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Compared with women, men resist seeking medical care, delay or skip preventative screenings, and tend to ignore injury or pain.  They are less likely to be vaccinated for COVID-19 or the flu.  I’ve wondered why this is so, and the subject came up recently during a conversation with a client. Subsequently, I’ve read about this phenomenon in the press.  Most often, his behavior is attributed to cultural and social definitions of masculinity that have led men to view health complaints and medical care as a sign of weakness.

An article published by the American Heart Association cites “misguided masculinity” as the primary cause of men’s reluctance to visit a doctor.  Mary Himmelstein, an associate professor in the department of psychological sciences at Kent State University, says that seeking help “means someone’s going to take my ‘man card’ away from me.”¹  She also notes that many men distrust the medical system sometimes due to negative personal experiences (e.g., previous medical errors or poor provider-patient interactions).

The Health Policy Partnership, a London-based consultancy, addresses the issue as a combination of masculine stereotypes and a lack of health literacy.  An article entitled “It’ll get better on its own,” cites a 2022 survey conducted by the Cleveland Clinic, which revealed that 55% of men say they avoid medical attention because they are “too busy,” afraid of being seen as “weak,” and believe “ailments will heal by themselves.”²  Doctor visits are a low-priority inconvenience.

At the same time, there is a lack of health literacy. “Knowledge of disease warning signs, awareness of symptoms, and the importance of early medical intervention”³ is consistently lower in men than women.  Gender interacts with other factors, such as ethnicity and socioeconomic status, which impact proactive prevention, diagnosis, and treatment.

A New York Times article cites the same survey and data.⁴  The Times’ “Well” newsletter quotes Dr. Joseph Alukal, urologist and director of Men’s Health at New York-Presbyterian/Columbia.  “Some men shy away from seeing doctors because they fear receiving bad news.”⁵  They may also fear invasive examinations, feel embarrassed about sexual performance or bladder issues, and hope to evade a prescription for lifestyle changes.  Unfortunately, male health concerns like erectile dysfunction are often harbingers of problems like heart disease, high blood pressure, and diabetes.  Dr. Petar Bajic, a urologist at the Cleveland Clinic, uses a car analogy: “If [men are] good about doing regular maintenance on their car, they should be good about doing regular maintenance on their body,” he said. (Instead of an oil change, prioritize a cholesterol check.)⁶

What should men do beyond getting prompt treatment for an acute illness or injury?  In “Speaking of Health,” a Mayo Clinic publication for the public, it is suggested that men over 50 have a yearly physical exam, and those younger than 50, a physical exam every three to five years, even if feeling healthy.  The article notes that men should also discuss mental and emotional health with their healthcare team.

The following list of recommended screenings is taken from “Speaking of Health” and edited for length.  Go to the link provided below for a more complete description.:⁷

• Abdominal aortic aneurysm ultrasound screening
• Colon cancer screening at age 45; traditionally, a colonoscopy
• Diabetes test for men older than 45 or who have a body mass index above 25
• High blood pressure test, every two years
• High cholesterol blood test every 5 years
• Lung cancer low-dose CT scan for adults 50-80 who smoke 20 packs per year or more.
• Prostate cancer check starting at age 50

By the way, Steve Jobs originally went to see a doctor for kidney stones.  His urologist urged him to have an abdominal CT scan, which revealed a shadow on his pancreas.  The diagnosis was a less aggressive form of pancreatic neuroendocrine tumor (pNET).  Jobs resisted surgery, relying on diet and alternative forms of treatment, but nine months later, a scan showed the cancer had grown and spread.  He finally consented to surgery and other treatment.  Jobs died of pancreatic cancer in 2011.

Avoidance and non-compliance are leading to changes in health care today.  Per an article in the Wall Street Journal, hospitals are beginning to create centers, often led by their urology departments, to provide male-focused care in a more welcoming environment.⁸  A visit to the urologist is often first, but the physician can identify other potential issues and refer patients to an appropriate specialist. Medical centers are also designing setups to make it easy to make appointments in one place, rather than in multiple locations to see specialists.  “At Cleveland Clinic’s Center for Men’s Health, patients can schedule appointments with multiple providers, such as a cardiologist, endocrinologist, dietitian and urologist, all at the same visit.”⁹

Men’s health centers also aim to get men to avoid risky practices—such as relying on websites that offer erectile dysfunction drugs without evaluation by a doctor, and unnecessary testosterone treatments.  At the same time, video consultations with legitimate practitioners can remove the need to see a doctor face-to-face, alleviating the “too busy” rationale and motivating men to seek help sooner.  And according to the American Academy of Family Physicians, a spouse or partner significantly influences whether or not a man goes to a doctor.  “To overcome men’s reluctance and remove the stigma of seeking care, health-care organizations have launched social-media campaigns and outreach efforts targeting both men and women.”¹⁰  Family matters.

