The Wealth Code 2.0: How the Rich Stay Rich in Good Times and Bad

Conclusion: Time to Take Action!

Many people are driving around with broken portfolios, just as some people drive a car with the clutch slipping. We hire mechanics to fix our cars, and if they don’t, we either have them redo their work or find a new mechanic. In my opinion, you should not accept a financial advisor who has a bury-your-head-in-the-sand approach to investments and your estate. Considering the years ahead and the turmoil we have yet to experience, doing nothing is doing something. You are admitting defeat, or worse, accepting the fact that you have lost a lot of money and there is nothing you can do about it except wait for things to improve.

Do you remember that US Airways plane that managed to land on the Hudson River relatively unscathed? Did the passengers give up and wait it out? Of course not. One would reasonably agree that crash landing a passenger plane is about as bad and unfortunately lethal as it gets. But, when they hit the water and came to rest, instead of thinking that it was hopeless, admitting defeat, and remaining in their seats hoping for rescue, the passengers immediately crawled out the exits and onto the wings and stepped into the waiting boats in an orderly fashion. In spite of what most would expect would be the outcome of being on a plane forced to make a crash landing, they chose to alter their futures and survive. If someone had chosen to wait inside the plane, we all know what happened next. The plane eventually sank.

If you have a broken ...