THE WEALTH TRANSFER BAR NONE

By Dave Franco

SAVE YOUR WEALTH. TELL A STORY. Now and for the next 20 years, something unprecedented is taking place. The baby boomers are turning over all the money they’ve created to their children in a wealth transfer bar none. When completed, it will be a tidal wave of money large enough to actually alter our entire economy.
 Some industries are reeling. But some are licking their chops—those who know that when the NextGens get all that money, they will be rich for what they have received but not for what they earned—and they will spend like maniacs.
 It should be a red flag for anyone who is about to transfer their wealth to their kids. Most of our children are not prepared to receive it—why should they be? They didn’t make it. They didn’t sacrifice everything to realize a dream. They didn’t build a successful business on virtues and values.
 And all that money could fall right through their fingers. 
Consider the dangers of being the sudden recipient of great buckets of money. Most will either spend it, lose it in bad investments, or fight over it. It will be a sudden blast to their egos, lifestyles, decision-making, emotions and senses of security, even senses of self. It is about to ruin a lot of lives. It is a sad truth about a gift lovingly intended to make their lives better.
If only the NextGens could know what it took to make that money. If only they could experience the pain, struggle, and sacrifice, they might handle it differently.
 They can.
Many successful baby boomers, before transferring their wealth, are transferring their wisdom in a narrative of their lives; a written legacy of experiences, lessons, values and principles.

Financial Planners Blog