1. https://www.heart.org/en/news/2021/06/15/misguided-masculinity-keeps-many-men-from-visiting-the-doctor
2. https://www.healthpolicypartnership.com/itll-get-better-on-its-own-men-and-their-resistance-to-seeing-a-doctor/
3. Ibid
4. https://www.nytimes.com/2023/03/03/well/live/men-doctor-visits.html
5. Ibid
6. Ibid
7. https://www.mayoclinichealthsystem.org/hometown-health/speaking-of-health/mens-health-checkups-and-screenings-are-key
8. https://www.wsj.com/articles/why-men-wont-go-to-the-doctor-and-how-to-change-that-11556590080
9. Ibid
10. Ibid

“Make Your Bed” is the title of a speech and a book by four-star Admiral William H. McRaven. Based on Navy SEAL training, the speech was given at the University of Texas at Austin for the 2014 commencement. McRaven’s words have stayed with me as I’ve dealt with the challenges of leading and growing my company.

What does “make your bed” have to do with entrepreneurship and leadership? McRaven’s theory is that the task sets you up to approach the day intentionally—to attend to the little things that build discipline and structure, leading to a thoughtful, rewarding life. Making the bed ”…showed my attention to detail, and at the end of the day…a reminder that I had done something well, something to be proud of….”¹ The words align with my commitment to cultivate excellence as a way of life.

A well-made bed is not the whole story. McRaven emphasizes the importance of people “to help you paddle,” along with determination, grit, and courage. In McRaven’s words, “don’t be afraid of the Circus,” referring to the punishing drills required for SEAL trainees who fail to complete physical and mental rigors designed to test one’s mettle. In other words, don’t be afraid of failure. Embrace it as an opportunity to learn. Don’t quit.

Steve Jobs concurs. “You’ve got to act. And you’ve got to be willing to fail…to crash and burn. If you’re afraid of failing, you won’t get very far.”² Famously fired from Apple in 1985, Jobs never lost his nerve or gave up on his vision. He didn’t quit.

Further, an article in the Harvard Business Review, “Lessons from U.S. Army Special Ops on Becoming a Leader,” reports that businesses facing global uncertainty and technological disruption have adopted lessons from Army failure-based training. The curriculum comprises real-world situations designed to “coach the brain to learn from failure” and develop leaders who “excel in high-pressure situations.”³

In the world of sports, Novak Djokovic, winner of 24 Grand Slams, has spoken about the mental strength that sets champions apart.  “It is not a gift. It…comes with work.”⁴  He disputes the mindset that there is no room for failure or doubt. “You’re only human.” The difference for those who make it to the top is to acknowledge the misstep and quickly reset and recover.

These examples illustrate that leaders in our volatile times need mental agility and strength, the ability to learn from difficulty and take an unconventional approach, as Jobs did upon his return to Apple. Reframing “little things” as integrity and discipline and “failure” as a way to learn offers a chance to move forward, to do better, and ultimately succeed. Thus, I try to attend to the small stuff and welcome the hard stuff. My goal is excellence.     

1. youtube.com/watch?v=yaQZFhrW0fU
2. youtube.com/watch?v=zkTf0LmDqKI&t=61s
3. hbr.org/2025/08/lessons-from-u-s-army-special-ops-on-becoming-a-leader
4. youtube.com/shorts/JwduzC-SSbk

Are you moving to a new house and plan to turn your former residence into a rental? Do you have a beach cottage to rent periodically for extra cash? Have you invested in residential properties to rent long-term? In each scenario, you’ll need more than simple homeowners’ insurance.

