The Whitnell Way
Insights For Business Owners, Executives And Affluent Families
Viewing Blogs by Craig Janus
How To Talk To Your Adult Children About Money
Inspiring Good Habits That Can Lead To Complete Financial Independence
For more than a decade now, I’ve worked with affluent families, many of whom are multi-generational. As I reflect on the conversations I’ve had with these families, I’m struck by one recurring theme. Many affluent parents struggle to talk to their adult children about money. I’ve seen these types of conversations go well and not so well. Talking about money often stirs up very strong emotions for both parents and their adult children.
It seems to me that most parents have one overriding goal. They want their adult children to adopt habits that will lead to complete financial independence. The parents seem to believe that if their adult children adopt these good habits, they will be stable for life, long after the parents are gone. If you or someone you care about is struggling to talk about money, I’d like to offer some suggestions that I think can really help you.
How To Help Your Adult Children Solve Complex Problems
Five Questions To Consider When Facing Complicated Situations
I love solving complex problems. Clients often come to me with situations that require a close analysis of several different options to identify the best solution. It’s fun for me to dig in and do the research. But there are some problems that no amount of data or financial analysis can quite address. The most vexing challenges my clients seem to face are those relating to their loved ones, particularly their adult children.
When I approach these conversations, I often feel the need to slow down. I end up listening to stories about my client’s children—events that shaped their lives as they were growing up and continue to define how they think and behave today. After hearing many stories, I’ve come to identify a set of questions that can help families find the best path forward. If you or someone you care about is trying to solve complex problems, here are some guiding principles that might very well help you.
Pay Yourself First – The Wisest Thing Ever Said To Me
How To Avoid The Phenomenon Of Vanishing Money
Pay yourself first. This is the wisest thing anyone ever said to me. I heard this counsel at a time in my life when I was dealing with the phenomenon of vanishing money. Every month, a certain amount of money would go into my bank account. By the end of the month, all of the money was gone and I couldn’t always explain where it had gone or what I had spent it on. I believe a lot of people struggle with this issue.
Smart people, no matter how much money they have or how much income they earn, live on a budget. On the one hand, they have a stack of bills every month. On the other hand, they have an income. In between those two hands, they have a budget, a plan for how they’ll spend the money. Paying yourself first is about putting your long-term financial goals at the top of your budget list and automating payments toward those goals. This is the single best strategy I’ve ever discovered for building lasting wealth. Let me show you how to do this.
How Do We Fund College – Five Guiding Principles
Protect Family Wealth Through This Life-Changing Event
When a young person is accepted into college, it is a joyous moment for them and their family. This is the realization of dreams that began when the child was small, even in grade school. It is an affirmation of years of hard work. It breathes life into the hopes of a young adult who is about to venture off into an exciting new direction. For many young people, college is the actual beginning of adulthood.
But this moment can also produce stress. College is expensive and even families who are financially prepared can feel the pressure. For the last several years, I’ve counseled hundreds of families and young people as they seek to go to college and prepare financially for it. If you’re wondering how to fund college for someone you love, here are five guiding principles that will really help you.
How To Build Wealth After College
Lessons Learned From Advising Young Professionals On The Rise
There are thousands of Americans graduating from college today. As people come out of undergraduate or graduate programs, they are eager to get into their careers, attain a comfortable and enjoyable lifestyle, establish their full independence and ultimately build wealth so they can live the life of their dreams. However, today’s college graduates face a lot of challenges that can make it very difficult to strike the right balance between living for now and living for the future.
Over the last few years, I’ve been advising young professionals who are on the rise in their careers. I’ve watched them struggle to balance competing demands on their limited financial resources. Many of these people feel as if there is not enough money to do everything they want to do. So they have to make tough choices.
There seems to be a lot of advice and conflicting opinions on how to attain a comfortable lifestyle, financial independence and long-term wealth. After counseling people who face these choices, and after reflecting on my own choices, I’d like to share with you the lessons I’ve learned. If you want to realize comforts for today and peace of mind for tomorrow, I believe these lessons will really help you.
Preparing For The Unexpected
How To Comfort The Ones You Love
This is a hard subject for me to talk about. Yet, I feel like it’s really important and something I can’t simply ignore. I hope you will receive my message in the spirit in which it is intended: ideas to provide comfort to your family and loved ones should something tragic take place.
I started thinking about this topic recently because a friend of mine passed away. He was young, only in his 30s. He was in the prime of his life and had so much to look forward to. But in an instant, his life was over. His premature passing was completely unexpected and it devastated his family. I grew up with this guy and know his family really well. It has been very hard to watch them suffer.
Year-End Tax Strategies To Consider
Four Case-Studies That Might Help Your Situation
Year-end is here and you’re probably thinking about what you want to do with your money. You might be considering gifts to family, charitable contributions, investments in tax-deferred accounts and other options.
What you may not realize is that the taxation picture has become more complicated than it’s ever been with the Alternative Minimum Tax (AMT), the new tiers for capital gains rates and the new Medicare taxes on investment income. What often seems like the obvious choice may not, in fact, be the best option for your unique situation.
A High School Fast-Food Job Might Contribute Over 2 Million Dollars To My Net Worth
How To Help Young People Learn The Power Of Investing Early
The children of affluent parents sometimes struggle with saving and investing. We all like shiny objects and it can be hard to know how to balance delayed gratification with short-term rewards.
My parents helped instill some principles in me as a young person that have paid real dividends. I’d like to tell you a story of how my high school fast-food job will impact my net worth over time. The title of this article hints at this. But you might be surprised at the real numbers.