The Mistake:

In the early years, I wasn’t more forceful or clear with people when their goals were unrealistic, when their market assumptions about returns were overly generous and when their spending patterns were too high.

It has a lot to do with assumptions around returns and markets and how strategic they need to be with their long-term goal. I was not giving enough education and clarity about what to expect if you kept having those incorrect assumptions long term.

Long-term investment planning has a lot to do with different assumptions, different asset classes and different scenarios, all sorts of variables. But when people sort of gaze into their future, they always see things as, “This will produce a great return” and, “This great real estate I have will be three or four times more valuable.” And that’s just not always true…

To read the full Crain’s Miami article, click here.