Acquirers' and Inheritors' Dilemma
Acquirers' and Inheritors' Dilemma
Dennis T. Jaffe and James A. Grubman
Discovering Life Purpose and Building Personal Identity in the Presence of Wealth
People come to wealth in essentially two ways: they acquire it during their lifetime through effort or circumstance, or they inherit it from someone else's reserve.
The way in which a person becomes wealthy is an important determinant of how wealth affects his or her personality, profoundly influencing one's personal identity and sense of self.
Armed with a better understanding of the stresses and adjustments of wealthy clients, financial advisors can tailor the relationship with accuracy, empathy, and sensitivity.
This article reviews the psychological and sociological literature of the past several decades about individual and family dynamics related to wealth.
The authors first explore the psychological experience of creating or acquiring wealth, with its impact on identity development, relationships in families, and the difficult process of parenting the next generation.
They look at how acquirers of significant wealth must come to grips with their good fortune and how they must raise their children under novel circumstances, and examine the different experience of inheritors who are raised with wealth.
As native-born citizens in a privileged economic culture, heirs of multigenerational wealth experience a stressful blend of advantages and pressures that can often be antithetical to personal growth.
The authors finally propose a model of development for a person's wealth identity, beginning with a phase of conflict and confusion, and then reaching a level of personal reconciliation with, and integration of, one's wealth with one's self.
To continue reading, please go to the original article here:
http://jamesgrubman.com/sites/default/files/Acquirers_and_Inheritors_Dilemma.pdf
The Journal of Wealth Management Fall 2007, 10 (2) 20-44; DOI: https://doi.org/10.3905/jwm.2007.690946
3 Savings Moves To Make Post-Fed Rate Hike
By Matt Richardson September 17, 2026 CBS News MoneyWatch: Managing Your Money
With interest rates rising again, savers will want to take certain steps now to take advantage.
Savers on Thursday woke up to a new financial climate marked by the first interest rate hike from the Federal Reserve in more than three years. Now at a range between 3.75% and 4.00%, a new, higher federal funds rate is expected to lead to even higher rates for savers than they've already been accustomed to in recent years. And while that change will look different based on the account type and the bank in question, savers are undoubtedly now entering a more profitable period, especially if the Fed proceeds with another interest rate hike when it meets again in October.