7 Lessons I Learned About Money In Turks & Caicos With My Mentor

1. Don’t give up property for fast cash. Real estate is king.

My mentor and her extended family recently inherited quite of bit of Turks and Caicos property. Part of the family wishes to sell it for cash. So my mentor found a clever workaround. Instead of selling the property to anyone, they sold the property to a trust managed by her to ensure the land remains in the family for generations.

Cash is a tempting short-term indulgence, but wealth comes from holding property and building on top of the property to create more wealth for not only you but the rest of your family. I thought this decision alone was radically Warren Buffet-like — always play the long game.

Another Benefit of Trusts

Trusts help people avoid the time-consuming probate process while [also] minimizing estate taxes (bingo). — Yahoo Finance

Taxes are wealth destroyers, but those with the most knowledge will find lucrative ways to take advantage of all legal loopholes to protect their assets — something my mentor is very skilled at doing.

2. Don’t burn bridges.

My mentor could have chastised her family for wanting to sell their inherited property. Instead, she did something else; she transformed their haste into a gold mining victory for not only the family but their future family.

The people you love may not always understand money; instead, do your part to help them understand it — even when they don’t appreciate you. Sometimes it simply takes time for people to see the value and wisdom within your financial dealings.

3. Write off travel expenses.

If you’re a writer, you’re a business entity. For many writers, their experiences are the primary source of content. Whether you’re a sole proprietor, have LLC, or are incorporated, you can probably write off a lot of travel expenses.

My mentor has several businesses and frequently writes off travel expenses related to business matters or includes business discussions to ensure the travel is related. As a personal finance and personal development writer, I can use my travels as tax write-offs.

Boom. Free travel. It’s better than those travel rewards you get from your credit card because you pay fewer taxes, which is money back in your pockets.

4. Leisure and business make good bedfellows.

Work should be play. If you enjoy your work, it won’t feel like work. Though my mentor missed out on parasailing and some other activities, she was exploring the island to strategize for future business dealings on the land and also learning the landscape. To some, it might’ve seen like she was working nonstop, but in actuality, she was doing what she loves and is passionate about — managing her investments.

5. When you have money, you can give more.

My mentor paid in total for my mother’s ticket and our on the beach hotel (with a beachfront view) — an easy $1,000/night. It wasn’t a thing for her to do, though, and she didn’t miss the money she spent, nor did she need it. The plane tickets alone surprisingly cost $1300 for a quick two-hour plane ride, but money doesn’t matter when you have it.

You can arrive at this point by doing the following:

• Steadily build your financial portfolio.
• Continually educate yourself on money.
• Continually make sound investment decisions.
• Network to bounce off ideas and intake new knowledge from others.
• Dip into emerging markets (e.g., crypto, cannabis, and new technologies)

6. Share the knowledge you obtain.

Eventually, I would have learned the things from my mentor that she shared with me, but it would’ve taken me longer to arrive where I am today. In 2021, I made tremendous financial progress. My mentor has taught me the essentialness of sharing what I learn with others.

The foundation of wealth is generosity to others. If we never share the knowledge we learn, the top 1–10% of the population will retain all of the wealth; it doesn’t have to be this way forever.

7. Get a f*cking mentor.

My mentor kept badgering me to invest in crypto. It took me until 2021 to get into crypto for no other reason than procrastination, laziness, and fear. I missed some significant opportunities, but it’s not the end of the world for me. I am thankful my mentor encouraged me to take the leap. In addition to crypto and blockchain knowledge, she has expanded my learnings of REITs and taxes (the thief of wealth).

Simple things such as book recommendations from my mentor have changed the course of my financial portfolio.

Don’t have a mentor or group to learn from and bounce off ideas? Get one. The sooner, the better. Inducting a personal financial mentor or group will upgrade your financial portfolio from “Web 2.0” to “Web 3.0”.

My mentor has opened the vault to a wealth of new information, opportunities, and financial opportunities; I will always be grateful for this. I hope to do the same for others through my writing and 1-on-1 conversations.

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This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any major financial decisions.