First, how do you get rich?
Work hard…and earn a lot.
Second, how do you stay rich?
Save a lot…invest a lot…and get smart about your finances so that you are never the target of scamming financial advisors.
Okay, you now know how to get rich and stay rich.
But how do still die poor?
It’s even simpler than getting rich and staying rich.
I’ll tell you the answer, but before that…
What if you die tomorrow?
I wish you a very long life ahead! But just think of this for a moment – What if you were to die tomorrow?
Will the money you’ve saved all these years for your dependents’ well-being after your death, really come to them?
Who will decide how much your wife, son, and daughter will get? What about the other possible claimants on that dream holiday home you had bought – your brother, sister, closest cousin and best friend?
Who will get the dividends from the wonderful stocks you had bought after doing so much hard work to identify them in the first place?
Who will get the fixed deposits and money from your PPF account?
And by the way, will your wife be left at peace to benefit from your insurance claim and the jewellery you’ve saved in your bank locker?
These are some simple questions that most of us fail to answer while we are alive.
Just imagine what will your family go through if you die without answering these questions?
These could be your shoes. The wrinkles on them stand testimony to the years of hard work you are putting in to earn and save money for your family.
Just think of this – Who will fill these ‘big’ shoes after you are gone?
And if you find it tough to get a clear answer…
Make a Will
The main reason why Will-making is so important is because without one, your family could be left with nothing.
It’s same as you dying poor!
“But who needs a Will?” you might ask. “I am not so rich anyways that my family will fight for whatever I leave for them!”
This is what the father of two of India’s richest men must have thought, “I’ve already earned enough for my sons and their families to survive and live happily ever after. I don’t need a Will!”
You know what happened immediately after the father died, and the sons cried.
A Will specifies who you want your money, property, and other possessions to go to should something happen to you. Once you have done this i.e., made a Will, you can be assured that the things you care about the most will be going into good hands…the hands you want them to go to.
Even if you don’t own much, it is still beneficial to make a Will. Certain things like jewellery may have sentimental value and it would therefore be heartbreaking if it had to get taken away.
Remember, you are often worth more than you realize because the cost of a house, car and furniture all adds up.
Further, Will-making can be especially important if you haven’t got much because it would mean that the little amount there is will become even less once it has been divided amongst everybody.
Although Will-making isn’t something that people like to think about and they tend to leave until later on in life, regardless of how old you are or what you own it should definitely be done sooner rather than later.
If making a Will is something you have never thought of before, now is the time to start considering it.
Importantly, while Will-making is so important, the process of actually making a Will is very easy.
Will-making is important because a lot of people automatically assume that the person they are married to will get everything.
This isn’t necessarily always the case as children, parents, brothers and sisters may all have a claim even if you haven’t seen them for years.
Do what’s ‘truly’ important
I remember what Steve Jobs said at his famous speech at Stanford University in 1995…
Remembering that I’ll be dead soon is the most important tool I’ve ever encountered to help me make the big choices in life. Because almost everything — all external expectations, all pride, all fear of embarrassment or failure – these things just fall away in the face of death, leaving only what is truly important.
If you are the sole (or a key) earning member of your family, what is truly important for you now is to prepare to die rich.
Not just how to get rich or how to stay rich, but how do die rich is what you must prepare for…now!
That is what will determine the life and condition of your loved ones you will leave behind.
So have you made a Will? If not, are you making it soon?
Remember, where there is a Will, there is a way…for your loved ones.
Note: Here is a page that explains Will-making in greater detail.