Disgraced noble Tyrion Lannister is one of the most prominent characters in the fictional book and television series Game of Thrones. But now that he has no access to the family fortune, how can he afford a luxurious lifestyle?
Topic: Tyrion Lannister, Game of Thrones
Problems:
- Generating income
- Saving
- Obtaining personal insurance
Premiere: July 16, 2017 on HBO
Scenario: Tyrion’s life was not as easy as his privileged background suggests. He is the youngest sibling of the richest family in the kingdom of Westeros, and enjoys the education and amenities that come with this status. But he is the least favorite child in the family because his mother died when he was born. His father, Tywin, is so bitter that he does not want to leave Tyrion a legacy. Tyrion is also a dwarf, which means he is underestimated and shunned. Framed for the murder of his nephew Joffrey, King of Westeros, Tyrion dangerously escapes to foreign lands, where he is kidnapped and sold into slavery. In season 6, Tyrion meets Daenerys Targaryen, the exiled daughter of the former king of Westeros. Tyrion becomes her trusted advisor and, as we last see, they sail towards Westeros to reclaim the throne.
Assumptions:
- We use Canadian law and planning strategies.
- Tyrion receives room and board as payment from Daenerys. His favorite red wine is an accompaniment to work.
He uses his mind for money
Tyrion doesn’t have to build his life in exile from scratch. After the kidnapping, his reputation as an experienced advisor to the former king preceded him and allowed him to ensure his safety.
Jack Di Nardo, senior wealth advisor at WealthWorks Financial in Toronto, suggests Tyrion sell his education and smarts to generate income in two ways.
First, he could “become a consultant to distinguished gentlemen and emerging kings and rulers from other kingdoms who might need his expertise in establishing a gentleman’s library,” Di Nardo says. In Tyrion’s era, nobility are expected to be wise, so a library would add credibility.
“(Tyrion) could be a consultant and advise them on what books (to include),” Di Nardo continues, noting that books were harder to come by at the time. “His job would be to help stock the library: sourcing, consulting and (advising on) the 50 best books worth having.”
Secondly, he could trade his influence with local authorities. “He would actually be a lobbyist (…) selling his contacts and influence to help other people solve problems,” says Di Nardo.
Tyrion, who has many flaws, could also invest in related businesses (e.g. wineries) once he has more cash flow. “This way he doesn’t have to pay for the (products and) services he likes to use,” Di Nardo says. “It could be a wealth-building process, not something he could do on day one.”
Moreover, Tyrion could have used his family name. While the name gave him a hard time, it added credibility to his skills as a consultant, Di Nardo says. “Even though his family rejected him, there are still people who would answer his calls because of who he is. He could look for favors or grease the wheels of bureaucracy.”
Saving your skin and cash
Tyrion unknowingly follows Di Nardo’s advice: in exile, he becomes a consultant to Daenerys Targaryen, who is about to start a war with Tyrion’s sister, the Queen of Westeros. Daenerys provides him with room and board, as well as a seemingly endless supply of wine.
However, Di Nardo believes that Tyrion should save by saving some of what he earns. “He has to live on a little less than he earns, otherwise he won’t have anything to store,” he says, but money doesn’t have to be limited to gold coins and precious gems. “Anything we deem valuable can be money.”
For example, he could “select things that are easily traded,” such as furs or weapons. And Tyrion could store his treasures in different places while traveling instead of using the banking system (always nice when you can avoid the Iron Bank).
Furthermore, since company registration did not yet exist in his time, Di Nardo recommends Tyrion open several business offices across the country to protect his consulting firm. That way, “he’ll have plenty of places to hide his money and accumulate wealth,” he says, adding that recordkeeping and taxation probably won’t be much of a problem.
Securing his assets
Cathy Preston, vice president of individual markets at RBC Insurance, says if Tyrion walked into her office today, she would conduct a needs analysis to help protect him and his assets. Preston, a fan of the show, says the first thing she would suggest would be life insurance, especially since his family has cut him off.
“I understand that he always pays his debts,” he says. So for peace of mind: “He should probably have some life insurance in case (of death) and then his debts will be paid off.”
The life insurance policy will enable Tyrion’s chosen beneficiary – perhaps Podrick, the heir who saved his life – to pay off his outstanding debts. Preston says that if he didn’t want to name a beneficiary, Tyrion could have donated his savings to a charity.
He also recommends Tyrion get disability insurance “because there’s a good chance this guy will become disabled before he dies.” This would allow him to maintain his income if he was physically unable to perform his consulting duties. Accident and dismemberment insurance is also prudent.
However, due to his risky lifestyle, he may not be covered by insurance. “Insurers would think twice before taking out such a policy because of the high risk Tyrion poses,” says Preston.
This would also impact his life insurance rates. In the book series, Tyrion’s nose was cut off in battle; in the series, his face is seriously injured. Preston says an injury history can increase his rates or “ability to even secure insurance.”
Finally, to protect potential beneficiaries from the pesky inheritance tax, Preston says Tyrion could invest in a segregated fund. This way, his estate will be distributed to his beneficiaries “within a few days, rather than waiting for the whole matter to go to court.”
