Many are the stories of family wealth lost. In the late 19th century, industrial tycoon Cornelius Vanderbilt amassed the equivalent of $100 billion in today’s dollars – but when 120 of his descendants met at a family gathering in 1973, there were no millionaires among them. Barbara Woolworth Hutton – daughter of the founder of…
Read MoreLittle things matter. When planning for retirement, people naturally think about the big things – arranging sufficient income, amassing enough savings, investing so that you don’t outlive your money, managing forms of risk. All of this is essential. Still, there are also little financial adjustments you can make at mid-life that may pay off significantly…
Read MoreThis might not surprise you: 2013 is going in the books as the worst year bond funds have ever seen. According to TrimTabs Investment Research, investors yanked $72 billion out of bond mutual funds in 2013 – all of it after May. Those net outflows alone exceeded the record of $63 billion seen in 1994.…
Read MoreDecember 18 turned out to be T-Day: the day on which the Federal Reserve finally tapered QE3. In making the move, the Fed acknowledged an improving economy; Wall Street quickly and enthusiastically applauded its decision. The Fed will reduce its monthly asset purchases by $10 billion. QE3 will continue, but the central bank will buy…
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In a recently Forbes column I wrote, I make the case why the lottery is a good investment. No, not a good financial investment, but a good investment in yourself. Here’s a snippet: The real question is not what toys you would buy or even how winning the lottery would change your life. The better…
Read MoreAn opportunity for you to give & save. As 2013 ends, you may be considering making one or more charitable contributions. In most instances, they are tax-deductible with benefits for the donor as well as the recipient. As you make any charitable gift, keep three things in mind. One, the organization must be a qualified…
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If you play Powerball or Mega Millions in an office lottery pool, you should be forewarned. If you are lucky enough to win, you may be unlucky in litigation. Many office lottery pools end up in litigation because they are not structured correctly. I wrote a column for Forbes called “5 Rules if You Play…
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If you weren’t around, what would happen to your investments? In many families, one person handles investment decisions, and spouses or children have little comprehension of what happens each week, month or year with a portfolio. In an emergency, this lack of knowledge can become financially paralyzing. Just as small business owners risk problems by…
Read MoreI recently wrote a column for Forbes titled “Don’t Make These 6 Common Sudden Wealth Mistakes.” Here are the six common sudden wealth mistakes: 1. Making unnecessary decisions. 2. Spending money. 3. Promising anything or making commitments. 4. Sharing news with others. 5. Retreating. 6. Self-medicating with alcohol/drugs. You can read a full description of…
Read MoreHere are six things you need to know about Social Security in 2014. For clarity’s sake, here is a rundown of what is changing next year, and what isn’t. Social Security recipients are getting a raise – but not much of one. Next year, the average monthly Social Security payment will increase by $19 due…
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