The one thing I consider worse than doing nothing

August 17, 2023

Your protection is yours to mold

In my career as an attorney, I have had the opportunity to help many successful people “mold” a plan of protection around their assets. I have found that you do not have to be a genius to be a success or rich. A degree, in and of itself, does not make you rich. It’s true that you don’t have to be a lawyer, doctor, or a CPA to be rich and successful, although some professionals just fall into that category. While most truly wealthy professionals & business owners make high incomes, it’s how they mold a protective shield around their money that makes and keeps them firmly in their category.

The Rub

I hear it all the time, “Mike when I win the lottery, I’m going to call you, then I’ll be just like your other clients.” Ask yourself, is the Lottery a surefire way to become wealthy? I certainly wouldn’t recommend buying lottery tickets as an investment strategy. For those few that win, they become rich overnight. Say you were lucky enough to win the lottery, worth $10,000,000.00! The truth is you would keep only a small part of it. The “rub” is that you would need to make a choice and, unfortunately, right away. Do you choose the $10,000,000.00 winnings payable over 20 years or “rub” your hands together with gusto and be ready to pinch that nice big check for a lump sum with your fingertips. The lump sum would be an amount equal to the present value of the winnings, which would be about $2,000,000.00. From that, the IRS takes about one-third. So, you may not end up being as rich as you thought you would be. Sadly, many lottery winners wind up broke within a few years.

Why?? It’s what they didn’t do with their money.

If you happened to have looked around your community, you may notice many truly rich people who may have little or no college education and, can be confirmed, they are NOT lottery winners. I can tell you; they did what many of us intend to do, but sometimes fall short in the discipline of implementation. I can tell you they found overlooked opportunities, then they took calculated risks without over analyzing. They sheltered their assets by taking steps to create separateness within their entity structures, thereby molding a business protection environment that derives its “strength in numbers.” Typically, they have unglamorous businesses and have lived within or below their means. These people found a way to mold the clay they were given, become rich and stayed that way as a result of the shields of protection built into their estates.

You may have also observed many prominent people who live in big houses, drive the latest luxury cars and are members of the country club. This may not be news to you, but some of those people are not truly rich. When and if you happen to look around to see who is truly rich, do not be fooled by displays of material wealth. Many people with big houses, late model cars, and expensive clothes also have large debts; and very possibly, with no solid assets. These are consumable items, not wealth building assets. Some spend more than they make, even though they earn a lot. “Keeping up with the Joneses,” or now, the Kardashians, has become a way of life. In fact, this very trap can keep you from becoming truly successful. And remember, as my wife likes to call my little random but meaningful sayings: Dickersonism #7, “Looking rich does not MAKE you rich.”

So, what could be worse than doing nothing?

Henry Ford, the inventor of the automobile, once said, “If you think you can, you can. If you think you can’t, you can’t. Either way, you’re right.”

Inaction is the one of main things that keeps many people from shaping a path towards their dreams, be it becoming independently wealthy or any other goal, for that matter. Inaction, or doing nothing, is the easiest thing to do, but not the best thing to do. Doing nothing means not having a path to success. You do not need a path if you are not going anywhere. This is the same as saying, “I just can’t do that.” “I can’t” means that you don’t even have to try. To be successful and protected, you must do something. It is not just going to happen.

Something I often say to my clients is that over-analyzation is as bad as inaction. It has the same result, but only after a lot of wasted time and effort. This is also known as “Analysis Paralysis.” If you look at different maps and plans of action but you do not make up your mind, you will spend a lot of time getting nowhere. It is easy to look at an opportunity and see all the many ways that it can go wrong. Nothing in life is guaranteed. Some people avoid taking any risks because they are so focused on not losing. They look over many opportunities and see only the risk, not the reward. The result? They don’t do anything at all. Unfortunately, those people become cynics, and discourage other people from making an investment. If I asked one of those people about investing in a rental property, they would say, “Why would I want to do that? I don’t want to be fixing toilets in the middle of the night.” Really?! How many rental properties do you think that person owns? None. Owning a rental property does not just mean fixing toilets. It is important to analyze, as opposed to “over analyze” your opportunities and realize that not every prospect is a winner.

