Sudden Wealth

Affluent children have tremendous advantages, but often lack basic, life skills that many of their non-affluent peers acquire early in life. That’s because when resources are scarce, you’re forced to make tough choices, work harder, manage uncertainty, juggle, and deal with consequences. When life is more comfortable, there isn’t as...

Abundance and isolation are not often discussed in the same context because the assumption is that abundance only solves problems and does not create them. It might sound counterintuitive, but wealthy people are often among the most isolated people even though they are usually surrounded by others.  Being isolated and being...

Guest Blog provided by Richard Beaton & Linda Wagener of Marigold Associates. Over the past several weeks, we discussed the value of using deliberate training strategies such as allowances and budget management to teach children financial skills. In this segment we’re going to tackle the problem of how to form our...

Next-gen wealth creators (Gen X and Y), many in the technology industry, are opting for more self-directed financial advice than previous generations did. A recent survey done by Spectrem Group, the Chicago based research firm that focuses on the affluent and retirement markets, found that millionaires ages 45 and less were not as interested in seeking the advice of financial advisors, and felt it was too expensive; the younger the age (especially the group under 35) the stronger the belief. While this is concerning for the investment business as a whole, I believe it’s equally as dangerous for the next-gen wealth creators and here’s why:

Didn’t January just scream by?  In that vein, and if you are like me at all, the goal setting process is intellectually important but can get pushed to something I’ll get to next weekend—kind of like my honey do list. Last year I introduced an easier way to put a few proverbial stakes—translated means goals or intentions—into the ground without the traditional baggage associated with the goal setting process.  Most goal setting that I have experienced can become one more thing to get accomplished; and like gravity; can fall to end of the list.