An Important Move

My friend Bob has an important rule that comes out of the school of hard knocks. He says that if you can do a transaction that is life-changing, you must do it. It’s not optional; it’s mandatory.

Most of us never have a chance to grasp the brass ring. How tragic is it for someone to have the opportunity and let it slip away.

With the economy in lousy shape for the last five years, most of us didn’t have to worry about what happens if fortune smiles on us. But a select few do and even for them, success is not assured.

Recently, Terrell Owens, the great football star, filed for bankruptcy despite earning $80,000,000 in his professional football career. Ok, you say, pro athletes have difficulty adapting to sudden riches. But this happens in all walks of life.

Donald Trump was saved from bankruptcy in the early 1990s because he owed the banks so much that it would have cost them more to put him out of business. Owe a little and you are a borrower. Owe a lot and you are a partner.

If you have made a fortune, protect those paper profits. You owe it to yourself to get a good advisor and work out a good plan.