Of course, you need a homeowner’s policy for the house you live in, but for any residential property that you rent out for a long period of time, you need landlord insurance. A landlord policy protects you and your property in case of tenant-related damages, certain disasters, and tenant liability claims. Coverage is generally intended for one to four units, such as a condominium and single- or multi-family homes, that you rent to others.¹

The cost of landlord insurance depends on where your property is located, the type and size of the property, the volume of rental activity, and the deductible and coverage you choose. Generally, the cost is about 25% more than a standard homeowner’s policy.²

Some homeowner policies may cover a brief one-time rental, or you may need an endorsement or rider added to your policy to provide the protection you need (e.g., short-term home-sharing endorsement coverage).³ If you plan to rent your property frequently for short periods (e.g., Airbnb), some insurers consider this a business and require a commercial policy. To be properly covered, you will need an appropriate policy, along with a business license or short-term rental permit to comply with local regulations.  Check with your insurer and local government for exact requirements.

Another point to bear in mind: if you plan to acquire a mortgage to purchase rental property, lenders require proof of appropriate insurance before issuing a loan. For more complete and unbiased information, check with the State Departments of Insurance, the Insurance Information Institute (iii.org), and the National Association of Insurance Commissioners (NAIC).

1. travelers.com/resources/home/landlords/landlord-insurance-for-rental-properties
2.  iii.org/article/coverage-for-renting-out-your-home
3. travelers.com/resources/home/landlords/landlord-insurance-for-rental-properties

Work sometimes works against good health, and the C-suite is not immune. The pressures placed on CEOs and other high-status executives often create chronic stress and fatigue. Demanding schedules leave little time or motivation to prioritize well-being. And while the 3-martini lunch has faded into history, frequent long-haul travel, business dinners, and 24/7 demands can lead to a cluster of factors (high blood pressure, Type 2 diabetes, and obesity) closely linked to fatty liver disease.

In fact, the incidence of fatty liver disease, known as Metabolic Dysfunction-Associated Fatty Liver Disease (MAFLD), has “soared” over the past three decades and affects 30% of American adults. Analysis of data from a National Health and Nutrition survey conducted by the NCHS and CDC revealed that fatty liver disease rose from 16% in 1988 to 37% in 2018, an increase of 131%.¹

Unfortunately, MAFLD is a silent disease, with vague symptoms like fatigue or discomfort in the upper right side of the abdomen. Elevated liver enzymes (ALT and AST) detected in a blood test are often the first sign of a liver condition. Test results may prompt further assessment via ultrasound, CT scan, MRI, or a liver biopsy to determine if damage has progressed to inflammation, fibrosis, cirrhosis, or even cancer.

Are there risk factors? Both a lack of regular exercise and a diet high in sugars and fats increase the likelihood of becoming overweight, a key risk factor for fatty liver disease. Desk-bound executives often sit for extended periods, which is strongly linked to metabolic risk.^2. Individuals in any sedentary job, such as IT employees, are at risk for MAFLD even if they play tennis on the weekend.

Fortunately, fatty liver can be reversed. Dr. Ira M. Jacobson, director of Hepatology at NYU Langone, emphasizes, “In people who are sedentary, simply starting to exercise reduces the amount of fat in the liver….” He adds, “Trimming body weight by as little as 3% can decrease the degree of fat deposition in the liver, a 5% to 7% loss can reduce inflammation, and a 10% drop can actually start to reverse scarring.”³ Diet plans that help include the traditional Mediterranean diet, which is based on whole foods in their natural state.

While this post is not intended as medical advice, CEOs who maintain good health are shown to be more effective leaders. Well-being affects decision-making, resilience, stamina, and the culture of their organization.⁴ As the founder of 7Summit Advisors, good health is a priority.

1. nbcnews.com/health/health-news/nonalcoholic-fatty-liver-disease-rates-are-soaring-know-rcna89623
2. my.clevelandclinic.org/health/diseases/22437-non-alcoholic-fatty-liver-disease
3. nyulangone.org/news/five-things-you-should-know-about-nonalcoholic-fatty-liver-disease
4. forbes.com/sites/julianhayesii/2025/07/16/why-ceo-health-is-the-leadership-kpi-that-drives-everything-else

Billionaire Howard Hughes died in 1976 with a vast estate, yet he never made a will. Upon his death, a myriad of spouses, children, and other claimants appeared, resulting in multiple legal disputes costing millions of dollars. Courts rejected 40 spurious wills, and eventually a judge declared Hughes had died intestate. Assets were to be divided among 22 distant cousins. Still, litigation carried on until 2010.

