What Everyone forgets About Money

What Everyone forgets About Money

By Chris Reining

Washing dishes was how I earned my first paycheck. When you’re 15 years old and don’t get money from your parents to buy things then you have to work. So there I was scrubbing dishes in the filthy kitchen of a small family-owned Italian restaurant, and it’s where I learned a little life lesson.

Work is nothing more than trading time for money. A medium of exchange.

You provide one hour of time to an employer and they provide an hour’s wage. I quickly discovered teenager’s time isn’t worth all that much, a measly $4.25 per hour.

Not long after starting that job I wanted this Blind Melon album. You might remember their catchy song “No Rain.” One Saturday afternoon, wandering the aisles in Kmart’s electronics department, I saw it for sale. “Cool, I’m getting it.” The price was $16.98. For whatever reason I did the mental math to figure out the album didn’t really cost me $17.

No, it cost four hours on your feet washing never-ending streams of bus tubs overflowing with half-finished plates of meatballs. “Is this CD worth four hours of my time?”

In this case it was, but more importantly you realize the money tucked in your wallet isn’t money at all, it’s time disguised as money.

In fact, it was Benjamin Franklin who said, “Time is money.” But in our hectic day-to-day lives it’s easy to forget this.

That when you spend your money what you’re really doing is spending your time. Which means if you waste your money you waste your time.

To continue reading, please go to the original article here:

https://chrisreining.com/time/

The One Tiny Habit That Leads to Wealth

The One Tiny Habit That Leads to Wealth

Kathleen Elkins 

Chris Reining's career started out according to plan. "I was working in IT and it was my dream job for a while," the now 38-year-old tells CNBC.  He bought a condo and a BMW and shopped at Whole Foods every week: "I was living a pretty good lifestyle. But in my late 20s, I started becoming a little disillusioned with the whole 9-to-5 grind. It was so repetitive."

 Reining, who is based in Madison, Wisc., wanted something different, he says: "The freedom to do what I want to do, when I want to do it."

Reining set the goal of building a $1 million portfolio by age 35 and started working to save and invest, rather than working to spend. He got to the point where he was saving more than half his income, reached the $1 million mark at 35 and officially retired at 37.

He did it thanks to one simple habit: He automated his finances, he writes on his blog. That not only saved him money but saved him time and simplified his life.

Start by automating your retirement savings and have a portion of your paycheck sent directly to a tax-advantaged retirement account, such as a 401(k), Roth IRA or traditional IRA. Reining, along with most money experts, recommends investing at least 10 percent of your gross income.

If you're not comfortable making a 10 percent contribution, it's better to start small than not begin at all. "You can start with as little as $50," Reining writes. "The key is to start saving for retirement rather than doing nothing because you'll be better off than mostly everyone else."

Don't stop with your retirement savings. "Each month you can automatically pay your student loans, credit cards and rent," says Reining.

You can also automatically set aside money in an emergency fund or for bigger savings goals, such as a home, car and vacations. Simply link your accounts so that a specific amount of money goes from your checking account to your savings account, and set up the exact day you want to make transfers.

"I automated my money years ago and the benefit is I don't have to make decisions about where my money should go: 'How much I should invest, what I can spend, do I have enough savings,' and so on," says Reining.

In addition to simplifying your life and freeing up mental energy, you'll never forget a payment again or be tempted to skimp on savings. The best part is, you can start implementing this wealth-building habit today.

Here is the full story of his one tiny habit:

The One Tiny Habit That Leads to Wealth

https://www.yahoo.com/news/m/8bf79e97-b17d-306e-83e7-5e45030b0a0b/ss_38-year-old-retired.html

8 Critical Personal Finance Numbers You Need To Know

8 Critical Personal Finance Numbers You Need To Know

Do you know your financial status?

If not, you’re not alone. A recent Gallup poll found that only 32% of Americans have a household budget.   Furthermore, a recent Bankrate survey found that 55% of Americans don’t think their financial situation will improve this year, with 44% who think their situation will stay the same and another 12% saying they think their situation will get worse.

While you may feel your financial situation won’t improve, you are guaranteeing it won’t improve if you don’t know where you stand or if you’re actively ignoring your finances. Like any path taken in life, you need to know where you’re starting so you know how far you’ll need to go before you reach your destination.  Every journey has a beginning, and you must know yours.

It’s important to be able to accept the things you did know, didn’t know, or ignored that have impacted your current financial situation. Only then can you build an effective financial plan.

