Quote Of The Week: You’ve Accumulated A King’s Ransom, But Can You Keep It?

king's crown“If you think accumulating a king’s ransom is difficult, try holding onto one.”

Steffi Claiden,”Preserving the Family Fortune,” RealAssets Adviser, March 2017

The Takeaway: Holding onto money across generations can be an enormous struggle, says Claiden.

70 percent of the wealthy lose their money by the second generation, and 90% go bust by the 3rd generation.

What’s behind this money vanishing act? Here are the main culprits, which can haunt middle-income people as well as the uber-rich:

  • Unreasonable lifestyle expectations and spending levels.
  • Splitting money among multiple children, which divides the family fortune.
  • Poor or no planning.
  • Lack of business or financial skills.

 

About Mari Adam

Mari Adam, Certified Financial Planner™ and President of Adam Financial Associates Inc, has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!

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