1. Set a benchmark for your lifestyle
So, you have a few million greenbacks in the bank from your new found success in business venture. Are you now wondering how and where to spend it? Hold up and step back a bit. Adam Ginsberg says that it’s very easy to lose your way with new found money, and it’s just as important to plan how to manage your money as it is to earn it. The first step is to figure out the lifestyle that you want to live. The next step is to allocate a fixed percentage of your wealth to that lifestyle. For example, you end up with $5 million in your bank after expenses and taxes. Now you’d want to upgrade your lifestyle from say $200,000 a year to say $500,000 a year. That’s 10 % of your net worth. Do you think that you’d be able to maintain that lifestyle year after year, even if you don’t earn any more, or would you rather scale it down to $300,000 a year and make some smart investments with the rest?
2. Find the right wealth managers
Once you’ve got your lifestyle figured out, the next step is to find good reputable wealth management firm who can invest your money for you and get you some great returns on the investments. You wouldn’t want your hard earned money to just end up in some bad investments, now would you?
3. Enjoy your wealth
What’s the point of earning all that wealth and not have the time to enjoy it? Adam says that enjoying your wealth is just as important as earning it. The enjoyment reaffirms your belief systems and keeps your positive attitude going for future successes.
4. Keep your feet on the ground
As much as enjoying your wealth is important, equally important is to keep your bearings about you. It’s very easy for new found success to go to your head, where you start feeling powerful and invincible, almost immortal. Don’t let that happen. Don’t treat your friends and family any different than you used to earlier. Sure, you can bestow lavish gifts on them, but don’t expect them to do the same for you, or be subservient to you in any way. Remember, true happiness lies in genuine relationships that you build over your lifetime.
Adam Ginsberg follows these principles in his personal life and to manage his wealth. You can do it too with a bit of discipline and self-control. For more help on the subject you can write to Adam and learn the secrets of the auction millionaire.