Paul has just released his long-awaited book on Amazon. The book is called “Lasting Wealth: A Revolutionary Method of Family Wealth Transfer.”
In the book, Paul reveals how his biological father’s identity was kept a secret from him until he was 35. Then when Paul was 42, he finally met his father for the first time. He died six weeks later. And then he found out that he was inheriting $14 million.
You might think that getting a huge windfall of money sounds wonderful. Everyone dreams of getting a financial windfall like that, right? But it was not a fairytale for Paul. A series of con artists and crooks soon came out of the woodwork. One example involved Paul investing millions of dollars in Masterpiece Investments Corp., only to find out that the founder of the company used the money to purchase a multi-million dollar house for himself … complete with a helicopter pad.
Paul experienced was is sometimes called Sudden Wealth Syndrome. He had an identity crisis. Essentially, Paul still had the habits and attitudes of someone who lived paycheck to paycheck. However, he simultaneously had $14 million in a TD Ameritrade account.
Paul is now using his painful personal experiences to help others. One way of helping others is by sharing the mistakes that he and his family made so that other families can avoid losing their family’s wealth when the next generation inherits it.
There are two main ways you can significantly increase the likelihood of your kids keeping control of their inheritance. First is helping your kids develop a sense of meaning for the family’s money. They need to become stewards of the money, rather than entitled spenders of it. Communication and trust is key to all of this.
Secondly, the kids need to be prepared. And an excellent way to do this is in the context of creating and using a Family Code of Honor. That concept is described in more detail (along with examples) in the book.
If you want to make sure your family will experience lasting wealth … so your kids or grandkids don’t blow their inheritance … schedule a Strategy Session with us.