Generational Asset Planning

Motivational Monday “And in the end it's not the years in your life that count. It's the life in your years.” – Abraham Lincoln

Periodically, companies will report massive data breaches, some impacting billions of records that contain personal information such as names, addresses, and Social Security numbers. Depending on the situation, it is possible that your information was compromised. Companies will often reach out to alert consumers about this potential risk once a data breach has been confirmed.

Motivational Monday “Don’t let your learning lead to knowledge. Let your learning lead to action.” - Jim Rohn #MotivationalMonday

Market uncertainty occurs when investors find it challenging to analyze current and future market conditions due to market volatility. Various factors, such as inflation, central bank policy changes, interest rate fluctuation, investor behavior, unemployment news, and industry buzz, can cause market volatility.

Discovering New Mexico Did you know? Smokey Bear was invented in New Mexico after the Capitan Gap fire of 1950, which burned 17,000 acres of land.

Motivational Monday “Every financial decision should be driven by what you value.” – David Bach #MotivationalMonday

Until recently, college student-athletes were considered amateurs and prohibited from receiving monetary compensation. However, the NCAA has introduced Name, Image, and Likeness (NIL) rules that now allow student-athletes to be monetarily compensated for their brand.

Motivational Monday “Whether you think you can or you can’t, you’re right.” – Henry Ford

There are often red flags you may notice that indicate your parents have reached a point where they need help with their finances. At first, your parents might be resistant to this, believing they can still manage their financial lives. To avoid a potential misunderstanding, it is critical that you clearly communicate your concerns. Some of these red flags to be aware of include: • They are making odd purchases or being careless with their money, which is out of character. • Creditors are beginning to call. • Scammers are targeting them through phone, snail mail, and email and you believe they are vulnerable. • They struggle with normal behaviors, such as balancing their checkbooks or forgetting to turn off the stove and lock their doors at night. This is a difficult time for everyone involved. But the sooner you take action, the easier it is to mitigate unfortunate events from occurring and for you and your parents to start adjusting to the changes. Consider these practical steps for helping your parents plan their finances: 1. Collect and organize financial and legal documents. 2. Keep a separate record of important account numbers. 3. Stay organized and keep your parents' finances separate from your own. 4. Stay vigilant against identity theft and scams. 5. Talk to them about Power of Attorney. 6. Consult a financial professional.

When discussing multigenerational wealth it is common to come across proverbs that acknowledge the fact that generational wealth typically won’t make it past the third generation. In the United States the saying goes, “from shirtsleeves to shirtsleeves in three generations.” In China it is said, “rags to rags in three generations.”