The Big Risk offers both a cautionary tale and practical advice for those who suddenly find themselves in possession of significant wealth. Whether acquired through an inheritance, a business sale, or a lucrative sports contract, sudden wealth presents both rewards and risks. The catch? The greatest reward and the greatest risk are often the same: financial freedom. Manage your money wisely and it's yours, but overlook the potential pitfalls and it can slip away.
Walter Clarke's story serves as a sobering example. His rise to wealth was marred by financial miscalculations, resulting in the loss of his business and strained personal and professional relationships. Practically overnight, Clarke's wealth evaporated.
In The Big Risk, Clarke exposes the shadow side of sudden wealth, sharing hard-earned lessons from his experience and offering straightforward, no-nonsense principles on how to avoid risk to create lasting wealth. As Clarke learned first-hand, unknown risks are hard to spot when viewed through rose-colored glasses.
Throughout the book, Clarke combines financial expertise, personal wisdom, and real-world examples to help you safeguard and sustain your newfound prosperity. A must-read for the suddenly wealthy, The Big Risk tackles the untold truths about wealth with a key underlying message: It's not how much money you make, but rather, it's how much money you keep - and how to make it last for you and future generations.
Key takeaways include:
Identifying and avoiding four common financial traps.
Emphasizing consistency over chasing fleeting opportunities.
Illustrating the benefits of simplicity and the power of saying no.
Stressing the importance of humility in mitigating risk.
Recognizing that fear and greed can undermine financial gain.
Meet Walter
Walter Clarke is a financial expert and educator dedicated to helping families successfully navigate their finances. After working in investment management for 20 years, he founded Family CFO to help wealthy families achieve financial longevity and improved family dynamics. Clarke has also been an adjunct financial educator at more than 10 universities, including the University of California, Berkeley; the University of California, Los Angeles; and the Tecnologico de Monterrey, for over two decades. Through parenting two children, and learning many lessons along the way, Clarke is committed to helping other parents teach their kids how to create value and impact—and secure their financial future in the process. 401Kid is his second book.
