Like Brad Duke.
The 45-year-old former fitness instructor, who hit a $226 million Powerball Jackpot in 2005, set up an investment plan that he said will make him a billionaire before his 80th birthday.
At first, Duke paid off his debts, bought a used Volkswagen and stayed in the same house for years. He even tried to continue working at the gym, but said his early morning spin classes morphed into quasi-pitch meetings for eager entrepreneurs.
Duke said his upbringing in a small mountain town in Idaho helped him stay level-headed. He launched the Duke Family Foundation, a charity that works with troubled youngsters, and said he hopes the wealth he’s building benefits future generations.
“This is my legacy and how I will be defined long after I’m buried,” Duke said.
Wealth managers should shape the dialogue with new clients at the start, said Michael Liersch, head of financial planning for wealth management at JPMorgan Chase & Co.
The conversation shouldn’t focus on “fear, concern or burden,” but rather the opportunities that come with wealth, he said. “It’s important to take pause and reflect on that.”
This article was provided by Bloomberg News.