Money Minute with Matt: Managing Inheritance
On today’s Money Minute with Matt, he’s sharing a sobering truth: 70% of wealthy families lose their wealth by the second generation, and 90% by the third.
Why does this happen? Too often, heirs inherit money without inheriting the knowledge to manage it. So here’s the real question: Are your children financially prepared, or just waiting for the payout?
Wealth isn’t just about building assets. It’s about responsibility, planning, and foresight, so your legacy lasts for generations, not just years.
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Transcript
Welcome to your money minute with Matt. Your dose of financial clarity in under a minute. 70% of wealthy families lose their wealth by the second generation and 90% by the third.
The more you have, the more there is to lose to taxes, to lawsuits, to poor planning, or even family conflicts. So let me ask you do your kids know how to handle the wealth they'll inherit or just that they'll inherit it?
When was the last time your cpa, your attorney or advisor, sat down together to protect your interests, not just their own slice? If something happened tomorrow, would your spouse or family know what to do and who to call? Wealth is not a plan. It is a responsibility.
And protecting it isn't just about investing well. It's about thinking ahead. That's your money minute with Matt. If those questions made you pause, let's talk preserve more. Live well.
