Boys & Girls Clubs of Chicago’s Post

Having a personal relationship with your banker makes all the difference. 

Alarming statistics from Vanguard reveal that up to 70% of wealth transfers fail due to poor planning and lack of family involvement. Even more concerning, 70% of wealthy families lose their wealth by the second generation, and a staggering 90% by the third – a trend that persists across various cultures.   Effective multi-generational wealth management and planning is of utmost importance to families! #wealthtransfer #generationalwealth #familylegacy

Very interesting data. The article breaks down average inheritance by income tiers as well as compares expected inheritance amount vs actual amount received: from the article... "On average, American households inherit $46,200, according to the Federal Reserve data. But this figure is inflated by top-tier wealth and belies the fact that many households inherit no money at all. Bottom 50% of income. Average inheritance: $9,700 Expected inheritance: $29,400 A national average of $46,200 does nothing to communicate the fact that about half of all households who do receive an inheritance will get less than $10,000. In fact, this cohort expects to receive nearly three times what they will actually get.

In 2023, we continued to grow and expand our mission, reaching new heights and putting our purpose to work for the people and places we serve. Learn more about how Southern Bancorp made a positive impact for families, communities, and small businesses in our 2023 Impact Report, available at https://lnkd.in/gHfy6Y-u. #CDFI #WealthBuildersForEveryone

At Hug we believe that everyone has a right to basic financial education so that they have the tools and resources to change their futures. With a little knowledge, a little capital and a little focus anyone can increase their wealth, and therefore their social mobility. This week’s newsletter (our first one 🚀) talks, in simple terms, about the distribution of global wealth. Each week, we unpick a related topic in an easy-to-understand format. Designed to be a 3-min read in which you may just learn something you didn’t already know. Learn, share and let’s all build wealth. #financialliteracy #financialfreedom #hugacademy https://lnkd.in/eB9jG23s

At Hug we believe that everyone has a right to basic financial education so that they have the tools and resources to change their futures. With a little knowledge, a little capital and a little focus anyone can increase their wealth, and therefore their social mobility. This week’s newsletter (our first one 🚀) talks, in simple terms, about the distribution of global wealth. Each week, we unpick a related topic in an easy-to-understand format. Designed to be a 3-min read in which you may just learn something you didn’t already know. Learn, share and let’s all build wealth. #financialliteracy #financialfreedom #hugacademy https://lnkd.in/e_KtZa9v

At Hug we believe that everyone has a right to basic financial education so that they have the tools and resources to change their futures. With a little knowledge, a little capital and a little focus anyone can increase their wealth, and therefore their social mobility. This week’s newsletter (our first one 🚀) talks, in simple terms, about the distribution of global wealth. Each week, we unpick a related topic in an easy-to-understand format. Designed to be a 3-min read in which you may just learn something you didn’t already know. Learn, share and let’s all build wealth. #financialliteracy #financialfreedom #hugacademy https://lnkd.in/e5W6_5az

By investing in 13 local organizations in #Fresno that provide necessary resources and support for underserved communities, Bank of America is creating meaningful opportunities and positive change. Learn more: https://bit.ly/46dkLPs

As the first wave of Millennials enters middle age, this generation is growing increasingly anxious about their financial future, according to the annual RBC Financial Independence Poll. Now aged 27 to 42, Millennials are most worried about their cash flow (75%) and how to balance covering day-to-day expenses with saving for the longer term (85%) and more anxious about their financial future (49%). Meanwhile, Gen X (aged 43 to 58) – the group which makes up the largest portion of Canada's middle-aged population – shares similar worries about cash flow (70%), paying for today while saving for tomorrow (82%) and what the future holds for their finances (54%). Both generations are also keenly focused on making the most of the money they have, to become "financially independent". Check out the details here including a breakout by province on what financial independence means to Canadians. https://lnkd.in/gjmbygmy

The Great Wealth Transfer – A New Era of Opportunity   As $84 trillion looms on the horizon—the staggering generational transfer of wealth—our financial destinies hang in the balance. Are you ready to seize the opportunities this seismic shift presents?   Dive into this latest article to discover how families, millennials, and Gen Z are navigating this transformative landscape.   #DRE01349340 #Compass #REALTOR® #GridleyGroup #keepingcurrentmatters #WealthTransfer #FinancialOpportunity #GenerationalWealth #MoneyMatters #LegacyPlanning