The first lesson for all prospective investors to learn is that there is no simple formula to making you rich. The markets certainly do not exist to make you rich. The capital markets are there to raise capital and match buyers with sellers. They are also good at transferring wealth. The cost of the infrastructure supporting this system plus your transaction costs is much higher than you think. Being aware of all this will help improve your net returns and make you a better investor. (Dave Foord)
Some difficult conversations with beneficiaries this week for me as the executor of an estate. When appointed as executor by a client, I pass on the process to a professional executor, to people who do this and only this. But I still have to participate here and there and sometimes talk to beneficiaries. There are often, and there were this week, emotions involved. Understandably so. I had a daughter on the phone in tears this week. However, the more I am involved with executor ship tasks, the more I feel that executors deserve what they earn. Sure there might be exceptions. But the emotional and physical energy involved in managing the fractional tasks and people and offices that it all entails, plus the material costs of the process…. It’s not an easy job. Let them be.