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If part of your work involves educating others on how consumption can affect their ability to build and maintain wealth, looking for outside patterns of data and trends might be a way to bring an “ah-ha” moment to clients, children, friends, or family members. A string of articles in yesterday’s Wall Street Journal wove an interesting pattern for me, and the interpretation might prove educational for consumers and clients. First, this: Holiday Shoppers Were …
Between 2007 and 2061, it is estimated that $59 trillion will be transferred from one generation to another. This week in the Wall Street Journal, Alex Davidson addressed how this transfer is impacting financial advisors in an adverse manner. Some cures to the problem offered in the article include ensuring that a relationship is established early with the heir, using technology as part of the financial planning/investment management process, creating videos or having clients …
As you make your way into midlife you will inevitably encounter a growing number of peers who are on the verge of or who have already dissolved their marriages. For many of these couples, the self-reported cause of marital discord is disagreement over finances. In fact, financial disagreements are stronger predictors of divorce than other marital disagreements, based on research from Kansas State University. The researchers studied over 4,500 couples and examined a variety of marital and financial factors. Assuming a …
“Not having enough money for retirement” was the most common financial concern for Americans according to a report from Gallup. Approximately 60% of Americans were very/moderately worried about money for retirement, followed by “not being able to pay for medical costs of a serious illness/accident” (55% very/moderately worried), and then by “not being able to maintain the standard of living you enjoy” (46% very/moderately worried). Approximately 50% of Americans are “very” or “moderately” worried about three …
A recent article in The Boston Globe highlights the issues Bostonians are considering related to purchasing homes in affluent areas. The piece recites a financial-planning principle: “A bit of perspective: In many parts of the country, the rule of thumb is that housing costs should occupy a third of one’s income. Here, that standard frequently doesn’t apply.”  Because of rising real estate prices and a desire to keep up with the Joneses, many Boston …