Soonerpatriot] Go-o-o-o-o-o-o-o-d Mo-o-o-o-o-o-o-orning! As Cap says, it’s a great day for an RV! Got a few comments on PLANNING & RECEIVING ADVICE FROM OTHERS this morning!
[soonerpatriot] I’m concerned about some advice being given out and the way people are responding to it. I’ve told many that post RV, we will be financially able to seek professional help on our many questions on how best to handle our blessing.
[soonerpatriot] I’ve used the analogy: if diagnosed with a brain tumor, would you seek out Uncle Vinnie’s second cousin once removed to perform the surgery based on he’s free and he once saw the surgery performed on The Discovery Channel, or the best brain surgeon money can buy?
[soonerpatriot] It bears repeating – of course you wouldn’t go with the second cousin. So why would you seek advice from that same level of expert on how to handle the most important financial windfall most of us have had in our life? While pros have fees, they have devoted all their efforts into a specialized expertise.
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[soonerpatriot] The same goes for listening to some guru espouse a defined percentage of where he/she thinks you should distribute your blessing. There is no one plan that fits all. We need to take that information combined with other information, listen to a professional(s), and design our own plan.
[soonerpatriot] If you’re already independently wealthy, maybe you can take 80% of your blessing and invest it in foreign currency, 10% on precious metals, and 10% for personal use. This “MAY” protect your blessing, but sure doesn’t allow for the 10 to 15% tithes many of us have promised.
[soonerpatriot] This also doesn’t address the new car or house we desperately need, or paying off medical bills, or helping Mom with new dentures and a hearing aid. Nobody can provide a one size fits all formula for distributing this blessing we are about to receive down to a personal level – all of us are different
[soonerpatriot] What concerns me is that people walk away from a guru espousing something like this as if it’s a mandate, an executive order, a law that we must follow. Each of you are different, and so are your needs. Your financial plan should reflect that.
[soonerpatriot] Investing in homes with 3 bedrooms, 2 baths, and 2 car garages (3-2-2) does not mean that you, with a family with eight kids, two grandparents, and Uncle Vinnie, have to buy a home with only three bedrooms. Yet many stepped back from that guru’s post with just that mindset.
[soonerpatriot] I’ll be the first to admit I’m not a realtor, not a financial adviser, and certainly not a brain surgeon. But hopefully you will take my lead on this point and convert your mentality – stop asking strangers on the chat room for “specific and personal” advice.
[soonerpatriot] Gain general knowledge, but seek out a professional for this advice.
[soonerpatriot] While we’re waiting for this blessing, start amassing a list of professionals you feel you will need post RV. Some will even give you a few free minutes to interview them and see if they will work for your needs. They need to work for your needs, not the other way around.
[soonerpatriot] Some of my friends have taken this search based on professionals (CPA’s, Lawyers, etc.) who are already handling wealthy people. Whether you’ve come to grips with that fact, you too will soon be a “Wealthy Person.” Roll that around in your mouth awhile – sounds good doesn’t it?
[soonerpatriot] Now that we’ve established that you’re a unique “Soon-To-Be Wealthy” individual with a unique set of financial needs and goals, hopefully we’ve got a new mindset and put our old ways we used to obtain advice into the garbage can.
[soonerpatriot] This revaluation or RV is going to happen, whether we’re ready for it or not. We all are guilty of wringing our hands, worrying about date and rate, when we could and should use this time in a much more productive way.
[soonerpatriot] The fact that all the latest intel has been overwhelmingly encouraging means that your time available is dwindling. If this were rising flood waters and leaving your house was imminent, you’d have set aside all the things you must take with you if you should have to evacuate.
[soonerpatriot] We’ve had a long time to prepare for this blessing, yet many are asking the same basic questions they asked six months ago. We need to have our pre-RV list, our exchange list, and our post-RV lists (near, mid, and far terms) completed as much as possible.
[soonerpatriot] Also we need a legal will made out to cover our new blessing. That may be morbid to many, but it’s reality.
[soonerpatriot] If we do this, the RV is more of a celebration, and the steps you must take are already planned out, even if you’re still screaming like a little girl jumping in the middle of the living room with friends and family.
[soonerpatriot] The important thing is that when blessed, even if we can’t afford all the preparation like a trust, etc., we know who we’re seeing first to resolve our issues (trusts, back taxes, new homes, a replacement car, and etc.)
[soonerpatriot] Let this blessing come to you with joy rather than feeling the sheer terror that you’re not prepared. This will be a fun time, but even more so if we do our homework now. And for those who want to know how I’m using my blessing, I’m investing in AMERICA!
[soonerpatriot] If you live in a different country, I urge you to invest in your country as well. But we’ll take your investment in this country, if you so desire. Just think about it, when it comes to an asset-based system, AMERICA has more “overall” assets than any other country in the world.
[soonerpatriot] God Bless Everyone – and regardless of where you live, Pay IT Backward and Forward. Giving is such a fun event and that smile of thanks you receive lasts forever. No Q & A time available. I’ve got phone calls waiting to be returned. Keep smiling!