Kobe Bryant's letter to his 17-year-old self

Last week Kobe Bryant published a letter to his younger self. It's about money and relationships.

It's a moving piece, hinting at some of his experiences relating to sudden wealth. 

Bryant explains that you need to invest in your loved ones. Not give to them.

This involves making "tough choices, even if your siblings and friends do not understand them at the time". 

You need to do this immediately:

so that you don’t have to deal with the hurt and struggle of weaning them off of the addiction that you facilitated. That addiction only leads to anger, resentment and jealousy from everybody involved, including yourself.

Bryant is fortunate for having had such a long and prosperous career. It is likely he was able to recover from many of his early missteps. Many others who experience "sudden wealth" (whether they be in professional sports or entertainment; having won the lottery or received an inheritance) will not get the same second changes that Bryant had.

When Bryant says:

Trust me, setting things up right from the beginning will avoid a ton of tears and heartache, some of which remains to this day.

I'm inclined to believe him.

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Sonnie Bailey

Sonnie is the founder and principal of Fairhaven Wealth.

Before founding Fairhaven Wealth, Sonnie worked in the legal and financial services industries for over a decade.

Sonnie first became involved with financial advice as a specialist financial services lawyer. For many years, he was an “adviser of advisers”, reviewing thousands of advice files prepared by hundreds of financial advisers, and providing feedback in relation to the quality and appropriateness of advice; industry best practice; risk management; and regulatory compliance. He has published work in industry publications and spoken at various financial advice conferences.

Sonnie has also worked with banks, investment management firms, insurers, and derivatives providers.

Sonnie has worked as a private client lawyer, focusing on succession, estate planning and trusts. He ran his own legal firm in Australia before relocating to New Zealand. He has also acted in independent trustee and company director positions.

Sonnie is passionate about helping people achieve their goals and manage the risks to which they are exposed.

He has written extensively on his blog, New Zealand Wealth and Risk, which can be found at www.wealthandrisk.nz.

Sonnie is married to his wonderful wife Chrissy, and has two young children, Ben and Anna.