Sharing Daily Discoveries About Personal Finance And Business Topics

Chapter 24

What If I Am Already Rich? What Advice Do You Have For Me?

It seems like the main message here was that if you are rich, value it and don’t be careless in the way you handle it as there are a lot of people out there who would be happy to take it from you. Robert mostly talks about the three ways of investing again by using his CASHFLOW game as a reference. The funny thing I thought was how in regards to taking care of your money, he mentioned about how Anna Nicole Smith married a billionaire who was way older than her (Which he sarcastically states that the marriage was only because of love) and how Paul McCartney’s divorce may prove to be costly as there was no prenuptial agreement in place. He basically summarizes his advice for the rich to have the following four factors in-place:

1. A Will
2. An Estate Plan
3. A plan if incapacitated
4. A prenuptial agreement if you get remarried.

Donald re-emphasizes on how you should treasure your wealth and once again to be careful with it. His twist is that you should also have a lot of fun because of it. He uses himself as a personal example on how he owns a golf course and is in the midst of setting up a production company called Trump Productions. In the end, he throws in a comment about how philanthropic efforts can be one of the most rewarding things to do in life.

Robert’s 4th point of having a prenuptial agreement if you get remarried was a little odd I thought. If the point was to try and protect yourself, wouldn’t you do that right from the beginning instead of waiting for something bad to happen first? It’s almost like saying, if someone didn’t fulfill a service for you as intended, then the next time get it down in writing instead of doing it the first time. Kind of odd I must say or maybe I am misinterpreting the point.

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