Let's say that you're giving advice to somebody who's just come into some incredible wealth. If
that was you, what's the one thing that you think you really would have wanted to hear as opposed
to what everyone told you?
Maybe two things really quick. So I definitely spend time with your family because the money that's
built has to exist beyond itself. There has to be a purpose to it. And the generation that will
inherit it. can never really understand the struggle of how it was built.
Like my family, my parents coming here with nothing as immigrants, with a child that they have to
feed. I think of myself as a very capable person. I don't think I could do what they did.
And it's so important that we get to sit down together and build a legacy. It's like, we say like
legacies built at the dinner table. So that's where you're really forming the purpose of the
family. I will say what I wish I learned earlier and I have learned and would like to let everyone
else know is don't be afraid of pain. I found that wealth leads to certain comfort that can lead to
certain complacency. And pain is what probably built the fortune in the first place.
Pain is what's going to keep it. So don't be afraid of that. And we actually,
as investors, we have the privilege to um share pain with the people that we're investing into
whether that's our capital or our time we get to take that and you know the blessing is we don't
get to keep it right but we get to alleviate maybe some of their suffering in that moment build a
stronger bond with them and become become stronger people better people and uh stay human in the
process great thank you for sharing that james eric your own thoughts yeah i'm gonna shift topic a
little bit i saw some people i didn't mean any you know discomfort with emotions with my story it's
all a happy ending i forgot to tell you that he's got two kids now and i go ski with them every
year but when it comes to this trust yeah yeah that's that's that's truly remarkable uh i'm gonna
be a little bit more like specific and precise too and it ties to the question about what advice
would you give to someone that stumbles upon money two things Build a true structure and intention.
Don't just start chasing butterflies and change all those things. Be very intentional with what
you're doing, both for your capital preservation and how you want your money to multiply and go.
And choose your partners, right? Choose your partners very wisely. And the first thing I do,
I mean, I think we have 90% people here using Claude for due diligence. It's easy. That's not the
hard part anymore, right?
So very specifically, is the person that you are going to trust with your money, does he or she has
skin in the game? Are they going to lose and make money as you are doing it? And maybe even more
importantly, are they going to lose money first? If I'm going to take care of somebody else's
money, I want to be able to look them in the eyes. And if I were to lose somebody else's money, I
want to say, I lost first. I lost more. We're going to win together. We're going to lose together.
So that whole thing with like the GPLP alignment is a structural thing that I find to be super
important in terms of actually building that trust. And if you actually want to get into the deals
that fits in whatever you're trying to do, make sure that element is there. For good or bad of the
outcome, because you set up with the right expectations.
Yeah. And ultimately, if you're building trust, if you trust someone and they say, yeah, I'm going
to do exactly. What I'm going to do with your money, that's what I'm doing with my money. That for
me is, from a capitalist point of view, the ultimate trust. Thank you. Randy? yeah i'm going to
approach it differently the first thing when you come into money you really need to get a tom
handler said this earlier you need to have the right professionals it's very critical the other
thing is everybody thinks family office well you know what not everybody should be a family office
so you first have to decide if you're going to be a family office and there are ways to get the
benefits of family office without doing it so professionals are key tax structuring how you set it
up understand your family what do you want to do for your family what are your goals do you want it
to be charitable what do you want to do the other thing is in today's world technology for a family
office is unbelievable you can set up a family office very easily the software is out there and you
can do everything very remotely so i mean if there's ever a time for somebody coming into wealth
and be able to set up and use it now's the time
so
There's lots of things you could really advise or perspective that I have. But I really think it
comes down to a few things. What is the purpose of money?
And how do you think about what's the most precious thing you have, which is time? People make lots
of money for freedom of purpose, freedom of relationships,
freedom of time,
family. So I would really take a step back and say, what is this?
money give me the freedom for based on my values and i would really start there because i think
when i find that i make decisions based on my values they're always a lot better decisions
certainly than based on fear so i would just take a step back and say hey i have all this money by
the way it didn't come generally out of nowhere it came because you inherited it which you knew
over time you would most likely or because you grinded and built something and ended up with money
but i would take a step back and say Who am I? What are my values? What I want to be able to
achieve? Many of you may be from EOS, which is an operating system in a business that's pretty well
known. What's my 10-year, 5-year, 3-year, 1-year goals? What is my mission? What are my core
values? A lot of this stuff goes on in business. Take a step back and define that for yourself. And
then you could begin to say, well, who are the advisors that align with my values? Who are the
people that I would hire to support what I'm trying to achieve? So that would be the advice that I
would share for anybody that... ultimately has a lot of money and just thinking about it and i'll
just make one other quick comment connected to this is people build and i'm a little bit speaking
my book on this so i'm admit that i'm a little bit biased but people build lots of money for
freedom of time purpose relationships yet so many people are building single family offices that
have that aren't in the investment business They didn't make their money in the investment
business. And even if they did, is that what they really want to do? Because others are doing it,
et cetera. So it's like, how do you think about it? How do you want to spend that time? What is the
right infrastructure to support you and what you're trying to achieve in the future? I appreciate
for all four of you, your perspectives on this. I'm glad for that last question. You each had a
different take because being in full agreement wouldn't have given us the type of breadth and depth
that you all have lent to your families, to your businesses. When I first met Richard,
a couple years ago through my friend Daniel, the one thing Daniel said was, Richard brings his kids
to his conferences. And the rule I made for myself 11 years ago for any introduction made to me is,
unless you're somebody that I would leave my kids with, you weren't worth building that trust with.
Because everything came for me from a structure of understanding that I had to talk to the highest
bar of humans. So I'm grateful for the four of you for being here. Please join me in thanking them
for being part of this panel.
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