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Everyday Wealth

Episode 41: Building First Generation Wealth

Everyday Wealth

Jean Chatzky

Investing, Business, Education

2935 Ratings

🗓️ 8 October 2022

⏱️ 41 minutes

🧾️ Download transcript

Summary

According to recent studies, the majority of millionaires in the U.S. are self-made. They didn’t inherit their money, they did it the hard way. They earned it, and most are the first generation in their family to do so. In this episode of Edelman Financial Engines’ Everyday Wealth™, Jean, Soledad, and wealth planner Brian Leslie discuss the unique challenges of first-generation wealth and how you can pass on the traits that helped build it to future generations.

Later, many people retired during the pandemic and are now regretting their decision because they didn’t take into account how the down markets, inflation, and higher interest rates would affect their retirement plans. Now some are thinking about taking their social security early. Brian, Jean and Soledad break down why that could be a costly mistake.

Finally, you’ll get a sneak peek into Edelman Financial Engines’ new webinar “The Elections and Your Portfolio, Separating Fact From Fiction” on Tuesday, Oct. 11 at 2 p.m. or 8 p.m. ET. You'll learn what more than 70 years of data can tell us about elections and the stock market, and how a simple yet powerful investment strategy can help you in any economic environment.

This show is pre-recorded, and any callers are prescreened.

Ms. Chatzky and Ms. O’Brien receive cash compensation for acting as hosts of the Everyday Wealth radio show and podcast and for related activities and therefore have an incentive to endorse Edelman Financial Engines and its planners. That compensation is a fixed sum paid on an annual basis; and reimbursement for certain expenses. The amount paid each year does not vary, is not based on show content or any results-dependent factors (e.g., popularity of the show).

Neither Financial Engines Advisors L.L.C. nor its affiliates offer tax or legal advice. Interested parties are strongly encouraged to seek advice from qualified tax and/or legal experts regarding the best options for your particular circumstances.

An index is a portfolio of specific securities (common examples are the S&P, DJIA, NASDAQ), the performance of which is often used as a benchmark in judging the relative performance of certain asset classes. Indexes are unmanaged portfolios and investors cannot invest directly in an index. Past performance does not guarantee future results.

This is a hypothetical illustration meant to demonstrate the principle of compound interest and is not representative of past or future returns of any specific investment vehicle. They do not include consideration of the investment fees or expenses, time value of money, inflation, fluctuations in principal or taxes.

See omnystudio.com/listener for privacy information.

Transcript

Click on a timestamp to play from that location

0:00.0

The views expressed on this program are not necessarily the views of this station.

0:07.5

Content is for educational purposes only.

0:09.2

Consult a financial advisor or conduct your own due diligence if investing.

0:12.1

The show was pre-recorded earlier this week.

0:14.0

The Everyday Wealth Radio Show and Podcast are produced and created by Edelman Financial Engines

0:17.7

and hosted by Jean Chatsky and Soledad O'Brien.

0:19.8

Ms. Chatsky and Ms. O'Brien are not employees or clients of the firm.

0:22.6

They receive fixed cash compensation for acting as hosts and related activities and

0:25.9

therefore have an incentive to endorse Edelman Financial Engines and its planners.

0:29.0

For additional information, please see W.

0:31.0

Edelman Financial Engents.com

0:33.0

Every Day Dash Wealth.

0:34.0

The 2021 top 100 independent advisory firm ranking issued by Behrens is qualitative and

0:38.5

quantitative, including assets managed, revenue generated, regulatory records,

0:42.0

staffing levels in diversity, technology spending, and succession planning.

0:45.0

Firms elect to participate, but do not pay to be included in the ranking.

0:47.4

Compensation is paid for use and distribution of rating.

0:49.5

Award in September 2021 based on data within a 12-month period.

0:52.4

Investor experience and returns are not considered.

0:54.4

At the intersection of life and money,

0:58.4

this is Edelman Financial Engine's everyday wealth

1:01.6

with award-winning journalist Soledad O'Brien,

...

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