“I truly believe that the reason people don’t live out their ideal life...is because they don’t know where to learn.”
— Stephen Alred Jr.
Term of the week: Wealth Transfer

Term of the week: Wealth Transfer

Wealth Transfer is the action of wealthy relatives leaving money to be inherited by their heirs.

Wealth Transfer is one of the most important topics that isn't being discussed enough among millennials. There are trillions of dollars coming from the baby boomer generation in the next 20-30 years, and most young professionals don't have the resources to handle that kind of influx in capital. It is some parts because money may be a taboo subject in their household, other parts because their family members may not want to give up the reins on their nest egg just yet.

Either way, it's time we start discussing wealth transfer with our families.

Some of the conversations millennials need to have with their financial planners are about the financial outlook of their parents and grandparents. Knowing how to bring up a topic that is this "off limits" may require as much role-playing sessions as asking for a raise. Many will not be privy to their senior relatives' financial information but it is a good idea to begin planning for an inheritance.

You may be asking why this is even an issue? Am I right? Consider this...most lottery winners and NFL/NBA players go bankrupt within 10 years.

A massive influx of dollars into your bank account can hurt you just as much as it can help your financial situation. Without a solid plan in place or the discipline, your inheritance will act like a "cooked" grenade in your possession. You'll feel the weight of it and human nature nagging at you to release it from a tight grip.

Think that you'll receive an inheritance in the next 5-10 years, set up a free introductory meeting with us. We would love to hear your story and see if we can point you in the right direction.

Sixmonthaversary!!!

Sixmonthaversary!!!

When Your Priorities Trump Math

When Your Priorities Trump Math