In this episode, we unpack the imminent trillion-dollar wealth transfer unfolding, with women, GenX, and Millennials set to benefit.
However, the lack of preparedness looms large. Estate plans are a mess, poor financial literacy means the inheritance will not be managed well, and families are not having important money conversation.
This is an episode you won’t want to miss as we dive into essential conversations and strategies to navigate this wealth transition successfully. My guest, Thuy Lam, a Certified Financial Planner & Money Coach from Objective Financial Partners, sheds light on crucial insights and actionable advice.
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⏰Timestamps:
00:00 - 05:40 Wealth transfer benefits millennials.
05:45 - 07:50 Immigrant family from Vietnam, taught savings early.
07:55 - 11:40 Parents fear passing on financial insecurity to kids.
11:43 - 16:00 Wealth comes with concerns for parents and children.
16:04 - 17:10 Improving diversity in hiring and financial education.
17:14 - 20:10 Executives need to address emotions and fears.
20:17 - 25:40 Managing complex estates requires careful planning and communication.
25:44 - 27:40 Differences between Money Coach and Financial Planner.
27:45- 28:40 Consider balancing paying off debt with investing.
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Saijal Patel, CFA, is a former CNBC and BNN journalist and passionate financial wellness advocate. She's bringing Strictly Money directly to you via YouTube, Apple Podcasts, Spotify and where ever you get your podcasts.
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