There is a lot of wedding talk in our office lately, with employees and employee’s children getting married. Weddings cost money and can be stressful, but is there a correlation between the cost of a wedding and the duration of the marriage? Emory University published a study called “A Diamond is Forever” and Other Fairy Tales: The Relationship between Wedding Expenses and Marriage Duration”. Below are some interesting facts:
Our teenage daughter Vika graduated eighth grade this month from Junior High after being at the St. Barnabas school for over eight years. It’s a milestone for her and a giant step toward becoming a young lady. I was choking back tears seeing her walking down the aisle wearing the classy dress, white gloves, make up and nice conservative pumps! There’s something about seeing your daughter grow up and all of the sudden you wonder, “what happened to my little girl?” Remember the song “Butterfly kisses”? It kills me every time I hear it. She really progressed this last year academically, emotionally, spiritually even though she still has her teenage drama, hormonal over-reactions and a few conniving moments.
A recent study on Safeguarding our Seniors conducted by Allianz indicated that elder financial abuse is becoming more commonplace and appears to be greater than we thought in both scope and impact. This latest study also exposed the damaging effects of abuse extend well beyond the seniors themselves to their caregivers.
We all remember the old adage “If you aim at nothing, you’re sure to hit it”. There are numerous studies out that confirm those who have written goals will more likely achieve them. Dr. Gail Matthews, a psychology professor at Dominican University in California, did a study on goal-setting with 267 participants. She found that you are 42 percent more likely to achieve your goals just by writing them down. The obvious alternative to not putting them in writing is drifting through life aimlessly reacting to events and circumstances, allowing them to dictate our purpose and accomplishments.
So, the family is coming to town for the Holidays……
Yes, it’s that time of year again, where all the in-laws, outlaws and long lost cousins may be converging in your private domain for what is supposed to be the best time of the year. It’s supposed to be a time of holiday cheer and good will but as we know, family dynamics and dysfunction can lead to some disillusionment. So, how do you head things off at the pass and keep the peace despite the quirks and peculiar personalities? I’ve learned some hard lessons on this over the years so perhaps you can avoid the same mistakes I’ve made.
So here it is: the ten errors to avoid when family visits for the holidays…
Having spent several years caring for my aging parents, there were some hard life lessons that I believe are worth sharing. This something we all hope we can handle when the time comes, but it's one of those things that we don’t want to think about. Whether the time is now or somewhere down the road, there are steps that you can take to make your life (and theirs) a little easier. Some people live their entire lives with little or no assistance from family and friends, but today Americans are living longer than ever before. It's always better to be prepared.
Imagine that you’re a self-made person with $10 million in assets…
Do you leave it all to your children, spend all you can or donate to charity? Prudence and each family’s values should determine some balance in each. A coming intergenerational shift in wealth raises many issues for prosperous families, including how much to give children without doing more harm than good. The affluent families we deal with are mostly concerned with ensuring that their wealth doesn’t snuff out their children’s sense of purpose, ambition and desire to make the world a better place. What many high-net-worth people worry about is that the money may ruin their children instead of enriching their lives.
In a national study of 206 affluent parents in 2014, one financial institution found that most people plan to leave the lion’s share of their wealth to family members, motivated by a desire to positively influence the lives of loved ones. Given the amount of wealth that’s expected to be transferred to the next generation, more families should be discussing this.
In the 25 years of working to help clients succeed financially, we’ve encountered literally hundreds of prospective clients whose pre-conceived notions, bad experiences or prejudices have prevented them from achieving financial success.
Here are some of most common:
Everyone wants to retire comfortably when the time comes. Most also want to help their child go to college. So how do you juggle the two? The truth is, saving for your retirement and your child's education at the same time can be a challenge. But take heart—you may be able to reach both goals if you make some smart choices now.
The first step is to determine what your needs are for each goal.
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