The Seven Deadly Sins Of The Wealth Management Industry

John Jennings  Contributor 

In his investment book “Where are the Customers’ Yachts?” Fred Schwed opens with the story that gives the book its title:

Once in the dear dead days beyond recall, an out-of-town visitor was being shown the wonders of the New York Financial District. When the party arrived at the battery, one of his guides indicated some handsome ships riding at anchor.

He said, ‘look, those are the bankers’ and brokers’ yachts.’

‘Where are the customers’ yachts?’ asked the naïve visitor.

7 Little Changes That’ll Make Your Money Last for Generations

Ken Eyler CEO, Aquilance  Thu, July 27, 2023

I’m an Advisor to Wealthy Families: 7 Little Changes That’ll Make Your Money Last for Generations

You may have heard of the third-generation curse, which causes 90% of wealthy families to lose their money by the third generation. But some individuals manage to deplete their wealth even sooner, especially if they came into a lot of money quickly. For instance, athletes, entertainers, executives and entrepreneurs who achieve runaway success after years of financial hardship may suddenly find themselves with seven-figure bank accounts and no idea how to carefully spend and manage their money.

I Downsized for Retirement and Regret It: Be Aware of These 6 Pitfalls

Andrew Lisa  Updated Thu, July 27, 2023

Generations of Americans have leveraged their homes to fulfill their retirement dreams by downsizing.

Buy a house fit for a family when you have one and build equity over the years. When the nest empties and retirement nears, sell it to buy something smaller, cheaper and more manageable, and use the difference to finance your glorious golden years.  Downsizing can come with hidden financial and emotional costs, however. It can also diminish both your nest egg and your peace of mind. Here are some examples of downsizing regrets and how to avoid them.

Stealth Wealth Secrets: 10 Tips for Living a Rich Life in a Low-Key Manner

Crystal Maye  Thu, July 27, 2023

Stealth wealth, as explained by Experian, is all about financial privacy. In today’s society, broadcasting wealth on social media or even just among coworkers and friends can make you a target for exploitation. Whether bad actors attempt to hack your accounts or loved ones come with their hands out, showcasing your earnings may have unfortunate consequences.  Keeping information about your income and assets private can help protect you from a wide range of uncomfortable and potentially unsettling situations. Individuals who practice stealth wealth often have significant amounts of money, but few people know about it. They keep it under wraps in order to safeguard their assets.

Top 3 Family Money Disputes — And How To Solve Them

Heather Taylor   Wed, July 26, 2023

I’m a Will and Trust Attorney: These Are the Top 3 Family Money Disputes — And How To Solve Them

As the United States enters one of the greatest wealth transfers in history, it is not unusual to hear about families experiencing money disputes. Family members may let their emotions get the better of them and find themselves stuck in arguments, fights and disagreements regarding a wide range of financial issues. In worst-case scenarios, these disputes can lead to acts of physical violence or never reach a resolution.

CFPB Fines Bank of America What That Means For You

Tue, July 25, 2023

The Consumer Financial Protection Bureau on July 11 fined Bank of America for three types of transgressions against its customers, each costing consumers money and time. We've seen similar transgressions at many other banks over the years, and we are likely to see more in the future.

Here are a few simple steps consumers can take to help them avoid being victimized by their banks.

If a Family Member Dies, Which Debts Will You Be Responsible For?

Vance Cariaga  Mon, July 24, 2023

One thing to know about debt is that it doesn’t go away — even after the death of the person holding it. When someone dies, their debts and assets typically pass to their estate, according to the Consumer Financial Protection Bureau (CFPB). The estate is responsible for paying any unpaid debts.  If there is no money or property left, then under most circumstances the debt will not be paid. As a general rule, no one else — including family members — is required to pay the debts of someone who died, according to the CFPB. That’s not always the case, however.

First Year of Retirement: 7 Money Moves You Absolutely Must Make

July 13, 2023 By Nicole Spector GoBankingRates

If you’re near retirement or fresh in it, it’s critical to understand how to manage your financial life, and how it differs from when you were making a salary. To do this, you should make these seven money moves in your first year of retirement — per the suggestions of experts. 

Start Tracking Your Expenses

Hopefully, you’ve already made a strict budget and have been tracking expenses leading up to your retirement. Now is the time to really pay attention.

The Math That Explains Why Lifestyle Inflation is a Wealth Killer

Lifestyle Inflation Is A Wealth Killer  By Zach  January 24 2019 Four Pillar Freedom

Investopedia defines lifestyle inflation as:

 Lifestyle inflation refers to increasing one’s spending when income goes up. Lifestyle inflation tends to continue each time someone gets a raise, making it perpetually difficult to get out of debt, save for retirement or meet other big-picture financial goals. Lifestyle inflation is what causes people to get stuck in the rat race of working just to pay the bills.

 Two of the most common reasons for lifestyle inflation include: