Money is both basic and complicated. It enables us to get the things we want, yet people are often reluctant to talk about how much they make, how much they have or how much they pay for things -- even to their own family.
In fact, according a recent survey of affluent investors:
- 62% said they do not plan to tell their children about their net worth -- ever
- The lower their net worth, the less likely they are to tell their children
- 75% of business owners said they do not tell their kids about their financial situation
- Of the 38% of investors who did tell their children about their net worth:
- 61% said they did so in case something happened them
- 56% said they wanted their children to understand the implications of major financial decisions, such as their college choice
- More than 50% said they spoke to their children about the family’s net worth once they reached age 21 or older
One of the newest innovations in money is “virtual currency.” The most popular version is bitcoin, which was created in 2009 but no one knows by whom -- the person used the alias Satoshi Nakamoto. That may seem incredible, but bitcoin is no joke. Bitcoins can be used to buy merchandise anonymously all over the world via the Internet with no bank or credit card fees, which is why more and more merchants are accepting them. Furthermore, there are “bitcoin exchanges” in which you can buy or sell bitcoins using different currencies.
Whatever our individual feelings are about money, most people believe it’s important to save. The good news lately is that more Americans have increased their savings over the past year. According to a new survey, people with a savings plan are more likely to be prepared in case of a financial emergency (82 percent vs. 48 percent with no plan), believe they are saving enough for retirement (65 percent vs. 31 percent) and are currently saving the difference from spending less than their income (90 percent vs. 50 percent).
Furthermore, the percentage of affluent Americans surveyed who report they have no consumer debt or are reducing their obligations rose from 76 percent to 78 percent over the past year.
Saving tends to be a universal priority no matter what level of affluence people achieve. But when you reach retirement age, you may want to consider converting those savings to a regular stream of income. We can help you evaluate ways to do that.
Our firm assists retirees and pre-retirees in the creation of retirement strategies utilizing insurance products. Our firm is not permitted to offer, and no statement contained herein shall constitute, tax, legal or investment advice. Be sure to speak with qualified professionals before making any decisions about your personal situation. Our firm is not affiliated with the U.S. government or any governmental agency.
This content is provided for informational purposes only. It is provided by third parties and has been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation.
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