Hughes’ story is not unique. Pablo Picasso died leaving an estate worth millions of dollars plus thousands of works of art, but no will. Distributing his assets took six years of contentious negotiation between Picasso’s wives, mistresses, and children. Likewise, Martin Luther King left no will. Lengthy battles over his legacy ensued, with King’s Bible and Nobel Peace Prize disputed by his heirs for decades. Princess Diana left a will, but also a “letter of wishes.” Because the letter was not an official codicil, family executors could override Diana’s wishes for personal belongings, which she had designated for Princes William and Harry.¹

Of course, you don’t need to be a princess or a billionaire to want to leave a legacy for your heirs. Regardless of the value of your assets, your family (and other beneficiaries) will benefit if you plan ahead, establishing a framework to preserve your wealth in accordance with your values and wishes. Thoughtful estate planning can reduce estate and inheritance taxes and the stress and expense of conflicts and confusion among heirs.

According to Forbes, more than 60% of people in the U.S. do not have a will because they don’t think it’s urgent, prefer not to contemplate mortality or incapacity, or underestimate the value of their assets.² Without a will or a trust, you are considered intestate, and state laws determine how your assets are distributed, prioritizing close relatives. In the context of intestate succession, you don’t choose your beneficiaries or decide who will manage your affairs. You can’t take advantage of tax strategies. Essentially, you give up control of your legacy.

While complexity varies by the amount and type of assets, creating an estate plan is a process that requires a professional team (e.g., estate attorney, financial professional, etc.) to ensure you have the proper documents and strategies in place to address incapacity and to pass along assets in a way that reflects the values that have given your life meaning.

1. trustandwill.com/learn/royal-estate-planning-princess-dianas-final-will/
2. forbes.com/sites/kellyphillipserb/2016/04/27/17-famous-people-who-died-without-a-will/

When George Lucas made his Star Wars pitch in the 1970s, three major studios turned him down. Universal passed, and the executives at United Artists saw little potential in a sci-fi film that would require costly special effects. Plus, Star Wars didn’t align with UA’s Oscar-winning films like One Flew Over the Cuckoo’s Nest and Midnight Cowboy. Although Lucas had had a profitable hit with American Graffiti, UA declined to gamble on a saga of good vs. evil set in a faraway galaxy.

20th Century Fox decided to take a chance. Studio president Alan Ladd, Jr. liked American Graffiti and was willing to bet on Lucas’s talent and his vision of a “space opera.”¹ As we know, Star Wars was a massive hit for Fox and Lucas, who forfeited upfront director’s fees for merchandising and sequel rights, ultimately making Lucas a billionaire.²

Meanwhile, United Artists (after passing on Star Wars) greenlit Heaven’s Gate, an epic western UA saw as a reliable prestige project, given director Michael Cimino’s critically acclaimed The Deer Hunter. Unfortunately, production costs spiraled out of control, and the film drew scathing reviews upon release, earning a mere $3.5 million against its $44 million cost.³

In the same decade, 20^th Century Fox, which had stewarded Star Wars, rejected Steven Spielberg’s idea for a film called Close Encounters of the Third Kind. Columbia Pictures picked up Spielberg’s story, which became the studio’s most successful film of the decade.

What can we learn from cautionary tales of hits and misses? Common wisdom holds that predicting whether a film will turn a profit is extremely hard.⁵ Making a movie is a collaborative art, involving many hands to bring the narrative to life. A lot can happen during production to impact costs. There may be legal issues. Audience tastes may be shifting. Studio executives must be adept at evaluating potential and assessing risk, traits that can serve any investment decision, whether backing a real estate project, a promising start-up, or an IPO.

Unlike filmmaking, most business decisions don’t create headlines. If decisions backfire, we won’t receive public credit or blame as Cimino and Lucas did. Our level of financial risk may be somewhat less than that of Fox or United Artists. Still, risk exists to some degree in every enterprise, particularly in a hyperconnected world likely to experience accelerated change and geopolitical volatility.

Business leaders in every industry must consider and prepare for risk, including the potential of “novel risks” that are “difficult to quantify in terms of likelihood or impact.”⁶ COVID spread farther and faster than anyone could foresee. AI may do the same. While we can’t anticipate all eventualities, Star Wars and Heaven’s Gate remind us to avoid complacency and a reliance on familiar tactics or “proven solutions.” We need to study markets closely and remain alert, nimble, and adaptable.

