The #1 Reason Why 70% of Wealthy Families Lose All Their Money

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Investing, Business

4.7 • 3.1K Ratings

🗓️ 22 February 2019

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Your kids, grandkids, great-grandkids could go broke if you do not fix this problem. Yes, that may seem a bit harsh, but when you look at the statistics of generational wealth building it is very somber. 70% of rich families lose their wealth by the 2nd generation 70% of family-owned businesses fail and/or sold by the 2nd generation 86% of millionaires are first generation. Tune in to this week’s episode of The Money Guy Show as we reveal the secrets to sustaining your wealth through future generations. Learn the practical steps you and your family can implement to keep your wealth for generations to come. For more details, please visit the show notes on our website: https://www.moneyguy.com/2019/02/#1-reason-why-wealthy-families-lose/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Your kids, your grandkids, they're all gonna be broke.
0:05.0	And doesn't even matter if you're rich.
0:07.0	How do we fix this?
0:09.0	It's Brian Preston, the money guy, restoring order to your financial chaos, retirement, investing, taxing.
0:18.0	You've got financial questions, he's got financial answers.
0:21.0	It's Brian Preston, the money guy.
0:25.0	I know there's a little shock and awe there.
0:28.0	A little bit, yep.
0:30.0	But it's true.
0:31.0	I mean, this statistics, if you are a person watching the money guy show, you're good with money.
0:36.0	That's odds are, you're not that clad.
0:39.0	That's a given.
0:40.0	You know, if you're following geometry and you have to do that whole given, you know, stated things.
0:46.0	If you were watching this show, you're successful.
0:50.0	And unfortunately, listen to these two stats.
0:53.0	70% of rich families lose their wealth by second generation.
0:58.0	I'm gonna reframe that in bohance award.
1:00.0	70% of wealthy people's kids spend all their money.
1:03.0	Exactly.
1:04.0	All right.
1:05.0	Here's another one.
1:06.0	70% of family owned businesses fail or sold before the second generation.
	...

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