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When our first daughter was very young–not quite two years old–we attended our first-ever birthday party for a three-year-old. (I recently talked about this experience on the Afford Anything podcast with Paula Pant). We went as a family of three. It was 2:00 in the afternoon on a Saturday. We arrived and were somewhat taken aback by the scene: was this a wedding reception? Considering the evidence of the multitude of adults milling around …
A hot topic in the financial advisory space—or maybe more accurately a sore subject—is the high rate of attrition of heirs when clients die and leave their managed wealth to beneficiaries. We have discussed this topic before, noting that a host of factors are at play including critical features like communication with the family-economic unit, relationship building, and personal differences resulting from a generational divide between the heirs and the advisor. But at the end …
I know elementary school teachers, coaches, and your parents told you that all that matters is that you do your best. Unfortunately, they all lied to you. The professor who wrote this was responding to a fictional (albeit realistic) scenario: how would you respond to a student who asked for a grade change on a project because she “worked so hard on it?” The idea that you could work hard on something and not …
Take two children from seemingly similar advantaged, affluent backgrounds – perhaps parents with similarly prestigious jobs, the same type of family structure, high SAT scores, same GPAs, even the same interests and career plans. Why, in the future, would one end up with a significantly higher income than the other? It may be self-concept, or more specifically, core self-evaluations (CSEs): a set of psychological characteristics that include a belief in one’s worth and one’s …
Will you be teaching children or students what it takes to build wealth this year? What will you teach them or encourage them to do? Think back to your time growing up. You probably can point to an event or a set of experiences that greatly influenced how you manage finances today. Recollections such as these were discussed extensively in the The Millionaire Next Door and The Millionaire Mind. Successful, financially independent Americans recounted childhood or early work …