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Draft Y our F inancial Dream Team

5 and 10 times their annual earnings. My advice here is, buy only
term insurance. Term is basic coverage that pays when you die and
has no investment. Any other type of investment insurance (whole
life, universal life, adjustable life, variable life, etc.) is an extremely
mediocre product because of the high commissions paid in the
fi rst year.

2. For those who consider themselves very experienced investors,
yet often don’t have consistent high-end investment results.
I recommend that you take a good look at the reality of your
beliefs. These investors often scoff at much of the advice I give,
and believe they can outsmart the marketplace. Often, they earn
a lot of money at their chosen career and think that makes them
smarter and better investors. Yet they are among the worst inves-
tors in the world. Why? Their rates of return over the long run
are usually poor because they believe, “You have to take big risks
to make big returns .” This simply is not true. Most investors get
rich from investing small to medium amounts of money over the
long term for an above average rate of return. On my web site,
( johnburley.com), you will learn that the only way to truly make
long-term high rates of return is to take low risk. That’s right—
high returns come from low risk, and low returns that come
from high risk.

• Attorney(s): I own several businesses, and when I use an attorney, I use

a specialist, not a generalist. I use several different types of attorneys:
1. Every few years, I have my estate planning attorney update my

affairs. I don’t recommend do-it-yourself kits in this area. If you’re
planning on being wealthy, and leaving an estate, pay a profes-
sional to set up an effective estate plan for you. (See Chapter 20
for more information on estate planning.)
2. To review contracts, several times a year, I consult with a contract
attorney . Although I generally write my own contracts, I seek out-
side counsel to review the contracts.

3. I also work with several real estate attorneys . I use attorneys in sev-
eral different geographic locations who specialize in evictions and
foreclosures to protect my real estate income streams.
When I need legal help, I pay for the best. I’m not a fan of
paralegal services; they generally offer a very limited scope
of services.

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