I listened to an interesting podcast recently with golfing great, Greg Norman.
After talking about his road to success, Norman discusses “skinnying down” over the next 5 years, acknowledging that his assets and businesses should have a purpose and not just be a product of ego. He reflects that age has given him the perspective that less is more, and the goal now is to ensure the longevity of the wealth he has created for generations to come. Akin to the question posed recently by author James Clear in his newsletter:
“What could be improved? What could be removed?”
Click here for the full interview or, if you’re short on time, jump forward to around 32:15 minutes to hear his thoughts on what he plans to achieve in the next 5 years.
A refreshing perspective and some valuable thoughts throughout the episode.
Your level of wealth doesn’t need to be that of Greg Norman’s to start thinking about how and when you want to pass it on. Developing a strategy whereby your wealth can be maintained and enjoyed for many generations requires ongoing planning and, more importantly, conversations with those affected by your choices.
If you’re looking at creating a wealth transfer strategy, our “What’s your wealth transfer strategy?” downloadable might help, providing some of the questions your should consider as part of the process.