You are young and will be resented for your wealth. When you fly first class, some may wonder how you got there and biases will emerge. A few will peg you as the scion of a rich family. Others will wonder about cybercrime. Develop a thick skin and understand that envy is par for the course.
Many made money at the tail end of much suffering. Others, through patronage or privilege. You are here because of ingenuity and extreme creativity. It appears easy for you. No one knows the backstory.
TV family dramas portray a constant tension between old and new money – Inherited wealth and riches derived from grit. For some reason, family wealth tends to look down on entrepreneurial attainment.
So, understand that old money doesn’t want you in the room. You threaten their narratives of success as the self-appointed gatekeepers of power. If you managed to slip through the gates, they worry what you will do with more followers and influence.
You are a Dream Come True
This post holds a lot of hope, Young Money. You are the stuff of music videos – dorime and champagne spending; the type that’s often wrongly associated with yahoo yahoo and 30 under 30. But there are many honest folks like you making honest moolah. No one should criminalize that.
You are a wunderkind who writes great software and builds innovative products. The creative mind who entertains and inspires us on Instagram and on global stages. You deserve the accolades.
But, there are stereotypes among you. People who get too excited about money, especially if they came up poor. They want to buy everything they didn’t have and spend their riches now-now. It’s as if the spirit of poverty is chasing them and they don’t want to go back. That type of Young Money is eternally optimistic. It rarely occurs to them that fame is transitory or popularity fleeting.
Staying Power is Not Easy
Because attention spans are shorter nowadays, audiences quickly shift dollars to the next new thing. So, be mindful that staying power is an art mastered by the experienced. It takes time to become established and many never make it before their cup of fame empties.
The best thing you can do, Young Money is to find advisors early. Look for someone who can bring structure to your genius. Mark had Sheryl. Brin and Page had Schmidt. Even Burna has Mama Burna.
Hire Professionals
Don’t underestimate the guys in suits – lawyers and fund managers. They will save you. And here’s some free advice. Your manager should never recommend your lawyer. This is because your lawyer is meant to protect you from your manager and prevent you from signing usurious deals. So, keep a Chinese wall between the two. And as soon as you start making a significant income, find an independent investment advisor.
A business manager makes you profit, and an investment advisor multiplies and protects that wealth. But, your lawyer keeps both of them honest and protects your interests. Look for all three during your time in the sun. Learn from Michael Jordan. What you do while you’re young ensures you have options long after your talent fades.
Middle-age Money Matters Too
In closing, I will drop a word for Middle-age Money. I became financially independent in my late 30s. By that time, it was too late to start twerking in the club. And so, I calmly invested my money in businesses and assets. However, I wish I’d had an investment professional to guide me. Instead, I learnt by trial and error and got burnt several times. I see too many people my age who assume the only thing to invest in is real estate. That’s all they know. But there’s so much more.
Because of my mistakes, I became a fund manager for honest & hardworking people and started Volition Cap. Today, my day job is helping those people create and protect wealth.
Middle-age Money, your main limitations are time, risk, and skill. Not everyone has the mind space, risk appetite, or talent to become a day trader or real estate flipper. So, find a trusted professional to plan your wealth journey and help you execute it. (Hint! That’s me ????).
In Closing
No matter who you are – young, middle-aged, or retired, you deserve the fruit of your labor. And despite what you have, remember to maintain your values. Money does not make the man. Character does.
Have a hard deadline for sin. Don’t let it consume you. You may lose your health and future to it. Boundaries exist for a reason.
Finally, it is your money. Ultimately, no one can dictate how you should spend it.
Best wishes.
For more, please read Dear Female CEO
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