The Great Wealth Transfer

Key Takeaways

  • Over the next decade or two, there will be a huge transfer of wealth to younger generations estimated at up to 40 trillion dollars.
  • If you have a lot of money you plan to transfer to your children or grandchildren, start to communicate and work with them now. It takes about a decade for people to get used to dealing and operating with a lot of money.
  • By involving younger generations in learning how to work with wealth now, you help them learn how to control the money versus the money controlling them.

The Charitable Double Benefit

Key Takeaways

  • Give generously, but also give smartly.
  • There are a myriad of tax-advantaged ways to give to organizations and causes you support.
  • Planned giving can get complicated, so consider hiring an estate planner, wealth manager or other seasoned financial professional to help you find the technique that best suits your needs.

The Fear of Missing Out

Key Takeaways

  • FOMO, or the Fear Of Missing Out, is an emotional fear that can cause you to do things or buy things you don’t want or need.
  • You might have the money to buy all the new technology that comes out, but it may not necessarily be what you need or make your life any simpler.
  • Before you buy or adopt a new technology, be sure to evaluate what that technology can do for you, how it integrates in to your life and the way you operate, and determine if it will add value to your life versus confusion or frustration.

The State of Student Debt

Key Takeaways

  • More than 70 percent of college graduates have outstanding student loans—with an average balance of $37,000—when they graduate.
  • Studies show millennials are far more concerned about paying off student debt and increasing their savings than they are about their retirement.
  • The sooner you can pay off student debt, the sooner you can start your adult financial life and wealth-accumulation years.