The Investment Scientist

What Billionaires Do That You Don’t But Should …

Posted on: November 2, 2017

According the book “Becoming Seriously Wealthy” by John Bowen and Russ Alan Prince, in a study  of 199 billionaire families, 186 of them had stress-tested their family finances in the last five years. In other words, they had brought in outside experts to examine every facet of their financial situation to make sure everything was  done right. That’s a full 93.5%!

Similar surveys of business owners and physicians have shown that these people are much more careless about their hard-earned wealth. Only 11.1% of business owners and a measly 4.3% of physicians have obtained a second opinion about  their financial situations. See the figure below.

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This  finding is broadly consistent with my own experience. Despite the fact that I offer  my second opinion review services to my 8000 subscribers for free, only a few have taken me up on my offer.

Why I offer it for free? Is there a catch?

Well, it’s out of enlightened self-interest! About one in six who hears my second opinion decides to become my client. The rest who don’t nonetheless are left with much better clarity of their personal finances. This includes hidden costs in their investments, tax saving strategies they could utilize, or heir and asset protection they should arrange.

You really don’t need to be a billionaire to benefit from a good second opinion review and the peace of mind that comes with it. You can schedule one with me now.

Schedule a Discovery review with me, or get my white paper for free: The Informed Investor: 5 Key Concepts for Financial Success.

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Author

Michael Zhuang is principal of MZ Capital, a fee-only independent advisory firm based in Washington, DC. He is also a regular contributor to Morningstar Advisor and Physicians Practice. To explore a long-term wealth advisory relationship, schedule a discovery meeting (phone call) with him.



You may also get his monthly newsletter, or join his Facebook page for regular wealth management insights. Michael's email is info[at]mzcap.com.

Twitter: @mzhuang

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