1. There’s a HUGE market for investment managers who can help the nouveau riche to grow their wealth. If you worked hard for your wealth and did not steal it, you understand the need to grow it. You must do so to maintain your lifestyle, when you can no longer work as energetically as you do now. Wealth is not automatically generational. At some point, you must transition from transactional income (return on daily effort) to institutional wealth (return on accumulated capital).
2. You can cash in on personal branding. JayJay Okocha is a brand ambassador, decades after his active football years. However, everyone is not so lucky. Most personal brands become generationally irrelevant after five years. Your earning capacity is inexorably linked to time. Therefore, you have a short window to transition to institutional wealth. Too many celebrities focus on maintaining their relevance. They should also focus on creating wealth. You will ALWAYS be relevant when you’re rich.
3. As an entrepreneur, while you spend your life creating a business, make sure you have an investment manager to help you to create liquid wealth outside your business. For some, this may be a smart spouse.
4. Investors will not put money in your business if you are unstructured and are not making consistent profit. At the initial stage of entrepreneurship, focus on raising funds from family, friends, competitions, grants and sales. These sources fund ideas and people. Investors fund businesses.Development agencies fund ideas & people. Investors fund businesses. Click To Tweet Celebrities should focus on sustainable wealth and not just popularity. Click To Tweet