The Iron Bank of Your Fortune

By Ian Byrne CFP, Evolution  Financial

Game of Thrones by George R. R. Martin is an epic series (even if the last book remains unwritten still, George). So many brilliant themes, plots & sub-plots, and utterly awesome dialogue. So, in the spirit of these, please read about making the most of all you have GOT...

The Iron Bank of Braavos demands repayment, does it not? And so too does the future, demanding a legacy from your house. I’ve seen kingdoms rise and fall, fortunes made and lost, and I’ve learned a thing or two about wealth and power.

To create and ensure your wealth endures your lifetime and beyond, heed these tenets:

1. The Wise Council

Gather a council of trusted advisors, men and women of proven loyalty, experience and wisdom. Let them help guide you with legal, scutage (taxation) and financial affairs, shielding your wealth from the storms that inevitably arise.

No man buys a team of horses to pull his cart but then separates them, all blinkered and facing different directions. So too should your council of advisers work together, jointly looking forwards to avoid potential issues, moving towards the goals that are most important for you.

In times of peace or in trouble, good counsel remains your most priceless asset.

2. The Long Game

The true test of genuine wealth is not its investments but its endurance.

Before engaging in war, the most successful armies start with preparation and planning. So too well before initiating an investment, should come structure and strategy.

Once these solid foundations have been properly laid, build upon it your fortune.

Research. Invest wisely by buying strategic assets aligned to your needs and goals, these will return true prosperity. Do not gamble on indiscriminate items, ideas or fads with no sound basis. Learn to tell the difference, this knowledge will be the wall that protects your hard-earned money.

Like health, wealth is a delicate thing. It can be easily lost, squandered, or taken. Protect it with vigilance, use it wisely, plan properly for the future and you can build not just wealth but a legacy that will last well past your needs and lifetime and potentially for eons in the future.

3. Diversify Your Holdings – The Art of The Hedge

Spread your wealth across many fields; money, gold & resources, land & infrastructure, shipping & transport and taking shares in multiple businesses are all valuable chattels and add to your affluence and influence.

Do not place all your eggs in one basket, lest a wanton baleful fire consume them all. Spreading wealth in a sensible, selective diversified manner is both a clever hedge and fortress against any misfortune that may appear on your horizon.

A well-timed investment or a shrewd negotiation can yield great rewards. But bear in mind, every deal has a cost.

4. The Power of Alliance

A strong alliance can be a powerful shield. Seek out strategic partnerships and learn from the experiences of other wealthy families.

Aside from your own circle of influence, your trusted advisers should benefit you with their aggregated, cumulative knowledge they have garnered helping and observing other good people make good decisions, live good lives and leaving great legacies of their time on this earth.

By accessing the most sacred and golden chalice of shared knowledge, you can fortify and strengthen your position, protect your wealth and secure a legacy you’re proud to leave behind.

5. The Wisdom of the Ages

For those of you with family, a strong house requires true iron in the blood. Schooling is important but also truly educate your heirs. Teach all your offspring the value of hard work, the importance of prudence, the dangers of indulgence and share the wealth of your knowledge and the lessons you have learned.

Give them the benefit of your guidance but within your teaching, allow them room to explore and lead their own lives. For all of us, the most expensive mistakes are the harshest teachers but also the most valuable lessons.

Begin the process early and when they enter adulthood, introduce them to your advisers and ‘Wise Council’ members, so they too may sup from the cup of authentic knowledge.

A well-rounded and worldly-educated descendant is your family legacy’s most valuable asset in the game of enduring wealth.

For those without family, your life means more than the cumulative total of your monetary wealth. Enjoy both as you rightfully should but avoid the failures of empires and do not squander your fortune solely on trinkets and fleeting pleasures. While momentary joy has its rightful place in a well-balanced life, stringing a series of these together like haphazard beads in a gaudy necklace shouldn’t be all the grand design of your life amounts to.

Likewise, don’t be too harsh or stringent on yourself, success should be celebrated, and life is meant to be fulfilling if lived correctly.

As for your wealth and your legacy, the experiences and knowledge you have accumulated through your successes can live on. Only a fool leaves the door to the manor wide open, even if it is the last time he steps out. Premeditate what good you can do. Rather than just leaving your worldly possessions to friends or lumpy bequeaths to charities, consider setting up a foundation to provide perpetual scholarships or apprenticeships in the areas you wish to support (like squires to knights), or create Private Ancillary Fund or join a Public Ancillary Fund to support charities or DGR’s in perpetuity.

Wealth is a fickle mistress. She can be generous, but she can also be cruel. By following these principles, you can ensure both your fortune and your legacy endures, a testament to your wisdom and foresight.

Hope you will ponder and enjoyed the efforts of adapting into an informative form of entertaining education, in the tones of those ponderous tomes...

We support wealthy individuals and family groups by working with you to create a direction, structure, strategy and security for your wealth and a retirement that is right for you, your values and your legacy.

If you require further information on how to get started or any of the above has struck a chord with you, feel free to reach out any way you wish (LinkedIn, telephone, email or other). I have clients all over Australia and the world, and always happy to have an initial discussion without cost or obligation.

* The above is general information only and not personal advice. For further information or a confidential discussion, please contact the author directly.