Creating A Financial Plan For The Family (#115)

Episode Summary:

In this episode of "Financial Advisors Say the Darndest Things," host AB Ridgeway delves into the importance of creating a financial plan that involves not just managing wealth but also passing on valuable money management skills to future generations. He emphasizes the biblical principle of training up children in the way they should go, applying it to financial stewardship within families.

Key Takeaways:

1. Intergenerational Wealth Transfer: Ridgeway highlights the alarming statistic that by the third generation, 90% of initial wealth is lost. He attributes this loss not primarily to poor investment choices but to breakdowns in communication and trust within families.
2. The Role of Communication: Effective communication about financial ...