Wealth advice from a start-up millionaire

I always like the response of (supposedly) Henry Ford when asked the secret of his success.

He said " I owe all I have to some advice my father gave me: Here's a million dollars, don't lose it"

 

Don't gamble! :lol:

A HIGH roller who gambled $1.5 billion at Melbourne's Crown Casino has lost his High Court bid to recover his losses.

It's the Casino's fault! Poor Harry :lol:

http://www.dailytelegraph.com.au/ne...rom-crown-casino/story-fni0xqrc-1226657764882

 

This advise is all pretty much common sense.

I disagree with the "Do nothing with the money for six months"

To me this is a waste of 6 months when you could be getting a return. I have already thought of what would happen if I won a few million. I would spend most of it on separate properties that I could rent out, and also a small property to live in. If you had 2million I property and were making a 5% return, that is 100k before expenses and taxes. Hardly super rich.

Most people who win the lottery or something end up within a couple of years as rich (or as poor) as they were before they won, as they have no grasp of money. They assume they are rich, as 2million seems like a lot, but waste most of it on expensive cars, holidays, boats etc. Things that they would not have bought if they were on a 100k salary a year.

Invest it wisely and live only off the income not the capital.