Nothing statistical here, just anecdotal evidence from 25 years experience that makes me believe that the second biggest risk to wealth is the general inclination to not believe that risk exists.
I’ve said many times that my biggest competitor is apathy. If you’ve never been sued, or have never been sent to collections for medical bills, or have never had a business failure, or have never lost money on the sale of a house, or have never had a dispute with a business partner, or have never had to rebuild a significant part of your balance sheet, it is perhaps understandable that talking about risk may seem unnecessary.
But I think it’s no accident that attorneys, business-transition consultants, CFOs, and self-made millionaires (started a business from scratch) are some of my best clients. Experience is a fantastic teacher and we all learn about our priorities and motivations when we go through something we never want to go through again.
Photo: Dome Church, Paris, France