7 Billionaire Considerations
Those who (unexpectedly) amass a great deal of money must take action, otherwise problems will arise. A guide in seven steps.
As a billionaire, the consequences of any failure are likely enormous, if not fatal. Even as an Ultra-High-Net-Worth Individual, as the super rich are called in banking jargon, one should act with moderation and reason. This is probably what matters most in preserving capital.
Admittedly, how to sensibly handle a very, very large amount of money is a luxury problem that affects very few people in this world. But we all like to imagine ourselves in this situation and then ask if we would also take precautions.
Below is a list of precautions you can take for yourself; whether you’ve already amassed a fortune, or in the process of it.
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1. Control Your Emotions and Grieve
Being rich suddenly is not easy. Because pressure arises, or at least the expectation, that one should always be happy. One must be happy, because now there is enough money. Yet occasionally the opposite is true. And this can lead to severe depression. Furthermore, the realization of never being able to live the (simple) life of the past again is like a loss that one has to mourn and work through.
2. Take a Break - Because You Can't Decide Much (For Now)
Anyone who suddenly amasses a lot of money has one essential problem. They can no longer make decisions because price supposedly doesn't matter anymore, and the choices are overwhelming. This leads to frustration and the fact that one is no longer able to afford anything because they are constantly torn back and forth. Take a break in this situation. Not to go on luxury vacations, but to learn as much as possible about wealth and how to handle it.
3. Find People Who Accept What You Enjoy
Those with a lot of money do not need to “work” in a classical sense. They have more time - for hobbies. But can they suddenly develop completely new hobbies? This is difficult, and spending the whole day on hobbies, although it sounds good, can also be rather tedious. So some super rich turn to philanthropy. In this environment they are then idolized. However, participating in committees that are not even interesting is no fun. Therefore, it is all the more important to discover one's true passions and interests and connect with likeminded people. It is also not always necessary to suddenly befriend the hobbies of the super rich. Pursuing a preexisting hobby with access to money, and resources can also be a totally new experience.
4. Try to Remain Discreet
Depending on how you earned your money, people will find out about it. And word gets around. This is not always easy, because you will receive countless requests; some make sense, others simply come from scammers. Occasionally donating something is absolutely fine and also gives you a good feeling. However you should do this as discreetly as possible so that you are not inundated with even more requests and can maintain your financial privacy.
5. Take Stock of Your Friendships
With money you can buy (almost) everything, apparently even friends. But whether these friends are the right ones can be doubted. Seriously: Anyone who suddenly comes into wealth must rethink their friendships, because in many cases an expectation arises from the outside that those affected simply cannot fulfil. Of course, they suddenly have a lot of money. But that is still no reason to immediately give every petitioner a thousand bucks. If frictions arise with some long-standing friends because of the money, you may even have to pull the emergency brake.
6. Don't Be Too Romantic
It's not a romantic notion. But get clear about the relationship between your money and your relationships. It's not outlandish, if you enter into an agreement with your spouse or partner in the event of a sudden windfall. Then comes the rude awakening. Because money has come between many minds. So take precautions and regulate financial circumstances legally in any case.
7. Get a Professional Counselor
What may seem like a stale joke is meant seriously here: The changes a person experiences when they suddenly come into a lot of money are enormous and stressful. It's hard to talk about it with many colleagues and friends because they may be jealous or unable to relate to the situation. For this reason, it is all the more important to exchange thoughts with someone, at least for a while, who - whatever the case - really understands these problems and is not a charlatan. This is perhaps the most difficult task for people who become billionaires overnight.
(Download “Individualised Coaching for High Net-Worth Individuals” now: https://tr.ee/Do7hm2sp0X )
Hope these seven ideas were able to help you.
Feel free to email me now for any concerns you may have.
My Best
Laurent Regardez
The UHNWI Coach
uhnwicoach@protonmail.com
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