1. hollywoodreporter.com/movies/movie-news/alan-ladd-jr-greenlighting-star-wars
2. hollywoodreporter.com/news/general-news/george-lucas-star-wars-288513/
3. goldenglobes.com/articles/forgotten-hollywood-making-heavens-gate-1980
4. nytimes.com/1981/01/06/movies/heavens-gate-accents-studios-woes.html
5. washingtonpost.com/news/arts-and-entertainment/wp/2016/05/16/its-hard-to-predict-a-movies-profitability-but-you-learn-some-lessons-along-the-way
6. hbr.org/2020/11/the-risks-you-cant-foresee

Posting a $5 billion loss in 1992, IBM seemed to be crumbling. The tech giant had become a collection of insular departments or “fiefdoms” that competed with one another rather than collaborating to serve its customers. In April 1993, Louis V. Gerstner, who had held senior positions at American Express and RJR Nabisco, took over as CEO with a mandate to turn the company around. He succeeded.

What did Gerstner do? Among his major decisions, Gerstner chose to keep IBM together despite plans underway to break it into separate entities. The problem, as Gerstner saw it, was a rigid corporate culture that he described as “inbred and ingrown,” focused on internal politics and out of touch with a changing technological landscape.¹ “I came to see at my time at IBM, that culture isn’t just one aspect of the game, it is the game.”²

Gerstner’s insight is shared by prominent figures like Steve Kerr, Head Coach for the Golden State Warriors. Kerr speaks to the advice he received from Pete Carroll, who’d learned to build culture from coach Bill Walsh. “If you come in here with genuine, real values and then you make them come alive, that’s when the culture starts to form.”³  Andreesen Horowitz,^, founder of a16z, agrees. The author of “What You Do Is Who You Are” argues that culture reflects how people behave, “particularly…when you’re not looking.”⁴  Corporate culture takes shape around daily behavior, decisions, and habits.

To build a coherent culture at IBM, Gerstner began rewarding teamwork and tied compensation to performance and getting things done at all levels. IBM’s lumbering bureaucracy and internal conflicts had to give way to a flatter hierarchy and personal accountability. As Gerstner writes in Who Says Elephants Can’t Dance? “Well, my kind of executives dig into the details, work the problems day-to-day, and lead by example, not title. They take personal ownership of and responsibility for the end result. They see themselves as drivers rather than as a box high on the organization chart.”⁵

Gerstner describes a complex, often painful, turnaround process. Over 100,000 people were laid off thanks in part to a lifetime employment practice that allowed employees to grow lax, including managers who passively “presided” over the action. Moving forward required “changing the culture…the mindset and instincts of hundreds of thousands of people who had grown up in an undeniably successful company…. The challenge was making that workforce live, compete, and win in the real world. It was like taking a lion raised for all of its life in captivity and suddenly teaching it to survive in the jungle.”⁶

By changing its culture, its living values, IBM overcame lethargy and learned to “dance” in the emerging tech marketplace. What foundational values in your company culture need to be shed?

1. forbes.com/2002/11/11/cx_ld_1112gerstner
2. Gerstner, Louis V., “Who says Elephants Can’t Dance?” Harper Business, November 12, 2003
3. coachajkings/status/1952126832762871876
4. mikemcg0/status/1693609935639089655
5. Gerstner, Louis V., “Who says Elephants Can’t Dance?”
6. Gerstner, Louis V., “Who says Elephants Can’t Dance?”

As a parent of young children, college soon appears on the horizon as a major investment. How do we calculate the ROI? After all, the cost of four years at a school like Stanford University is estimated to be over $350,000. Will a degree pay off? Given AI’s potential disruption of the job market, is higher education still a valuable asset?

Per the Federal Reserve Bank of New York, a college graduate today can expect a median 12.5% return on their investment, with high tuition costs offset by the supply of financial aid, scholarships, and grants.¹ Of course, the market value of a credential varies with the major; historically, math, engineering, finance, and computer science have had a high ROI.

