Life is easier if we understand the limits and operating requirements
The Law of Conservation of Problem
Financial problems are neither created nor destroyed. They merely change their form.
You cannot receive a large amount of money and remove your financial problems. The problems of having too little money would be replaced with things like, finding an investment adviser with integrity and skill, finding a good tax practitioner, personal security for yourself and your children, change in relationships with friends and family and discovery of many new “friends.”
The Law of Experience and Risk Tolerance
Experience + Risk Tolerance = A Constant
When you are young, you are bulletproof. Risk tolerance declines as experience increases and teaches you that bad things can happen.
The Law of Universal Costs
There is a cost to do something and there is a cost to do nothing. It is a mistake to assume that doing nothing costs nothing.
The End of Life Baggage Limit
Despite what American Express says, their traveler’s cheques are not good everywhere. You cannot take your wealth with you.