Welcome to a new week here on the One Minute Retirement Tip Podcast. I’m your host Ashley Micciche, co-owner of True North Retirement Advisors, an independent financial advisory practice managing $325 million in client assets. I’m a Chartered Retirement Planning Counselor, and I started this podcast because I love helping people just like you gain clarity and make a plan for the retirement you envision. 

The theme this week on the One Minute Retirement Tip podcast is: Why Do Family Fortunes Disappear?

Have you heard the quote: “Shirtsleeves to shirtsleeves in 3 generations”? According to research, 90% of family fortunes are gone after the grandkids and the 4th generation has to start all over again. 

So this week on the podcast, we’ll explore how the wealthiest families manage to lose their money most of the time, and the key differences between families like the Rockefellers who are still going strong generations later, compared to the Vanderbilt family, who couldn’t count a millionaire among them by the 1970s, despite both families being among the wealthiest in the history of the United States.  

More specifically, I’ll talk about: 

• The often complicated and nuanced reasons why it’s likely your great-grandchildren won’t be rich, even if you are.
• The natural dilution that happens with wealth as it’s passed down to children and grandchildren
• And the key behavioral difference among families with lasting vs. transitory wealth

Then we’ll explore whether or not it’s even a good thing for children to inherit wealth. Almost all of us transfer money freely to the next generation and try to give children every comfort and opportunity in life. We’ll talk about how that can often backfire, and then lastly, I’ll tie everything together by talking about the important estate planning decisions you’ll need to make if you plan to pass only 7 figures or more to the next generation. 

I hope what I have to share with you this week will help you make smart and thoughtful decisions with your retirement. And while I am careful to not lead you astray, personal finance is not an exact science. There is no one-size-fits-all solution for everyone, so I encourage you to disregard anything I say that may not be helpful for you, and to consult your own financial, tax, and legal advisors regarding your own individual situation. 

That’s it for today. Come on back tomorrow...

Thanks for listening! My name is Ashley Micciche...and this is the One Minute Retirement Tip. 

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance