What’s the point?

Well that’s the World Cup over for another four years. If you had listened to the naysayers before it started it was predicted to play out in half empty stadiums due to the price of the tickets. It was also suggested that hotels would be empty and in general it would be a flop.

99.3% of all tickets sold, and when even Iran against New Zealand can sell out a 70,000 seater stadium in Los Angeles, I think it is safe to say the doubters were proved wrong.

I know of a number of clients and friends that went over, many taking children and grandchildren with them. I have yet to speak to anyone that went who did not come back with great memories that will last them and their family a lifetime. For some, before they travelled, it was ‘sticking in their craw’ to pay the price demanded to get tickets for the games. After the event? The price is forgotten.

One of the reasons why the price of tickets was so high is simply down to the demand, and the fact there is far greater wealth in the world than ever before. Of course there is inequality, which will always be the case, but the number of people that are able to afford things their parents and grandparents could only dream about is greater than ever and will only keep increasing.

Given the success of this World Cup anyone planning to go to the next one in 2030 better be ready to pay the price as I very much doubt tickets will be any cheaper, and may even be more expensive given the stadiums will be smaller. But is refusing to pay the price worth forgoing what could well end up being an experience that will live long in the memory of all those that were there?

Anyone that has been in our office will have seen we have little drawings in our meeting rooms relating to money and more importantly the psychology of it. These are drawn by Carl Richards and they try to convey in very simple terms what is important. The most recent one is below -

We are always asking clients “what is your objective?” as our job satisfaction comes from seeing that being realised. Just last week a long-standing client was showing me their lovely new house said if it hadn’t been for them becoming clients over twenty years ago they would not have bought it.

Of course they could have been meaning ‘if it hadn’t been for ASAM we could have bought a much bigger one or done this years ago’ but I assumed it was a compliment, and it was rewarding to hear that working with them had helped them achieve this.

Everyone likes to see the value of their investments and pensions grow, but unless there is a purpose behind it what meaning does it have? Leaving money to family after you have gone is all well and good, but the government could be a major beneficiary of your thrift too, and from next April when pension funds are included in the Inheritance Tax calculation they are going to get even more.

I think the drawing above encapsulates one of the best ways to enjoy your wealth as it will create memories for everyone involved that will last long after you have gone. Taking that once (or twice) in a lifetime holiday with extended family is one way of doing this, as is ensuring you travel in as much comfort as possible by turning left when you board the plane.

Don’t fret about the cost – you’ve earned it, and remember if you have an estate of more than £1m the government are paying 40% of the price too! Think of it as a 40% discount.

And if you are not sure you can afford it, just ask. Trust me, the pleasure and satisfaction seeing clients enjoying the fruits of their labours is mutual.