Multigenerational financial planning

This is from a real conversation I had with my client and longtime friend.

His parents are also my client.

You see, as we get older, we eventually become caretakers for our parents. I get this because my wife and I are now caretakers for our own parents.

From this conversation with my friend, who is my age, and with his dad, whom I’m close with as well, the investment management came up for discussion.

The senior parents have more than enough to live on and will easily leave a legacy to the children.

✅For investment management, I already divvied up the senior parents’ assets into 3 accounts:

1. 60% into short term, ultra low duration fixed income and cash equivalents.

2. 30% blend of large cap and dividend ETF’s and medium and long term bond ETF’s and REIT ETF’s.

3. 10% mix of small, medium, large, and foreign stocks - with a 10+ year outlook as hedge against inflation and additional potential for increasing the size of the future inheritance. This account isn’t included in assessing the senior parents’ living expenses.

✅This is what is in the best interest of the senior parents, which includes their goal of leaving something for their children.

📑The accounts are in trust, as per #estateplan

Senior parents and children are happy with this plan.

Hello, I’m Mitch Goldberg. I’ve been a financial advisor since 1990.

On this channel, I educate my viewers about personal finance, investing and how to take control of their money.

It’s very easy for your money to control you! I want to teach you how to take back control of your money. I also get into wonky topics like monetary policy, global trade, tax policy, and a whole lot more.

Most of all, I share with viewers the valuable financial and life’s lessons I’ve learned from working directly with my clients throughout my career.
I host a live stream, which I named “Be the Boss of Your Money”, on YouTube, LinkedIn, and Facebook because I want you to be the boss of your money, not your money to be the boss of you.

I hope you get tons of value from my content and thanks so much for watching!

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Thanks!
Mitch

#financialplanning #multigenrational #personalfinance #stockmarket