You might be surprised to discover that wealthy people tend to waste money in ways that are similar to the poor or middle class. When they are not mindful of their finances, according to the leaders at Aquilance, a personal financial administration firm that serves high net worth individuals, they can spend more than they should on everyday expenses.
After rises to interest rates and other changes to the financial landscape, ultra-wealthy individuals and family offices must rethink how they invest and spend. They need to look at the whole “balance sheet.”
It’s not unusual for Joe Farren and his team of financial experts to occasionally come across clients who have suddenly inherited a windfall and are not equipped to manage the influx of money.
Growing wealth is one thing. Preserving and passing it down to the next generation while confidently knowing it will be maintained is something else entirely.
Parents shouldn’t wait until their kids are old enough to have an allowance before teaching them about money.