You can start your journey any place or any time, but more importantly, start now.

Here are 8 critical personal finance numbers you need to know no matter where you are on your financial journey.

8 Critical Personal Finance Numbers You Need To Know

1. After-tax Income

The first critical personal finance number you need to know is your after-tax income.

This means you must know what money you’re actually putting in your pocket every month (net) as opposed to your overall income (gross).

For those that are salaried, simply look at your paycheck to see what money you’re taking home every month.

After-tax income will be harder for those with a variable income or who freelance, but close estimations can still be made. Plus, if you’re income is variable, it’s essential to know how much it varies when making other financial decisions so you don’t overstretch yourself.

Knowing how much money you actually have to allocate is the first step in taking control of your financial situation.

2. Monthly Expenses

Once you know how much money you have coming in you need to determine how much money you have going out. You also need to make sure you’re covering all your necessities and not overspending for non-essentials.

They only way to truly know what’s going out each month is to build a budget.

Many think of a budget as restrictive, but really it’s simply a way to track what you’re spending each month and on what. Once you know how much money is going out and for what, you can make changes based on your goals if needed.

To continue reading, please go to the original article here:

https://savoteur.com/critical-personal-finance-numbers/    

The Paradoxes Of Wealth: Misaligned Beliefs About Money

The Paradoxes Of Wealth: Misaligned Beliefs About Money

By Financial Samurai / 06/28/2023

The 2023 Charles Schwab Modern Wealth Survey highlights the many paradoxes of wealth in America. Over 1,000 individuals of all different backgrounds filled out the survey.

Overall, the survey, conducted between March 1 and March 23, 2023, says it takes a net worth of $2.2 million to be considered wealthy in 2023. The net worth amount is the same as it was in 2022 but up from $1.9 million in 2021.

If there's one positive thing a bear market does, it's that it lowers wealth expectations.

In this post, I'd like to look more closely at the data and point out the wealth paradoxes. Americans don't seem to understand what it means to be wealthy. We also don't seem to act according to our financial goals and personal beliefs!

Wealth Paradox #1: Inflation Is Not As Bad As It Seems

The first paradox of wealth is Americans' inability to accept reality. Americans believe inflation is a big negative to lifestyle quality.

High inflation is why the Federal Reserve has aggressively raised interest rates since 2022. However, despite inflation reaching 40-year highs, the amount of net worth necessary to feel wealthy has not increased.

With inflation up between 4% to 6.4% YoY in 2023, it would be logical to believe the net worth required to be wealthy in 2023 would also rise by 4% to 6.4%. If so, the net worth range in 2023 should be between $2.288 and $2.34 million. But paradoxically, the net worth amount stayed flat.

So maybe, the threat of inflation to American livelihoods is overstated. Just as life goes on whether you take action or not, inflation goes on whether you're accumulating more wealth or not.

Wealth Paradox #2: Feeling Wealthy Despite Not Having Enough

48% of Schwab's Wealth Survey respondents feel wealthy, yet the average net worth of those who feel wealthy is only $560K. Yet, we just learned that $2.2 million is the net worth considered by survey respondents to be considered wealthy! A $1.64 million shortfall is huge, especially in terms of percentage.

Therefore, either the respondents are lying about the amount needed to feel wealthy, lying about their net worth, or are inexperienced about how much it really takes to feel wealthy. Or maybe Americans are simply delusional about money.

To continue reading, please go to the original article here:

https://www.financialsamurai.com/paradoxes-of-wealth/

Organize Important Papers in Case of Emergency

Organize Important Papers in Case of Emergency

Help others find key documents and records if you are incapacitated

 Based on content from the NIH/National Institute on Aging AgePage "Getting Your Affairs In Order."

No one ever plans to be sick or disabled.   Yet, planning ahead can make all the difference if you take an unexpected trip to the hospital or suffer a health problem making it hard to remember where you put everything.   Good planning and organization is a gift to those who will help you manage your health and financial affairs if needed.

Steps for Getting Your Affairs in Order

Put your important papers and copies of legal documents in one place. You could set up a file, put everything in a desk or dresser drawer, or just list the information and location of papers in a notebook. If your papers are in a bank safe deposit box, keep copies in a file at home. Check each year to see if there's anything new to add.

