels are higher. The range of knowledge and the familiarity with technology, culture, and global issues is broader. The comprehension of issues is far different. And the ways we manage our lives must change to adapt.
Think about the complexity of your own life.
Ours is a world where nearly every aspect of our lives has changed. That has shifted the understanding gap as well, making communication a challenge. Not because of the words, but because of the context. Money, work, and are relative terms, not absolute ones.
So I would like someone to explain to me why a paternal advisory system that evolved from Victorian England is still used today. Actually, in one way the Dickensian system was better. Charles Dickens’ attorney Mr. Jaggers exhibits an extraordinary level of integrity in managing young Pip’s great expectations. The relationship continues for years, with Jaggers maintaining the absolute confidence of his client. But do we anticipate or expect such a level of trust today? Not even close.
Our billionaire, by contrast, depends on many advisors with complementary skills, but the decisions are his. The most important decisions are preceded by careful consideration and counsel. They might include several points of view on the same topic. And the expense? Using a professional team properly pays for itself--usually many times over.
Some wealthy individuals hire 'family offices.' These are private advisory teams used to working with large assets and familiar with the whims and weaknesses of the very wealthy. Family offices may be banks, private management groups, professional groups that offer combined banking, investment, legal, accounting, travel, security, even shopping assistance. They use one team for many clients using built in efficiencies that permit them to collect very good fees.
I will show you how to create your own team and how to control the professional fees and expenses involved. The system begins by determining your position in the economy and continues through to your learning how to hire and manage (and fire) any professional you hire. You will learn the signs and confirmations for advisor burnout and failure. In learning this you will also be reassured that you will do better financially, legally, and personally--and faster than you thought.
There is every chance that you can create a team that is as good, or better, than the family office team—and at a far lower cost. You will also enjoy complete control over your team. And that is something family office clients rarely enjoy."
END OF Chapter 1
