Over $38 trillion will be transferred from older generations to Millennials and Gen Z, according to data from NOYACK and Cerulli Associates.
NOYACK Wealth Club founder CJ Follini joins Wealth! to give insight into the great wealth transfer and how younger Americans can learn to manage any transfer of wealth from previous generations.
Folloni elaborates on what to focus on when receiving an inheritance:
“So first thing is what is your why? Why are you doing these things? Do you have life goals, do you have goals of planning for a retirement? Do you have a family that you want to provide for their future wealth and their future generally? Are you just thinking about the numbers of portfolio wealth building? Well, that’s diversification, which for me is the beginning of every single discussion when it comes to personal wealth management.”
The founder of the financial education platform follows that up with what not to do: “I think the biggest mistake is rushing, meaning that I got to make this decision now. There is no now when you’re dealing with a long-term financial plan. Time has a different meaning when you’re dealing with things like transfer.”
For more expert insight and the latest market action, click here to watch this full episode of Wealth!
This post was written by Nicholas Jacobino
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