Why are celebrities and sports people becoming broke after retirement despite the millions they had earned and touched?
I asked my students this question yesterday, and the answers were interesting. The summary of their answers is that most of them have skills in the game or art, but can't think outside the field nor build skills in other areas of life or business.
Managing finance is a skillset but mostly overlooked. To sustain wealth goes beyond having the initial access. The critical part is surrounding yourself with people that can genuinely help to maintain the wealth, which should be on merit.
It’s okay to compensate a friend, acquaintance and or a family member with a job but when it comes to doing the actual job, you should go find the right people with the right skillsets.
Separate business and investment from friendship and family. When it comes to family and friends, help those you can, but when it comes to business, put those who have the skills and credibility to run the business. With this you can make rational decisions to remove them when they are not performing without being stuck in family or friendship sentiments.
Share @Business_Idea4
I asked my students this question yesterday, and the answers were interesting. The summary of their answers is that most of them have skills in the game or art, but can't think outside the field nor build skills in other areas of life or business.
Managing finance is a skillset but mostly overlooked. To sustain wealth goes beyond having the initial access. The critical part is surrounding yourself with people that can genuinely help to maintain the wealth, which should be on merit.
It’s okay to compensate a friend, acquaintance and or a family member with a job but when it comes to doing the actual job, you should go find the right people with the right skillsets.
Separate business and investment from friendship and family. When it comes to family and friends, help those you can, but when it comes to business, put those who have the skills and credibility to run the business. With this you can make rational decisions to remove them when they are not performing without being stuck in family or friendship sentiments.
Share @Business_Idea4