Consider your short and long term goals

If you see that you have not taken adequate steps towards molding your future and shielding your assets, you might be asking yourself, how do I get going? I’m going to tell you; you need to make way for your path. Where do you want to be next year? In five years, or ten years? If you set a measurable and attainable goal, you have the path in front of you. Once you set your sights on your goal, you take the steps to get there and then you plan to protect everything you built up, which makes up your asset protection shields.

Not having a plan to protect your assets is like not insulating electric wiring, there is always a risk of exposure.

If your assets are not insulated and protected, a board-certified Estate Planning attorney can help you with proper protection and the maintenance that comes with it. Finally, you should listen to advisors and others with experience, but in the end, you need to make clarifying decisions for yourself. It is important to mold and follow your own plan and not let others dictate the direction of your life. We are available in person, by appointment or by Zoom. In South Texas, call us at 956-791-5422.

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Molding Your Financial Future in 2025

January 17, 2025

As we step into the new year, I find myself reflecting on the countless entrepreneurs, professionals, and business owners I’ve worked with throughout my career. Helping clients mold a shield of protection around their assets has been one of the most rewarding aspects of my practice. Time and time again, I’ve witnessed that success isn’t reserved for geniuses, nor does it require a fancy degree. The secret lies in action, strategy, and discipline—traits anyone can cultivate to achieve and maintain wealth. The Myth of Instant Wealth How often have we heard someone say, “When I win the lottery, I’ll finally be set”? It’s a common refrain, but let’s examine the reality. Imagine winning $10 million in the lottery. After choosing the lump sum option and paying taxes, you might walk away with only a fraction of that—perhaps $2 million. Without a solid financial plan, it’s no surprise that many lottery winners end up broke within a few years. True wealth isn’t about luck or flashy possessions. It’s about what you do with your resources and how you protect them. If you look around your community, the truly wealthy aren’t necessarily the ones with the biggest houses or newest cars. They’re often the ones who’ve taken calculated risks, lived within their means, and built unglamorous but steady businesses. These individuals mold the clay they’re given, creating shields of protection around their assets that ensure their financial stability for generations. The Trap of Looking Rich We’ve all seen it—the big house, luxury car, and designer wardrobe. But appearances can be deceiving. Many who look wealthy are drowning in debt, spending more than they earn, and chasing the illusion of success. As my wife lovingly calls it, Dickersonism #7: “Looking rich does not MAKE you rich.” True wealth is built on a foundation of solid, income-generating assets, not consumables. Falling into the trap of “keeping up with the Joneses” (or Kardashians) often leads to financial instability and missed opportunities to create lasting wealth. The Cost of Inaction One of the greatest obstacles to wealth and protection is inaction. Henry Ford famously said, “If you think you can, you can. If you think you can’t, you can’t. Either way, you’re right.” Inaction is the path of least resistance, but it’s also the path to missed opportunities and unfulfilled potential. Some hesitate out of fear or over-analysis, a condition I call “analysis paralysis.” It’s easy to get caught up in what could go wrong, but this mindset keeps you stagnant. Every successful person I’ve worked with has one thing in common: they took action. They understood the risks but focused on the rewards, moving forward despite uncertainty. Setting Your Course for 2025 If you haven’t taken steps to mold your financial future, now is the time. Ask yourself: Where do you want to be a year from now? In five years? In ten? Define your goals and begin building the path to reach them. Just as importantly, protect what you’ve built. Not having a plan to shield your assets is like running exposed electrical wiring—sooner or later, you’ll face unnecessary risks. A board-certified estate planning attorney can help you design a plan to safeguard your wealth, ensuring it stays secure for you and your loved ones. Take Control of Your Future Success doesn’t just happen—it’s molded. Listen to trusted advisors, but remember that the final decisions are yours to make. Clarify your vision, take bold steps, and build the life you’ve always dreamed of. At The J.M. Dickerson Law Firm, we’re here to guide you every step of the way. Whether in person, by appointment, or via Zoom, we’re committed to helping you create a legacy of success and security. Contact us today, we can help! South Texas: 956-791-5422 Central Texas: 830-302-4577 Let’s make 2025 your year of action, growth, and protection.