Tell a trusted family member or friend where you put all your important papers. You don't need to tell this friend or family member about your personal affairs, but someone should know where you keep your papers in case of emergency. If you don't have a relative or friend you trust, ask a lawyer to help.


Give consent in advance for your doctor or lawyer to talk with your caregiver as needed. There may be questions about your care, a bill, or a health insurance claim. Without your consent, your caregiver may not be able to get needed information. You can give your okay in advance to Medicare, a credit card company, your bank, or your doctor. You may need to sign and return a form.

Which Legal Documents Are Needed?  

There are many different types of legal documents that can help you plan how your affairs will be handled in the future. Many of these documents have names that sound alike, so make sure you are getting the documents you want. Also, state laws do vary, so find out about the rules, requirements, and forms used in your State.

Wills and trusts let you name the person you want your money and property to go to after you die.

Advance directives let you make arrangements for your care if you become sick. There are two ways to do this:

A living will gives you a say in your health care if you are too sick to make your wishes known. In a living will, you can state what kind of care you do or don’t want. This can make it easier for family members to make tough health care decisions for you.

To continue reading, please go to the original article here:

https://www.nextavenue.org/organize-important-papers-case-emergency/

How Life Changes When You Get Out of Debt

How Life Changes When You Get Out of Debt: 3 Stories To Spark Your Debt-Free Journey

Andrew Lisa   Wed, June 28, 2023

According to the Money and Mental Health Policy Institute, problem debt is a primary contributor to mental health issues. It destroys relationships, suffocates personal and professional growth, and kills marriages.

Since debt makes future borrowing both necessary and more expensive, it leads to an endless cycle of financial insecurity characterized by perpetual anxiety and stress.

The result is that millions of people feel they exist only to make their minimum payments and keep the wolves at bay for one more month. But, some people overcome the odds and break the cycle.

According to Debt.org, 340 million Americans share $16.9 trillion in household debt — but GOBankingRates spoke to three who found a way out. Overcoming debt is no easy task, but those who break free find that personal, professional and financial goals that previously seemed impossible are suddenly within reach.

The following three stories offer proof.

A Debt Professional Teaches From Experience

Few people know more about debt than Jake Hill, CEO of DebtHammer, a personal finance site dedicated to the subject. However, his experience with the topic isn’t purely professional.

He excels at helping others conquer debt because he knows firsthand what it feels like to exhale after making that final credit card payment.

“The biggest difference I noticed once I’d paid off my debt was how much more money I had each month,” Hill said. “When you’re paying off large amounts of debt, it can be easy to lose track of just how much the monthly fees are costing you; and, once you no longer have those payments, suddenly you have $600-plus, in my case, of extra money every month.

This was a pretty significant upgrade for me personally, as it took so much strain off my finances and allowed me to actually begin creating meaningful savings for the future.”

For One Business Leader, the End of Debt Was the Start of Financial Security

To continue reading, please go to the original article here:

https://finance.yahoo.com/news/life-changes-debt-3-stories-130044657.html

How to Keep Your Money Safe When Online Banking

How to Keep Your Money Safe When Online Banking

Ashley Kilroy  Wed, June 28, 2023  SmartAsset

Bank failures and economic turbulence have made bank depositors nervous – but what about banks where you can’t visit a branch or speak to a teller? Can you withdraw your money when needed and protect yourself from risks? While the rise of online banks has given customers increased savings and a higher APY, it also raises questions about accessibility and safety. However, online banks are safe as long as they are insured by the FDIC. Because online banks can get the same coverage as brick-and-mortar banks, their customers aren’t at risk of losing their deposits.

For personalized financial advice, consider speaking to a financial advisor.

What Are Online Banks?

Online banks are banks without physical locations. Instead, they run their financial services solely on the Internet. Therefore, they have fewer overhead costs and offer customers lower fees and better interest rates.

Because online banks don’t have branches, you can access your bank account through your mobile phone app or the bank’s website on a computer. In addition, most online banks offer free ATM usage at thousands of machines across the country.

How Online Banks Protect Your Money

Physical and online banks alike face the challenge of securing their customers’ deposits. Online banks have a unique situation because of their digital business model. Fortunately, they protect your money in multiple ways.

If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.

Encryption and Two-Factor Login Authentication

You’ve probably heard about different companies being hacked for their data. Online banks have learned from data breaches in the last two decades and implemented the industry-standard 256-bit advanced encryption standard (AES) common to banks of all types. The U.S. military encrypts data similarly, meaning your banking information is well-secured.

