This study also dealt with affluence. So when we discuss plans for multi-generational wealth, we are inevitably also drawn to healthy lifestyles, good emotional skills, education, and robust, positive parenting. All these appear to affect health, longevity, and even affluence. https://www.businessinsider.com/things-that-make-people-live-longer-happier-lives-2018-8
Famed Economist Robert Shiller Sees Upside In Overvalued, High Risk Market. What’s An Investment Advisor To Do?
Happy Friday! As the world is being battered by two great storms (Hurricane Florence in the Carolinas and Super Typhoon Mangkhut in South Asia), our own U.S. stock market is overvalued, high risk, and climbing ever higher! But Nobel laureate economist Robert Shiller, who has successfully predicted past market debacles, feels that the stock market could still go a lot higher! So we are maintaining a highly diversified, somewhat conservative allocation, but we are NOT “cashing out” of stock market mutual funds. Reality: nobody knows what will really happen. https://www.bloomberg.com/news/articles/2018-09-14/shiller-says-u-s-stocks-could-go-a-lot-higher-before-dropping
I am in complete agreement that technical education is often as good as a college degree. Most important is to embrace the idea of some sort of education to mazimize our families’ earnings potential. In other words, in general, learning skills via education is often a great choice, anecdotes aside.
It’s always a judgement call, even a guess, but if we are in good health and able to work, and there isn’t a giant nest egg or inheritance waiting, it’s often better to postpone drawing social security until the maximum age, which is 70. The reason for this is that benefits rise as we postpone. If we live longer than average, our decisions should (hopefully) pay off. https://www.marketwatch.com/story/why-people-who-claim-social-security-early-often-live-to-regret-it-2018-09-04?siteid=bigcharts&dist=bigcharts
Most families lose their wealth by the third generation. But it doesn’t need to be that way. https://www.theatlantic.com/business/archive/2015/09/richest-families-grandkids-gilded-age/405892/
It really IS possible to blow a billion dollar fortune. In fact it’s probable. Study how the Vanderbilts lost the unloseable fortune: drama, lack of diversification, and dissipation. You will see why it’s so hard to master intergenerational wealth. https://www.forbes.com/sites/natalierobehmed/2014/07/14/the-vanderbilts-how-american-royalty-lost-their-crown-jewels/#33c197bf353b