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
6 Common Excuses for Not Saving Money By Tara Struyk
Have you ever settled on a new exercise program, only to get a bad cold a few days in and happily throw yourself on the couch, relieved to have a handy excuse? Excuses must be human nature; I know I usually make them when I'm facing something that’s new, that's hard, or that I just don’t enjoy. And I’ve certainly made excuses when it comes to money.
In the years that I’ve been writing about personal finance and investing, I’ve also heard my fair share of excuses, mostly from readers who don’t agree with my advice. The problem is, unlike good financial habits, excuses are easy to come by, even though most of them just don’t stand up to reason. Check out some of the ones I’ve heard most frequently so far.