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3 Things That Have Surprised Me
My Latest
Things I Think About
3 Things That Have Suprised Me
A Money Question
My Latest
This month one of my favorite pieces of content was a video I put together on life insurance.
Life insurance is one of those topics where I see the most confusion.
99% of people need some form of it yet most people buy the wrong types in the wrong amounts for the wrong reasons.
In this video, I talk through the types of life insurance that are out there plus what I own.
You can check out the video here.
Things I Think About
One of my unique advantages in serving clients is I have walked in their shoes. I earned millions of dollars at 18 years old and have since gone through the entire cycle of protecting that wealth.
Investment options, estate planning meetings, tax planning ideas, and the rest.
Frankly, it provided me with a massive headstart before serving clients. Everything I do, recommend, or consider with clients is something I have done, been recommended, or considered myself.
I tell you that because the truth is I still have doubts, fears, and unknowns when it comes to money.
They are different than when I started my money journey but they are still there.
I think about being a good steward of the money.
I think about the tug-of-war of spending now versus saving for later.
There is a misconception out there that someone with means doesn’t think twice about their financial situation.
That hasn’t been my experience both personally and professionally serving clients.
The unknowns still exist.
The doubts are still there.
The desire to do it right is higher than ever.
In today's newsletter, I want to break down three things that have surprised me working with 7 and 8 figure families.
Let’s dive in!
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3 Things That Have Surprised Me
Rich On Paper
The average client I serve has a net worth north of $5,000,000. The majority have or will have a net worth north of $10,000,000.
That puts them in the top 1% of all families in the United States.
Yet, one thing that has been a common thread is the families that have diligently worked to get to that level never feel “wealthy”.
They are rich on paper but still not rich in their mind.
I find this fascinating as often conversations point towards spending more than spending less.
The habit of saving money has become so ingrained it can be difficult to turn the dial to spending.
The two lessons:
To build wealth you need the habit of saving to outweigh the habit of spending (simple enough).
Money is still a tool meant to be used to benefit the people and things you care about.
Wow It Worked
I have the privilege of working with leaders in business and sport. People that are looked up to and admired.
Yet, when you sit down and talk to them about their success, the thing that stands out is how humble they are.
The conversation often leads to them saying something along the lines of “Looking back it is amazing how far this has taken me.”
For many, it is a business or career they started a decade prior. The slow growth that was hard to recognize became something impossible to ignore.
There wasn’t some grand plan it was steady progress over a long period of time (sound familiar).
The two lessons:
Leaders put their pants on the same way you do, they don’t have some superpower.
Time in the game (business, sport, or investing) is the ultimate separator.
“Can I Really”
Have you ever had a friend ask you a question and you think the answer is so obvious, you wonder why they are asking?
It is like your fittest friend who lifts seven days a week asking how his physique is looking…
The reality is dealing with wealth is as much (or more) a mindset than a strategy.
I have seen time and time again, families build wealth and never spend it.
They save and save and save for the future and they forget there is no award for dying with the most money.
One of the most rewarding conversations I get to have with a family is when they realize they have won a stage of the game.
They can buy the dream house.
They can go on the family vacation.
They can choose more free time over career growth.
Their response is often something similar to, “Can I really”?
You see spending and saving is a constant tug of war. For those who diligently save it is hard to spend for one simple reason: They know how hard it was to save that money.
The two lessons:
The money you are saving today is meant to be spent at some point in the future.
Having a sounding board to navigate the tug-of-war of spending versus saving is invaluable.
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Learning how to build and protect wealth is a journey.
You have to learn to how to create wealth.
You have to learn how to protect wealth.
You have to learn how to use that wealth.
Skip one of those steps or fail to move to the next step and money’s return on your life diminishes.
We can learn a lot from those further down the path (money included), I know I certainly have.
Until next time my friends!
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A Money Question
What do you really care about?
I see hustle culture say, “I am doing all this work for my family.” Yet, in reality, that same person has all the things they need. In reality, they are sacrificing time for their family to make more money (they don’t need) because they enjoy it.
Everyone has their own priorities (and yours might be different than mine) but we owe it to ourselves and those around us, to be honest. So consider that question, “What do what do you really care about?:
Does your day, week, and life reflect that?
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3 Ways I Can Help You
💰 Schedule an introductory call with Moment. We help athletes, entrepreneurs, and key employees build and protect wealth.
📹 Check out my YouTube channel. A safe place to get smarter with your money.
📷 Interact with me on Instagram. Where I provide bite-sized daily content to level up your money game.
Moment Private Wealth, LLC is a Registered Investment Advisor, located in the State of Missouri. Moment Private Wealth provides investment advisory and related services for clients nationally. Moment Private Wealth will maintain all applicable registrations and licenses as required by the various states in which Moment Private Wealth conducts business, as applicable. Moment Private Wealth renders individualized responses to persons in a particular state only after complying with all regulatory requirements, or under an applicable state exemption or exclusion. Nothing in this content is intended to be, and you should not consider anything in this content to be, investment, accounting, tax, or legal advice.