As the American expression “Shirtsleeves to shirtsleeves in three generations” goes, family legacies have long been haunted by the fear that future generations will mismanage their inheritances. Now there is data to back up this expression. The Williams Group, a wealth consultancy firm, conducted a groundbreaking 20-year study of over 3,200 families and found that seven in ten families lose their fortune by the second generation, while nine in 10 […]
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One of the biggest perks of accumulating hard earned wealth is the ability to spend time away, traveling in comfort and style. No sparse hotel rooms, 4:00 a.m. flights or twelve hour delays, spent waiting at a departure gate. And you have the pleasure of visiting luxurious or exotic global destinations, many of which are only available to an exclusive group of people. If vacation is what you need, check […]
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When it comes to making money, it is clear that billionaires have what it takes to get it done. Hard work, a knack for smart investing, the ability to take risks, and a whole lot of dedication are all qualities that contribute to financial success, but does that mean there is no time left for simply having fun? While hobbies for billionaires differ greatly from average income earners, they are […]
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If you are like most people, the ultimate motivation for working hard and building wealth is to provide a good life for your family and to create an enduring legacy for future generations. The question is how many years will your money last, assuming your children and their children are able to provide their families with the same advantages they enjoyed growing up? The time and effort you put into […]
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One of the greatest joys in life is becoming a grandparent. When your adult children start having kids of their own, you will quickly realize that spending time with their babies is a lot more fun than being the one with the child-rearing responsibilities. That said, most grandparents still want to help in any way they can by spending time with their grandkids and/or saving money for their future. Every […]
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Using a few strategies, you can have a smooth and conflict-free succession process: Choose an heir Ideally, you should start at least a decade before leaving — think about who you would like to take over. The next person to run your company will likely be within your company so start scouting out the real star employees of your ranks. Otherwise, you may look outside the business. Create a training […]
Continue readingPart of being successful in business is knowing when to get out of the business. As such, having a solid exit strategy should be as much a priority for business owners as next year’s business plan. An exit strategy should include plans for how to minimize taxes when you actually sell the business. However, your tax minimization strategy may be different depending on who you sell the business to. Essentially, […]
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Dear Clients, Colleagues, and Friends, The doorbell rings around midnight. Heading to bed, James and Victoria worriedly check the peephole. Their grown son Brian and his much disliked girlfriend-of-the-month Elle wait outside. James opens the door asking, “Aren’t you supposed to be in Vegas for the weekend?” Elle thrusts her hand in their faces. “We were!” she screams, showing off a huge diamond ring. “You’re engaged?” asks Victoria, crestfallen. “No, […]
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Dear Clients, Colleagues, and Friends, “Teamwork makes the dream work, but a vision becomes a nightmare when the leader has a big dream and a bad team.” – American Clergyman, John C. Maxwell Paul can’t believe it’s been forty years since the night he died. The last thing he remembered was blowing out the candles on his 20th birthday cake – then nothing. One minute he was fine, the next […]
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