In the News

An Open Letter to Maddy

Dear Maddy, THE REAL WORLD - It’s Not That Bad…
By Kathy Longo, CFP®, CAP®, CDFA
Monday, 06 May 2019

An Open Letter to Maddy

I am so excited for my oldest daughter, Maddy, to graduate from the University of Wisconsin, Madison with a corporate finance major and wealth management minor this May. Although she initially thought the financial planning profession would be incredibly boring, Maddy took a psychology course that introduced her to the interesting meaning behind money, plus took an aptitude test that indicated financial planning would be a great fit for her interests and skills. I am excited that she has her first wealth management job and an apartment. I kept telling her about my excitement to see her “launch”. When Maddy asked if I could please stop talking about launching as she was really sad about leaving college. I held back from sending her the cost of her auto insurance rates as I was excitedly ready to take her off our policy and that this was all part of her launching process.

How to Keep from Spoiling Your Adult Children in Four Steps

We are in the middle of a massive, $68 trillion-dollar wealth transfer. This epic shift of wealth from Baby Boomers to Millennials will be one of the largest financial transfers of all time.
By Kathy Longo, CFP®, CAP®, CDFA
Tuesday, 23 April 2019

How to Keep from Spoiling Your Adult Children in Four Steps

Baby Boomers are the wealthiest generation in history and 45 million households will move trillions of dollars to the next generation. But with that transfer comes worry and fear of spoiling or creating an entitled generation. We’ve all heard sayings about how most wealth is lost in three generations. Interestingly enough, it’s actually often lost in two. In fact, 7 in 10 wealthy families have lost their fortunes by the second generation, and that number goes to 90% by the third. The theories for why this occurs focus on a lack of communication and a lack of financial preparedness for the heirs. In this article, we will go over four different steps to pass your wealth onto descendants without spoiling them or leaving them ill-prepared to manage their newfound wealth.

 

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