Because encryption locks away data, hackers sometimes try to log directly into customers’ accounts by guessing passwords. As a result, online banks and many other companies have two-factor authentication. As the name implies, you need two login credentials to access your account.

To continue reading, please go to the original article here:

https://finance.yahoo.com/news/online-bank-now-keep-money-130020645.html

Why We Could Easily See $5,000+ Gold

Why We Could Easily See $5,000+ Gold

Notes From the Field  By Simon Black Sovereign Man June 28, 2023

On the 18th of September, in the year 324 AD, 52-year old Constantine the Great finally won the victory that he had been fighting for two decades to achieve: sole control of the Roman Empire.

At that point the Roman Empire had suffered more than a century of extreme turmoil– recession, inflation, invasion, humiliation, and endless civil wars, just to name a few of its challenges.

But after finally vanquishing his remaining political opponents, Constantine was ready to turn the page and institute some much needed reforms. And one of his first orders of business was to restore much-needed confidence in the currency.

Previous emperors had heavily debased Rome’s coinage to almost hilarious levels; the silver content in the denarius coin, for example, had been reduced 98% purity, all the way down to just 5% purity.

Nobody trusted Roman currency anymore. So in order to restore confidence, Constantine turned to gold.

The solidus gold coin had been originally introduced by one of his more notorious predecessors– Diocletian– in the early 300s. But the coin wasn’t really widely used.

Constantine chose the solidus as the gold standard for Roman currency, and he minted large quantities of it for circulation across the empire. More importantly, he standardized the coin at a fixed weight and high level of purity… and this standard remained untouched for centuries.

The value of the solidus was so stable, in fact, that it eventually became used for trade and commerce across the world– from the Mediterranean to the Silk Road.

By the 500s AD, the wide acceptance of the solidus became a source of pride for the Empire, leading one emperor to comment that the solidus was “accepted everywhere from end to end of the earth”, and that the coin was “admired by all men in all kingdoms, because no kingdom has a currency that can be compared to it.”

And he was right. Only the solidus was as widely accepted for international trade… sort of like the US dollar’s status today.

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The solidus certainly had a great run; its dominance lasted for centuries. But ultimately, as the Roman Empire (then known as the Byzantine Empire) decayed, emperors once again began to debase the solidus.

Over a period of about three decades in the mid 11th century, the solidus lost roughly two-thirds of its value.  This was a time in history when there were other rising powers in Europe. And these foreign kingdoms started thinking about alternatives.

Soon wealthy Italian city-states like Venice and Florence began minting their own coins– the ducat and florin. And as these coins quickly gained acceptance for international trade, the Roman solidus was displaced forever.

I’ve consistently argued that the US dollar would likely suffer the same fate as the solidus ever since I started Sovereign Man.

As far back as 2012, for example, I wrote:

History’s lesson is quite simple — when the issuing authority of the world’s reserve currency engages in wanton debasement, the market seeks an alternative. This time is not different, and the dollar will suffer the same fate.

 This will likely happen gradually rather than suddenly; over time, the US government will no longer be able to export the most deleterious effects of its monetary policy to destitute people in developing countries. The negative consequences will remain in the US, once and for all.

 The sensible course of action is to plan for this trend by trading out paper currency for real assets like precious metals and productive land that will hold their value over time.

11 years ago when I wrote that passage, the idea of the dollar losing its reserve status was controversial. In fact, most of what I wrote back then was considered highly controversial; I said that Social Security was in serious trouble, that the US government would eventually be unable to pay its debts, and that America was in serious decline.

Today these ideas are no longer controversial. And the proof is in the news headlines on an almost daily basis.

In particular, the dollar’s potential loss as the dominant global reserve currency is now a mainstream idea that is being openly discussed around the world.

(Naturally the Federal Reserve and US Treasury Department are completely ignoring the risk altogether.)

So what does the future hold? Does loss of reserve status mean that the US dollar will simply vanish?

No, of course not. And at this point I don’t necessarily that the Chinese yuan will become THE dominant reserve currency.

China is obviously a major player in global trade and one of the largest economies in the world. They’re big. They’re powerful. And at this point, they’re able to force many of their trading partners to start using yuan for trade.

Think about it like this: Australia currently exports around $150 billion each year to China. And right now, most of that trade takes place in US dollars… because the US dollar is STILL the world’s primary reserve currency.

