How to Make Your Money Work by Eoin McGee

Author:Eoin McGee
Language: eng
Format: epub
ISBN: 9780717193417
Publisher: Gill Books

Myth #5: Wealth is nature, not nurture.

People can be born with a silver spoon in their mouth. It helps, it’s a stepping stone into creating more wealth. Because as we identified earlier, if you’re born into a family of privately educated, land-owning wealthy people, then it’s likely your mother is best friends with the top barristers in the country and your dad was best man for one of the top CEOs in Europe. In other words, they have connections and you have a pre-loaded network to tap into. Good old nepotism is alive and well.

But that doesn’t mean you can’t mess it up, or at the very least it doesn’t mean you can always make the most of it. I have clients who, from the outside, have all the trappings of wealth but can’t afford to heat the manor house they live in. If you create your own wealth and lose it, then it can be very difficult to face the world. But if you’re handed wealth and lose it then there is a different level of family guilt and shame levelled on you. Sometimes if you’re lucky enough to be born into money you can do okay with it; make yourself look like a business genius because you’re wealthy to begin with, but when you do a bit of research you find there’s actually no genius involved here. You started rich and got a little richer, but actually you could be a lot further on based on where you started from.

When I think of this, Donald Trump always comes to mind. He was born into a family with a lot of property or, as they say over there, real estate. His parents gave him a ton of money to start him off. He disputes the amount he was given, of course he does. But let’s look at the maths: he is extremely wealthy today, but is he the business genius he claims to be or did he actually not do so well over the years?

Let’s load the answer with the fact that he has filed for bankruptcy several times (we won’t hold that against him – falling into bankruptcy in the States is a badge of honour, often for tax purposes, and is almost an accepted part of the job for some people creating real wealth in the US). But what do we actually know about his wealth? As you might imagine, every time the likes of Forbes magazine announces what his wealth is he disputes it and claims it to be considerably higher than reported.

Firstly, Trump, who claims to be a self-made millionaire, even disputes how much he was given by his father to start him off. He says he was given a loan of $1 million, yet there is strong suggestion it was actually in excess of $60 million and there are reports most of it was never paid back – more like a silver shovel than a silver spoon. Regardless of how he got started, if

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