{"id":1562,"date":"2011-12-22T12:32:59","date_gmt":"2011-12-22T10:32:59","guid":{"rendered":"https:\/\/clusterfamilyoffice.com\/blog\/?p=1562"},"modified":"2011-12-22T12:32:59","modified_gmt":"2011-12-22T10:32:59","slug":"que-hacer-con-el-gordo-de-loteria-sabre-mantener-mi-fortuna","status":"publish","type":"post","link":"https:\/\/clusterfamilyoffice.com\/en\/que-hacer-con-el-gordo-de-loteria-sabre-mantener-mi-fortuna\/","title":{"rendered":"What to do with the lottery jackpot. Will I be able to hold on to my fortune?"},"content":{"rendered":"

\"\"<\/em><\/p>\n

\u00abLottery, inheritance, fortune, wealth, management, advice, investment, money, money, money\u2026 These are coveted words that can turn into real nightmares. The million-dollar question \u2013 the one that\u2019s vital for a new lottery winner \u2013 is: \u00bbWhat should I do with the prize and with my life?\u2019\u201d<\/em> That\u2019s how it began\u00a0one of the many articles<\/a> which we have published on the management of windfalls, whether they be inheritances, lottery winnings or various other windfalls. On the day of the Christmas lottery draw, I mustn\u2019t forget to mention the all-too-easy self-deception to which RTVE invites us.<\/p>\n

The public broadcaster\u2019s website invites us to take part in a rather dangerous bit of fun. As you\u2019ll see in\u00a0sifueramillonario.rtve.es<\/a>, any dreamer who wants to visualise the far-fetched growth of their lottery windfall over time can have a play with this app. But you\u2019d be better off not giving any credence to the conclusions calculated by this website, because managing a fortune or wealth goes infinitely beyond the handful of simple and unrealistic calculations used by that site, which will no doubt be receiving tens or hundreds of thousands of visits these days. Let\u2019s see why.<\/p>\n

How easy it would be to plan for the future of our money if we could simply use a simple table to predict how it would grow over the decades. But that\u2019s not going to happen. Unfortunately, the reality is far more complex, and the current minefield that is the world of investment makes the scenario in which we must act as managers of our own wealth even more hostile. For we must not forget that traditional guaranteed investment products (IPFs, deposits, guaranteed structured products, certain fixed-income instruments, etc.) are no longer safe in this \u2018New Normal\u2019. Precisely because the guarantors of these products are not only no longer solvent but, being virtually bankrupt, are kept afloat solely by the ECB and the accounting tricks sanctioned by their respective governments. Therefore, if what matters to us is the risk to which our money is exposed, that risk is very real and very significant. For this reason, and due to many other factors, wealth management has become an extremely difficult art, unsuitable for even the less brilliant experts, let alone for novices with sudden fortunes.<\/p>\n

\"\"<\/p>\n

The stark reality of the statistics tells us that more than 90% of the lucky few will have gone bankrupt within 10 years. The fact is that fortunes have never lasted long with owners who have not known how to build them. It is an unnatural union, which will only rarely prove lasting. But bear in mind that knowing how to create a fortune is a practically necessary condition, but by no means sufficient. Because in most cases, even those who have built fortunes through their businesses do not turn out to be good managers of their assets. In other words, when it comes to managing assets outside the business world, excellent entrepreneurs are rarely able to do so correctly, and many end up squandering what they earned as entrepreneurs by leaving it in the hands of private bankers, whose incompetence and lack of personal ethics tend to serve exclusively the interests of the institution for which they work. Consequently, it is only in a very small number of highly commendable exceptions that outstanding entrepreneurs are also excellent managers of their family fortunes, almost always by engaging their own or external family offices (single or multi-family offices).<\/p>\n

In short, whether you are an entrepreneur or not, sudden fortunes are wiped out within a few years by that effect which we named three years ago as\u00a0Jurassic Park \u2013 in this article, which I recommend you read again today<\/a>. As in that story, the coexistence over time of species that are out of place usually leads to tragic ends, just as does the convergence over time of sudden fortunes in the hands of people who were never capable of creating them. And those tragic ends affect the generation itself and its heirs.<\/p>\n

\"\"<\/p>\n

The first million-dollar question is: Are all the lucky winners of \u2018El Gordo\u2019 and other lotteries doomed to inevitably lose their fortune within 10 years, due to their lack of training and ability to manage it?<\/strong> The answer is a matter of common sense. Such fortunes can only survive and develop properly \u2013 even for future generations \u2013 if they are advised by competent and honest professionals from the very outset and on an ongoing basis. This is because the proper management of wealth throughout one\u2019s life is like the cold chain: if it is interrupted at any point, the assets will deteriorate rapidly and irreversibly. Wealth holders rarely get a second chance to manage their wealth properly (which is why many well-advised families organise and structure their inheritance so that their children receive the assets at specific ages and at different stages).<\/p>\n

The second million-dollar question \u2013 just as important as the first, if not more so \u2013 is: How can these fortunate people know how to choose the right advisers?<\/strong> The answer is no longer so straightforward, given that the vast majority of advice they will receive immediately after the draw ends \u2013 whether from banks or independent professionals \u2013 will be dishonest and\/or incompetent. Therefore, to find the needle in the haystack, you\u2019ll need to do your research thoroughly, rely on your intuition and\u2026 hope that luck smiles on you once again.<\/p>\n

I\u2019ll leave you with an extract from the article entitled \u2018Jurassic Park\u2019, published in 2008:<\/p>\n

\u201cGod creates the dinosaurs. God destroys the dinosaurs. God creates man. Man destroys God. Man creates the dinosaurs. The dinosaurs eat man.\u201d<\/em><\/p>\n

Dr Ian Malcolm (Jurassic Park \u2013\u00a0Jeff Goldblum 1952 \u2013 <\/a>)<\/em><\/p><\/blockquote>\n

God creates man. Man creates wealth. Man creates his children. Children do not create wealth. Children grow into men. Sudden wealth falls into the hands of men. Men devour the wealth. It\u2019s God\u2019s fault. Wealth destroys man. God, if man\u2019s father were to raise his head\u2026 Oh dear, what a mess!<\/em><\/p>\n


\n<\/em><\/div>","protected":false},"excerpt":{"rendered":"

\u00abLoter\u00eda, herencia, fortuna, patrimonio, gesti\u00f3n, asesoramiento, inversi\u00f3n, dinero, dinero, dinero\u2026 Son palabras codiciadas que pueden convertirse en verdaderas pesadillas. La pregunta del mill\u00f3n, la vital para un nuevo afortunado es: \u00bfQue debo hacer con el premio y con mi vida?\u00bb As\u00ed comenz\u00e1ba\u00a0uno de los m\u00faltiples art\u00edculos que hemos publicado acerca de la gesti\u00f3n de fortunas […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38,54,51,57,58,40,52,37,48,50,55],"tags":[],"class_list":["post-1562","post","type-post","status-publish","format-standard","hentry","category-actualidad","category-asesoramiento-patrimonial-deportistas-artistas","category-banca","category-funcionamiento-family-office","category-crear-mi-propio-family-office","category-gestion-financiera","category-asesoramiento-patrimonial-multi-family-office","category-reflexion","category-asesoramiento-patrimonial-multi-family-office-crear-mi-propio-family-offices","category-crear-mi-propio-family-offices-crear-mi-propio-family-offices","category-necesito-un-family-office"],"_links":{"self":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts\/1562","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/comments?post=1562"}],"version-history":[{"count":0,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts\/1562\/revisions"}],"wp:attachment":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/media?parent=1562"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/categories?post=1562"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/tags?post=1562"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}