70% of Second Generation Wealthy are Broke … What ? Your kidding?

In this recent article, author Chris Taylor points out that several studies have shown 70% of wealth is lost completely by the second generation.  Stunned and working on the coming Newsletter, I wanted to dig deeper.

70% of Wealth is gone by Second Generation and 90% by Third

Broke

Not only does it look like 70% is gone in the first generation, but according to this Forbes study, 90% of the wealth is gone by the second generation. What is disturbing about this study is the ultra high net worth of the group. These are the folks with B’s (billionaire) in front of their names.

A few reasons come to mind:

  • Lack of good financial skills
  • Entitlement
  • Bad Habits

Look for more solutions in future blogs and our next newsletter… these numbers are just too high to ignore !

70% and 90% … Really !

Have a Great Day!

John A. Kvale CFA, CFP

http://www.jkfinancialinc.com
http://www.street-cents.com
8222 Douglas Ave # 590
Dallas, TX 75225

 

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