This means that the central banks in both China and Australia have to stockpile large amounts of US dollars in order to facilitate this trade. And this is an ENORMOUS benefit for the US economy; the rest of the world is essentially forced to invest in America.

But what if China demands that all trade with Australia now be denominated in yuan, instead of dollars. Australia certainly wouldn’t want to alienate its biggest trading partner, so they might happily agree.

What does this mean in practice? Australia makes its exports to China. Instead of receiving $150 billion US dollars, they receive $150 billion worth of Chinese yuan.

What does Australia do with all that yuan? Well, there aren’t too many options. China has a very closed economy with highly regimented capital controls. You can’t freely move money in and out of China.

Now, Australia does import around $70 billion from China each year. So the easiest option is to pay for those Chinese imports using their new pile of yuan.

But that still leaves around $80 billion worth of yuan left over. And again, since it’s so difficult to invest that money in China, Australia will need to figure out something to do with it.

One solution is that Australia’s central bank could exchange its excess yuan for gold. Gold is a traditional asset that central banks around the world have always held. They can use it to settle debts and trade accounts, or simply keep it as a reserve.

So what does this mean for the gold price? Well, the math is fairly simple. China’s global trade surplus in 2022 was nearly $900 billion.

As China continues to push its trading partners to accept yuan, if even 20% of that trade surplus ends up being exchanged for gold, we could easily see a $5,000 gold price given gold’s current supply and demand fundamentals.

I’ll discuss this much more in future letters, but if you’re thinking about ways to hedge the risk of the US dollar losing some of its dominance as the world’s reserve currency, gold is a good place to start.

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https://www.sovereignman.com/trends/why-we-could-easily-see-5000-gold-147743/

16 Rules That Oprah, Mark Cuban, Beyoncé and Other Millionaires Swear By

16 Rules That Oprah, Mark Cuban, Beyoncé and Other Millionaires Swear By

Gabrielle Olya   Tue, June 27, 2023

Being a millionaire or billionaire -- especially a self-made one -- usually requires being disciplined about saving and spending, as well as investing wisely. Although the super-rich can splurge on lavish vacations and fancy cars, some eschew a luxurious lifestyle for one that allows them to maintain their wealth over the long term.

So, if you want to live like a millionaire yourself, you'll have to follow the money rules of the wealthy.

Kristen Bell: Take Advantage of Coupons When Shopping  Net worth: $40 million

"Frozen" star Kristen Bell still clips coupons despite her multi-million-dollar wealth.

"I almost exclusively shop with coupons," she said on "Conan," sharing that her personal favorite place to shop with coupons is Bed Bath & Beyond. "It's the best one because they've got 20% off, and if you go and buy a duvet or an air conditioner or whatever, you could be saving upwards of $80."

Sara Blakely: Create and Maintain a Nest Egg  Net worth: $1 billion

Spanx founder Sara Blakely kept her day job while starting her shapewear company to make sure she'd be able to maintain a healthy nest egg.

"It's really important to save money and create a nest egg, become comfortable for yourself with what the nest egg is, and don't touch it," she told Business Insider. "Leave it there. I always had a portion of my paycheck put into savings, and that was an easy automatic way ... I didn't quit my job until I'd already landed Neiman Marcus and Saks Fifth Avenue. I was so careful, I [worked on Spanx] at night and on the weekends because I didn't not want to have income coming in."

Warren Buffett: Think of Investing as a Long-Term Strategy  Net worth: $110 billion

Billionaire investor Warren Buffett isn't a proponent of active stock trading.

"When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever," he wrote in his 1988 Berkshire Hathaway shareholders letter. "We are just the opposite of those who hurry to sell and book profits when companies perform well."

Grant Cardone: Save $100K and Invest the Rest  Net worth: $600 million

Grant Cardone is a self-made millionaire, author and sales training expert. He recommends hitting a lofty savings goal -- $100,000 -- and then investing any money earned after you hit that amount.

"You need to prove to yourself that you can go out and get money," he wrote in a 2018 post for CNBC. "Saving $100,000 shows that you have an ability to make money and then to keep it. Most people can't do either of those things. Once you can earn and save, then you can start building wealth."

Mark Cuban: Don't Live Beyond Your Means, Even If That Means Living Like a Student  Net worth: $5 billion

Investor and "Shark Tank" star Mark Cuban believes that overspending can be an unnecessary cause of stress, and he advocates for living like a student if that's all you can truly afford.

