Transcription
This is money talks with Chad Olivier.
Sponsored by Olivier Group.
Hi. I’m Chad Olivier, certified financial planner and CEO of Olivier Group. One of the most important conversations families can have is how wealth is created and how it’s passed on to the next generation. There’s a powerful idea I often share with families.
True legacy is not what you leave behind, but what you build into the next generation.
Families like the Rockefellers are often used as examples of wealth lasting across generations, but the reality is most families don’t experience that outcome. In fact, studies show about seventy percent of family wealth is lost by the second generation, and nearly ninety percent is gone by the third generation. And it’s usually not because of bad investments, it’s because of a lack of education, communication, and planning. To be a good keeper of wealth, children need to understand how money works and how it’s earned, how it’s invested, and how it grows over time.
Family wealth should never be a secret. It needs to be taught, discussed, and understood. It’s also critical that wealth stays in the family. Without proper planning, assets can be exposed to creditors, lawsuits, and ex spouses.
That’s why having the right legal structure like trust and estate planning tools is essential. These protect wealth not only from outside threats, but sometimes from family members themselves.
Most importantly, children need to learn to be stewards, not spenders. They should understand the incredible good wealth can accomplish, charitable giving, family freedom, opportunity, and lasting impact. When families have open conversations about wealth and responsibility, money becomes a tool, not a burden. Contact us at olivier group dot com and let one of our certified financial planners help your family build a plan to protect, grow, and pass on what you’ve worked hard to create. And that’s why money talks, the planning pays.
This has been money talks with Chad Olivier.
