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NOTABLE! Preserving Wealth, My #1 Tip. Don't Get Married! (Or Maybe You Should?)

G. Wellthy

Contributor
FASTLANE INSIDER
Jul 21, 2018
68
58
58
@JScott thank you for putting your LinkedIn profile on your page. You are so clearly a financial success AND doing so much good for fellow entrepreneurs.

It looks like you are well on your way (at a very young age) of ensuring your kids and grandkids will have very privileged lives.

This good fortune is of course almost all upside. Especially if you can use your actions and efforts to pass your values onto your kids.

Maybe I live in a bad bubble, but many, probably over half, of kids I interact with from wealthy families simply lose their values and get their priorities mixed up. They ultimately lead destructive or just less fulfilling lives.

So “complete disaster” is probably overly dramatic :) but from what I’ve read and experienced, wealth creators don’t always consider growing all “capital pools” of family wealth.

FW = FC(HC + RC)

Family wealth (or “legacy”) = financial capital x human and relational capital.

If you don’t help grow your family and relationships, well, at least your legacy can live on a plaque at a hospital or school.
 

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Puripong

New Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
May 19, 2016
14
10
22
Although the law in my country about divorce is not as brutally as in the United States, I completely agree that marriage or even non-marriage, but having a partner in a traditional society that men should hold responsible for almost everything women are pulling, are truly restraining the financial situation.

I'm not saying that men shouldn't be responsible for their girlfriend's life at all. However, if you aren't born with a silver spoon, it's much better if you decide to slow down having a serious relationship. Else you should find a partner who has a similar mindset about entrepreneurship to build and grow a business together instead of throwing all responsibility to their partner one-sided.
 
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YoungnBroke

New Contributor
Jul 21, 2018
14
4
14
I know it sounds corny but I think there is a lid for every pot and if you find your dream women/men and you truly love every aspect of them you can marry them, but I think before marriage you should be together for at least 5 years and you should have lived together for 3 years, so you truly know everything about your partner and you don't have to trust them. :)
 

BB13

Contributor
Jul 12, 2019
25
51
17
Sorry to hijack your thread but there is a way to "get married" without getting married legally, if that seems to be the concern here.

It is very simple:

1. Exchange vows in some formal ceremony, be it religious or non religious in front of close family and friends, it's your own ceremony and you can make it be what you want it to be.
2. Dont follow up this private ceremony with legal "state marriage" why let the State meddle into your personal affairs anyway.
3. Woman changes surname by way of legal document/statutory declaration/change of name deed. Suddenly post marriage she is Mrs so and so, as far as everyone else is concerned and also if you plan to have kids, it's easier.
4. You then draw up own separate mirror Wills and set up own personal affairs privately in the manner suited to your needs. Each respective party conserves own wealth in the way that is suitable for them both.

No legal marriage = no legal divorce.
 

G. Wellthy

Contributor
FASTLANE INSIDER
Jul 21, 2018
68
58
58
Sorry to hijack your thread but there is a way to "get married" without getting married legally, if that seems to be the concern here.

It is very simple:

1. Exchange vows in some formal ceremony, be it religious or non religious in front of close family and friends, it's your own ceremony and you can make it be what you want it to be.
2. Dont follow up this private ceremony with legal "state marriage" why let the State meddle into your personal affairs anyway.
3. Woman changes surname by way of legal document/statutory declaration/change of name deed. Suddenly post marriage she is Mrs so and so, as far as everyone else is concerned and also if you plan to have kids, it's easier.
4. You then draw up own separate mirror Wills and set up own personal affairs privately in the manner suited to your needs. Each respective party conserves own wealth in the way that is suitable for them both.

No legal marriage = no legal divorce.
#4 is the key for me.

Common law partners often have as many rights as married partners.

Prenups / postnups / common law property agreements. Have an agreement
 
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BB13

Contributor
Jul 12, 2019
25
51
17
#4 is the key for me.

Common law partners often have as many rights as married partners.

Prenups / postnups / common law property agreements. Have an agreement
Yes, you got it, and it's exactly what I meant. A well drawn suite of documents should be able to capture everything.
 

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