One of my younger clients recently set up a living trust. They may not have many assets now, but over time, they can add possessions to this basket.
It’s rare for young people to plan ahead. But it’s even rarer for Americans to plan at all. According to official stats:
Thinking about death and legacy is never fun. But it’s important to consider if we are to protect our wealth for future generations.
As I pointed out several weeks ago, a great transfer of wealth is coming. Baby Boomers are passing on, and billions of dollars are expected to change hands. Over the next 20 years:
What ramifications will this have for the economy? Will younger generations be prepared? And how can older generations ensure their money goes where they want it?
These questions make me ponder the tragic passing of Gene Hackman and his wife, Betsy Arakawa Hackman. I’m sure you’ve heard about it in the news.
Overall, their case shows the vulnerability of isolation in old age. But it also shows the importance of crystal-clear estate planning.
Apparently, there’s some confusion around who gets the $80 million estate. Mr. Hackman created his will in the 1990s. But there’s no mention of his kids. It does, however, designate his wife, Betsy, as the sole beneficiary.
But here’s where it gets tricky: Betsy’s will reserves all her money to charity. However, since she died first, attorneys are asking: Does the money still go to charity? Or do Mr. Hackman’s kids get some of it?
It’s a tangled legal mess.
The stress around the Hackman estate shows that we must be clear in our legacy planning.
If you don’t have anything established yet, ask God to show you where to begin.
Taking action now could spare your loved ones a massive headache.
How one woman’s courage saved a nation
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How does American football relate to marriage? Quite a bit, actually. Let me break it down…
… picture a football field. Each half is marked at 10, 20, 30, 40, and finally, 50 yards.
When the opposing team is on your 20 or 30-yard line, it’s a disaster. If they reach you’re 10, you’re in trouble.
Now, in relationships, especially marriage, I recommend spouses live at the 50-yard line. This means both are in possession of the ball.
When one person dominates, the other is shoved back to end of the field. The winning spouse has all the influence, and the other has no voice.
Dawna and I used to live this way. She was the high achiever who took ground. I was the passive husband who gave it up.
It wasn’t until I realized how suffocating it was to be on the 10-yard line that I started pushing back. I began to voice my feelings and concerns.
You see, it’s easy for spouses to just bury their emotions and contribute. But that’s a recipe for a miserable marriage.
At Prosperous Soul, we’re called to thrive!
Today, Dawna and I both live on the 50-yard line. She takes up her space, and I take up mine.
Winning looks like both parties feeling significant.
Do you want a healthy marriage? Aim for the 50-yard line.
That’s where true partnership thrives.
Join today’s meeting at 3:30 PM (CA time). Download my free handout here. I’ll see you soon!
How much money do you need for retirement? According to a survey, the average American thinks they’ll need $1.46 million to escape the rate race.
What’s shocking is this desired amount has skyrocketed since 2020. Average respondents in 2024 are sitting on just $88.4k in retirement savings. That’s a bit shy of the coveted $1 million.
Now, before you panic, realize that Northwestern Mutual and Wall Street Journal are selling fear. It’s in their best interest to scare consumers into action. But the Bible is clear: “haste leads to poverty” (Proverbs 21:5). So, don’t panic.
Let’s check a few conclusions. How did Northwestern researchers determine an average respondent? What was the age of those surveyed? What was their income? Did they ask young adults just out of high school? Or did they ask middle aged graduates struggling with debt?
According to the study, Boomers claim they only need $990k to support their golden years. Gen Z and Millennials estimate their needs to $1.63 and $1.65 million.
How much retirement money do you need? It depends on your age, stage in life, and financial expectations. Financial advisors and annuity salespersons have prophesied doom for DECADES. Do you have enough to retire? is like a carrot forever dangling out in front, just beyond reach.
We all pray for strong economies, righteous stewardship, and God’s blessing when it comes time to retire. But financial security isn’t just about money. It’s also a matter of the soul.
Instead of wearing yourself down with perpetual bad news, apply the biblical model:
Ask God for what you need (John 15:7-8).
Seek advice from licensed experts (Proverbs 15:22).
Stick to a sound plan (Proverbs 21:5).
Trust in the Lord (Philippians 4:6-7).
I’ll leave you with this quote. When a reporter asked John D. Rockefeller how much money he needed, he responded, “Just a little bit more.” If Mr. R had been a Prosperous Soul, his answer might have been, I have enough money. I just need a little bit more of God.