Embracing the Holidays as a Time for Estate Planning

December 20, 2024

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Start the New Year Strong: Four Steps to Success

December 13, 2024

As the end of the year approaches, it’s easy to feel the weight of unfinished tasks and the hustle of the holiday season. Between wrapping up work projects, preparing for family gatherings, and making plans for the future, this time of year can feel overwhelming. But amidst the busyness lies a valuable opportunity—the chance to press reset and prepare for a fresh start. The New Year offers a clean slate, making it the perfect time to reflect, reorganize, and refocus your goals. By dedicating some time to the right activities now, you can set yourself up for success in the months ahead. Here are four key steps to help you start the New Year on solid footing. Step 1: Reflect on the Past Year As the calendar flips to a new year, many of us naturally find ourselves looking back at the previous 12 months. This is the perfect moment to assess your professional and personal accomplishments, challenges, and growth. Ask yourself: • What were my biggest successes this year? • What goals did I miss, and why? • What strategies or habits worked well for me? • Where can I improve moving forward? Reflection isn’t just about identifying wins and losses; it’s about understanding the “why” behind them. Seek feedback from colleagues, mentors, or trusted peers to gain new perspectives. The more honest and thorough your evaluation, the more valuable it will be as a foundation for future planning. Step 2: Create a Game Plan for the Year Ahead Reflection is only the beginning. To make real progress, you need a clear and actionable plan for the year ahead. Start by defining your big-picture goal for the next 12 months. What’s the most important outcome you want to achieve? Once you have that, break it down into smaller, measurable objectives. For example, if your goal is to expand your business, your smaller objectives might include increasing marketing efforts, attending networking events, or launching a new service. Outline the steps needed to achieve each objective and set realistic timelines for completion. Revisit your goals regularly—at least quarterly—to ensure you’re staying on track or to adjust for any changes in your circumstances. Flexibility is key to maintaining momentum throughout the year. Step 3: Declutter Your Inbox An overflowing email inbox can be a constant source of low-grade stress. Ending the year with a streamlined and organized inbox can give you a fresh sense of control as you head into January. Here’s how to tackle it: • Respond immediately to any urgent or unresolved messages. • Delete emails that are no longer relevant. • Unsubscribe from newsletters or mailing lists you no longer find useful. • Create folders and filters to better organize incoming messages moving forward. To keep your inbox manageable, schedule regular cleanups throughout the year. Whether monthly or quarterly, these maintenance sessions will prevent clutter from building up again. Step 4: Knock Out Small Tasks The small, unfinished tasks lingering on your to-do list can be more draining than you realize. Use this time to cross off as many as possible before the New Year begins. • File paperwork that’s been piling up. • Respond to emails you’ve been avoiding. • Wrap up loose ends on ongoing projects. Completing these small but nagging tasks will give you a sense of accomplishment and free up your mental bandwidth for bigger goals in the New Year. Starting January with a clean slate will allow you to hit the ground running. Your Fresh Start A new year is a chance to realign your priorities, set meaningful goals, and approach your work with renewed focus. By reflecting on the past year, setting actionable goals, decluttering your space, and tying up loose ends, you’ll create the foundation for a successful year ahead. Whether you spread these steps out over a few weeks or tackle them all in one day, the most important thing is to commit to the process. A little effort now can make a big difference in how you start the year—and how you finish it. Here’s to making the most of your fresh start!