Friday, March 30, 2007

TCS: "Unearned Wealth"

Great article over at TCS, linked below. It's a great discussion-starter.

One of the fascinating things (to me, at least,) is how, when people strive for great wealth, and get it, then often they just blow it, or it ruins lives. Frequently in financial planning circles, advisers, in looking to be maximally helpful, develop expertise in helping with benevolence. wealthy folks are big targets, and often have big hearts. Generational issues can be terribly worrisome. As the linked TCS article notes, money can kill you if you don't know how to handle it. How many pro athletes, celebrities, heirs to fortunes, have "had it made", and then lost it, or even become destitute? Too many. Short careers, no knowledge at all of how to manage the money, poverty in childhood, alcohol, drugs. Money, it can own you. People come at you from every direction. It's sometimes not like we might think. money is a fine servant, and a terrible boss. Life is not about money, though it is good to have some. It is an excellent thing to know "how to abound", and how to use wealth to make real differences in lives. Good counsel, not just legal, can make a difference in the experience of wealth.

TCS Daily - The Perils of Unearned Wealth

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