We recently asked a successful businessman (still loving work in his 70’s), “What was the best financial advice he received along the way?” He explained:
“When you get a big cheque for something, refuse to invest it for at least 6 months, just bank it”.
The logic is that when you are on a personal high and thinking you can do no wrong, you are vulnerable to plunging into something that perhaps isn’t the best option. Letting the dust settle and taking plenty of time to get the next thing right was likely to improve your chances of hanging onto the dough.
Very sage advice indeed, we think.