Tag: Children and Money

Passing wealth on now, later, ever?

Posted By Kelly Willis, Editor On February 12th, 2013

Today’s Globe & Mail High Net Worth section featured Newport Private Wealth in a piece by journalist Paul Brent entitled Don’t let your money spoil the kids.

It deals with the issues, desires, opportunities and complications of wealthy baby boomers assisting their offspring financially — a subject that’s near and dear to our hearts and on which several of our colleagues have blogged. You can also read David Lloyd’s post on Catalyst Funding and Kevin Dean’s Engaging the Next Generation.

For high net worth families concerned about preparing the next generation for responsible wealth management, remember that we offer an educational program for young adults, NextWave. Contact Caitlin Lloyd or Kevin Dean to learn more.

email Passing wealth on now, later, ever?

linkedin Passing wealth on now, later, ever?

bird Passing wealth on now, later, ever?

Tags: Children and Money, net worth, NextWave

Engaging the next generation

Posted By Kevin Dean On December 18th, 2012

At the end of November we held our launch event for NextWave, Newport Private Wealth’s initiative for young adults to help them become better equipped at managing wealth.

We had a tremendous turnout with over 40 young adults in attendance for an evening of networking and a brief introduction to the concept of NextWave, as well as introductory topics that will lead into our future events. Feedback from attendees was enthusiastic: “These are exactly the kinds of questions I have but I don’t know who to talk to” and “I was so happy that I actually understood what you were talking about because I feel totally underprepared when it comes to financials”.

The feedback confirmed our belief that there is a strong desire to learn. Young adults want to take more responsibility, but with little in hard financial assets early in their careers they feel like they don’t have access to qualified individuals to discuss their concerns. [read more >>]

Tags: Children and Money, NextWave, wealth management

Values based wealth management

Posted By Kelly Willis, Editor On May 29th, 2012

Earlier this month, we hosted another in our series of Inside the Tent events for clients and friends. This time the topic was personal: Net worth. Self worth. What values will you pass on?

How do we make sure our money doesn’t mess up our family?

How much financial support should we give our kids?

How do we create a sense of generosity and not entitlement?

[read more >>]

Tags: Children and Money, Wealth & Happiness, wealth management

The top 10 things our children should know about money

Posted By David Lloyd On May 16th, 2012

Many of my clients have adult children graduating from university and starting a new career. For many it’s the first time they have had to manage finances and plan for the longer term. Now is the time to establish good habits and attitudes that will last a lifetime. Here is my list of the top 10 things I advise young adults to do if they want to build a healthy and successful relationship with money:

Write down your values and goals. You may draw some blanks at first, but these should be your guiding principles. Then work hard to make them happen.
Earn all you can, save all you can and give what you can.
Avoid credit cards until you have a full time job to pay off balances in full each month.
Pay off student loans, credit cards and any other debt on which the interest is not tax deductible.
Contribute to an RRSP early and often. You can’t beat the value of tax deferred compounding.
If you’ve maxed out RRSPs, contribute to a TFSA and invest what you can. If you save and invest your money, you can’t spend it.
If you need a car, buy a used one. It’s a depreciating asset that won’t help you build wealth.
In everything you buy, buy quality, not brand.
Don’t buy a house or condo until you can really afford it.
Be ambitious and courageous; there is no such thing as failure; it’s just experience.

email The top 10 things our children should know about money

linkedin The top 10 things our children should know about money

bird The top 10 things our children should know about money

Tags: Children and Money

Does wealth breed selfishness?

Posted By Kelly Willis, Editor On April 20th, 2012

A guest blog by Dr. Julie A. Morton.

Provocative new research at the University of California, Berkley, suggests that those of means ARE different from their more humble brethren, and NOT in ways that would make one proud. According to studies conducted by social psychologist Paul Piff and his university colleagues, wealthy individuals are more likely to LIE, to CHEAT and to STEAL then their less fortunate counterparts. They are even more likely to do things as mundane as cutting off other drivers and refusing to wait for pedestrians at crosswalks.

The research points to a number of reasons, but three stand out: [read more >>]

Tags: Children and Money, Succession Planning

Adult Children Returning to the Nest

Posted By David Lloyd On March 21st, 2012

Many of our clients are justifiably concerned for the future welfare of their children. Some are torn between letting children find their own way and accepting that it is, and will likely continue to be, tougher for our kids than we had it. Finding a job, affording to buy a home, uncertainty surrounding government services, caring for an aging demographic and responsibility for an enormous debt burden for which they did not incur, are steep hurdles we did not have to overcome.

One issue facing boomers today is adult children moving back into the family home, indefinitely. So what are some of the issues and practical steps to make sure this family reunion doesn’t turn out to be a like All in the Family (aka Archie Bunker and family)? [read more >>]

email Adult Children Returning to the Nest

linkedin Adult Children Returning to the Nest

bird Adult Children Returning to the Nest

Tags: Children and Money, Wealth & Happiness

We’ve failed our kids; shame on us.

Posted By David Lloyd On January 10th, 2011

i f9782bd5619bb998b627da19be7e186f cute coach purse Weve failed our kids; shame on us.

The holidays were a wonderful time to spend with family and catch up on the latest news from my adult children. Unfortunately, part of this news included hearing disturbing stories of young adults either in entry level jobs or even unemployed buying things they cannot afford. One unemployed grad student has blown through a $20,000 student loan in four months. This equates to a $90,000 pre-tax income earner just living within his/her means. With due respect to high end brands, the prodigious spending of many young adults lead me to conclude many just don’t understand the value of a dollar.

[read more >>]