Our Future Millionaires

We have read sad stories about a large Inheritance that was gained and then lost within two generations. I have an article about that topic posted to my blog earlier this year titled “Inheritance and Your Financial Legacy” (January, 2015). (www.attorneybarbaradalvano.weebly.com)

When the article from the CFA Institute (Chartered Financial Analysts Institute) landed in my inbox, my ears pricked up. Why?The title was: “How To Raise a Future Millionaire” by Bob Stammers of CFA Institute (September 10, 2015)

Mr.Stammers outlined a few deceptively simple steps toward raising kids who can handle money well.

As he states: “financial management is not included in most school curriculums”

Too often young family members wait until their first job; their first mortgage; their first credit card debt problem, to begin to familiarize themselves with the skills of personal financial management.  If wealth is inherited, there is a real risk that a youngish adult does not have the capability to manage that legacy.

Two key points of the Stammers article are that young adults should acquire several basic financial skills, key among them:

“The ability to build and track a budget” and ” The ability to read a credit card statement, calculate interest, and manage debt”

I would add to the list-  the ability to compare various debt offerings, e.g. car financing offers; college debt, credit card offers, mortgages; etc.
As Stemmers advises: “hopefully by the time your children are ready to go off to college, they are equipped with the skills to live within a budget and manage their finances fairly independently.” This is indeed a worthwhile goal!

As an estate planning lawyer, I seek to provide families with a solid plan to preserve their wealth; protect their future and to pass on any inheritance to family members, who also can preserve that wealth for future generations.

In order to preserve future wealth, young adults need the acumen to handle the ever- more-complex world of personal financial management. Mr. Stammer’s article offers some “real-world” advice about raising “future millionaires”.

If you want to read the entire article go to www.cfainstitute.org and view their archives of interesting, well-written articles about financial management.

Wikipedia definition: “The Chartered Financial Analyst (CFA) Program is a professional credential offered internationally by the American-based CFA Institute (formerly the Association for Investment Management and Research, or AIMR) to investment and financial professionals.”

Investopedia definition: “A professional designation given by the CFA Institute (formerly AIMR) that measures the competence and integrity of financial analysts”

According to Bloomberg Business Week: “The CFA designation is considered the gold standard of the investment management field and those who have the credential are expected to have an in-depth knowledge of the investment industry, with many going on to careers as portfolio managers or research analysts at hedge funds and private equity firms.”

Working To Preserve Your Wealth and Protect Your Future…in a Constantly Changing World”

Please read my full disclaimer and also “How I Can Help You”

Visit my website:  http://www.attorneybarbaradalvano.weebly.com for more blogs


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About Attorney Barbara Ann Dalvano

Attorney in Denver, Colorado with extensive practice experience in the areas of Estate Planning, Wills and Trusts, Business Succession Planning, Probate, Contract Law.

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