"Your biggest enemies are your bills," Cuban wrote in a 2009 blog post. "The more you owe, the more you stress. The more you stress over bills, the more difficult it is to focus on your goals. The cheaper you can live, the greater your options."

Bethenny Frankel: Stay Out of the Red  Net worth: $80 million

To continue reading, please go to the original article here:

https://finance.yahoo.com/news/16-money-rules-millionaires-swear-171052150.html

Dangerous Android Trojan Targets 600 Banking Apps — And It's Draining Accounts

Dangerous Android Trojan Targets 600 Banking Apps — And It's Draining Accounts

Anthony Spadafora   Updated Tue, June 27,

Android smartphone owners are once again under attack from the dangerous Anatsa banking trojan which has been updated with new capabilities and can now target even more banking apps.

As reported by BleepingComputer, this new mobile malware campaign has been active since March of this year and so far, banking customers in the U.S., U.K., Germany, Austria and Switzerland have been targeted by Anatsa.

Just like during a previous Anatsa campaign from back in November 2021 which saw the malware downloaded over 300,000 times, the hackers behind this new campaign are using malicious apps hosted on the Google Play Store to infect vulnerable Android smartphones.

This updated version of the Anatsa banking trojan was first spotted by security researchers at ThreatFabric who revealed in a new report that it can now take over nearly 600 different banking apps and commit fraud right on an infected device.

A number of big banks including JP Morgan, Capital One, TD Bank, Schwab, Navy Federal Credit Union and others can be targeted by Anatsa which is why this banking trojan is a threat Android users will want to take seriously.

Delete these apps right now

In their report, security researchers at ThreatFabric highlighted five of the apps that are being used by the hackers behind this campaign to take over and drain bank accounts. If you have any of these apps installed on your Android smartphone, it’s recommended that you uninstall them immediately. Below, you’ll find the apps in question along with their package names:

To continue reading, please go to the original article here:

https://www.yahoo.com/lifestyle/dangerous-android-trojan-targets-600-191106243.html

I’m a Millionaire: Why I’m Not Passing Generational Wealth to My Kids

I’m a Millionaire: Why I’m Not Passing Generational Wealth to My Kids

Andrew Lisa   Tue, June 27, 2023

In America, success is largely measured by wealth, and if you earn enough to outlive you, you can pass it on to your kids. But is generational wealth a worthy aspiration?  There’s a growing movement among millionaires and billionaires to give away their fortunes — but not to their children. By ensuring that your kids are born rich, the theory goes, you rob them of the tools they need to succeed independently.

GOBankingRates spoke to a self-made millionaire who adheres to this philosophy, because his ability to succeed was rooted in the fact that no one was going to do it for him. Here’s his take on the issue.

A Self-Made Man Succeeded Alone Because There Was No Other Way

Bryan Clayton is the founder and CEO of GreenPal, a marketplace that pairs lawn care professionals with people seeking landscaping services for their homes and businesses. The company investigates and approves every business it platforms, then contacts them on behalf of prospective local customers. Those customers can then compare quotes from nearby service providers without having to do the legwork of calling them individually for estimates.

Facilitating more than 9,000 bookings a day, Clayton has built the business into an industry leader — but his success stands on the shoulders of a lifetime of hard work. He started landscaping at the age of 13 before launching his own company, Peach Tree Inc., which he built into a business with 150 employees and $10 million in annual sales. He later sold it and used the proceeds to start GreenPal, and his tech start-up now commands $30 million a year.

Today, Clayton is a millionaire, but that doesn’t necessarily mean his kids will be. Every dollar of the family fortune came from his relentless hard work and perseverance — and if he just hands it over to them, what incentive would they have to build something of their own?

Inheritance: Gift or Burden?

From Clayton’s perspective, his kids can inherit a big pile of money or the skills and mindset needed to succeed on their own — but not both.

“I’ve worked hard to build my company from scratch,” he said. “And while I’ve accumulated wealth along the way, I believe in the importance of instilling the values of hard work, resilience, and financial responsibility in my children rather than simply handing them a large sum of money.”

In his mind, holding back the money gives them something much more valuable in its place. “By not passing on my wealth directly, I hope to encourage my children to strive for their own success and build their wealth,” said Clayton.

‘The Greatest Gift We Can Give Our Children’

To continue reading, please go to the original article here:

https://finance.yahoo.com/news/m-millionaire-why-m-not-110116550.html