What are your chances of becoming president of the United States?
That’s the question I posed in my opening speech to the members attending the Family Wealth Forum in Nicaragua earlier this month.
As a Bonner & Partners Family Office member, your chances of becoming president are better than the average American’s since you have more resources to campaign with. But you’re still a long way off, probably 1 in 10 million at best. Not good odds…
But consider the chances of Ivanka Trump, her husband, or her brothers becoming president. If they wanted to, they would have a very good chance of occupying the highest office in the land. Perhaps 1 in 10…
Why? Because they’ve already been in the White House with their father. They know what it takes to mount a successful campaign. They have access to vast campaign resources. And they have a name associated with the presidency.
The same is true for Hollywood movie stars. Their children have an infinitely better chance of becoming movie stars than the average person.
The next generation needs to be sure to leverage whatever advantages the first generation has been able to create. They need to learn to use the “secret sauce” that powers the family enterprise. That’s how the ultra-wealthy multigenerational families do it. They stick to their knitting…
In This Month’s Issue
In my essay this month, I talk about how to leverage family assets – not just the financial ones – to build and preserve wealth for generations.
Joey McLiney, our family governance strategic partner, writes about how, when it comes to one particular family institution, strategic choices can significantly boost your family wealth.
Our family relationships expert Dr. Joanne Stern shows us how our family values can help us overcome the difficult family problems lurking in the background of our family relationships.
Eric Marshall, our tax and legal strategic partner, shows us how to avoid some very expensive mistakes when using a self-directed IRA.
And our international real estate investing strategic partner Ronan McMahon offers a very interesting strategy to get a free beach house in Brazil or Nicaragua.
I hope you enjoy this issue of Strategic Review.
As always, if you have any feedback or questions about any of the issues covered in Strategic Review, or any suggestions for future topics, I’d love to hear from you. Just drop me an email at email@example.com.
Executive Director, Bonner & Partners Family Office