However, as AI advances, particularly generative AI, the nature of work will be transformed. “A McKinsey report projects that by 2030, 30% of current U.S. jobs could be automated with 60% significantly altered by AI tools. Goldman Sachs predicts that up to 50% of jobs will be fully automated by 2045, driven by generative AI and robotics.”² Black Rock CEO, Larry Fink, notes that AI’s impact is already visible and predicts a “restructuring” of white-collar work by 2035.”³ Even graphic design and copywriting are vulnerable, with PEW Research Center reporting that, “30% of media jobs could be automated by 2035.”⁴

Nonetheless, higher education retains its worth by aiding the development of critical thinking, problem-solving, and collaboration—“meta skills” that transcend specific jobs, but are critical for every entrepreneur, business leader, or professional. As one example, in the field of medicine, AI and robotics have become adept at skills once considered uniquely human, yet insight, empathy, and emotional intelligence prove to be just as important as digital fluency to effective patient care.

While in college, students can find value not only in the sciences and tech-related subjects, but also in humanities courses that offer a nuanced understanding of the world’s complexities—vital for AI implementation that benefits human purpose and potential. Equally important, college offers a chance to hone the “mission critical” skills of relationship-building, communication and co-creating. In the words of SageX founder Heide Abelli, “Those who never learned how to play well with others in the kindergarten sandbox have some significant ground to make up, while those who excel in this arena will reap increasing benefits.”⁵

1. www.cnbc.com/2025/04/18/median-return-on-investment-for-a-college-degree.html
2. www.forbes.com/sites/jackkelly/2025/04/25/the-jobs-that-will-fall-first-as-ai-takes-over-the-workplace/
3. Ibid
4. Ibid
5. fastcompany.com/90975351/the-5-soft-skills-needed-to-succeed-in-an-ai-dominated-workplace

What will it take to transform your business? Passion? Perseverance? A really big idea?

Wildly successful Kevin O’Leary (you know him from “Shark Tank”) started by founding Softkey, acquired major competitors, and sold the software to Mattel. He now has investments in 30 private venture companies, as well as his own venture capital investment company.¹ O’Leary has a theory about success.

Meeting frequently with Steve Jobs, who was interested in educational software supplied by O’Leary’s company, one thing stood out about Jobs—an ability to shut out the “noise.”  According to O’Leary (see link to video below), Jobs had a relentless focus on “signal” and the mental toughness to refuse to be distracted. O’Leary defines “signal” as the 3-5 things you need to get done in the next 18 hours that are critical to your mission.  Anything that prevents accomplishing those things is “noise.”

O’Leary asserts that Jobs operated at a ratio of 80 signal/20 noise. He notes that signal is not about an overarching vision or long-term strategy; it’s not about the plans you’ve made for a year out. Signal denotes the mission-critical tasks that need done now. Noise is any potential impediment–problems with your family, public opinion, superfluous opportunities, or even one’s own doubts or fears. O’Leary believes that the wildly successful business “geniuses,” operate at close to 100% signal.

To what does the late Jobs attribute his extraordinary accomplishments? Words and concepts like passion, clarity, and the courage to take risks, are woven throughout his public statements. “If you don’t love something, you’re not going to go the extra mile, work the extra weekend, challenge the status quo as much.”²

Jobs also spoke to the importance of what O’Leary calls “signal.” “People think focus means saying yes to the thing you’ve got to focus on. But that’s not what it means at all. It means saying no to the hundred other good ideas that there are. You have to pick carefully. I’m actually as proud of the things we haven’t done as the things I have done. Innovation is saying no to 1,000 things.”³

As is well known, Jobs was ousted from Apple in 1985, returning in 1997 to a company on the verge of bankruptcy. His leadership and intense focus transformed Apple into one of the most iconic and valuable in the world.

What’s your signal to noise ratio?

1. https://fortune.com/2025/07/08/kevin-oleary-shark-tank-how-became-millionaire/
2. https://www.threads.com/@marketflowstrat/post/C8AIRGxiGZm
3. https://edition.cnn.com/2012/10/04/tech/innovation/steve-jobs-quotes/index.html

With cash in hand, you can pay off your loan in full at any time.  Or, you can make extra payments at intervals to get mortgage-free earlier, often with significant savings in interest. Most mortgage loans don’t have a pre-payment penalty (check your closing documents).

Retiring a mortgage early has the benefit of freeing up funds, allowing you to gain ground on other financial goals. You’ll also gain equity faster, equity you can tap into with a home equity line of credit (HELOC). And for many, paying off mortgage debt brings a greater sense of security. But consider these strategies only after higher interest rate debt is paid off. Here’s how to resolve debt earlier:

• Pay in full, if you have the extra cash. Those who refinanced when 30-year mortgage rates were 3% might not choose this option since financing may not be that cheap for the foreseeable future.
• Make bi-weekly payments. By paying half your monthly amount every two weeks, you’ll make 13 full payments over the year instead of 12. That extra payment goes directly to principal, reducing interest and shortening your loan. Be sure each payment is applied when it’s received, not monthly.
• Make extra payments on the principal. If your lender offers this option, you can designate a little extra on each mortgage payment to be put toward paying your principal¹ or, if you receive a chunk of money like a tax refund, you can make a more substantial extra payment. A pay raise also offers a source for increasing the payment amount.
• Refinance. Depending on the market and your interest rate, refinancing can be an option. Going from a 30-year to a 15-year loan will cut the total interest you pay, as well as the time frame for retiring your mortgage.²

Is there a downside?  It’s important to know the tax implications of paying off your loan as you may lose a valuable tax deduction. You also lose some liquidity, as your home is a non-liquid asset.³ And there’s the fact of “opportunity cost,” meaning that the funds you use to pay down your mortgage are not available for a potentially higher return investment, contribution to a retirement account, or redirection to a college fund or real estate property.

Contact your mortgage servicer or a financial professional, such as a CFP® practitioner, to answer questions, assess the financial implications of paying off your loan, and advise on the best course of action given your financial position, priorities, and goals.

1. myhome.freddiemac.com/blog/homeownership/20190319-faster-way-to-be-mortgage-free
2. Ibid
3. www.bankrate.com/mortgages/early-payoff

Given global headlines, how does a business executive step back, stay calm, and find the advantage in apparent adversity? How can we avoid reactive mode in response to negative information? How do we handle uncertainty without freezing in place or running from risk?

For me, a meditation practice works. While a full understanding of how meditation affects brain structures and function, studies by neuroscientists show that meditation increases prefrontal cortex connectivity (and gray matter volume), while reducing the size and activity of the amygdala, thus enhancing cognition and emotional regulation.¹ As a daily practice, it can avert compromised thinking and creativity due to stress, while enhancing emotional intelligence and rational decision-making.² All of which supports my ability as a business owner and investor.

Harvard Business Review cites a number of corporate leaders who have embraced meditation which “appears to benefit CEOs more than recreation or relaxation do alone.” Among the benefits noted is a boost in “resilience and performance under stress.³

Essentially an intentional practice to cultivate awareness and a positive mindset, there is diversity in types of meditation:

• Mindfulness: attention to the present moment—thoughts, emotions, sensations—without judgment
• Focused; attention to an object or activity, such as breathing, or a mantra (a study at Stanford led by Andrew Huberman and David Spiegel shows that controlled breathing techniques have a direct impact on physiology)⁴
• Movement: integrates mindfulness with movement such as walking or yoga, which also incorporates controlled breathing
• Spiritual: connects with spiritual beliefs or a higher power
• Visualization: using mental imagery to achieve healing, relaxation, or performance goals
• Loving Kindness: a form focused on cultivating compassion for oneself and others
• Transcendental Meditation ™ : a distinct technique characterized by the use of a mantra and setting down mental activity

Like other executives, I have found meditation to be of great value in how I engage with my business, athletic training, and family. The practice creates an openness and clarity that allows me to see new opportunities and approaches, without being distracted by seemingly incessant noise.

1. pmc.ncbi.nlm.nih.gov/articles/PMC10026337
2. hbr.org/2020/03/why-leaders-need-meditation-now-more-than-ever
3. hbr.org/2015/12/how-meditation-benefits-ceos
4. med.stanford.edu/news/insights/2023/02/cyclic-sighing-can-help-breathe-away-anxiety.html

Ironically, qualities that make physicians good at their job are often the same traits that predispose doctors to burnout. Physicians are highly conscientious with a deep sense of responsibility and perfectionist tendencies that create internal pressure. Errors can be costly or even deadly.

The reality of modern medical practice only adds to pressure in all specialties and practice settings. Doctors face long hours, a high volume of patients, and paperwork that cuts into patient-centered care, leading to physical and emotional exhaustion. While burnout has moderated since “skyrocketing to a record high” during COVID, doctors remain at a “higher risk for burnout relative to other U.S. workers.”¹ An American Medical Association (AMA) report attributes this to “…system inefficiencies, administrative burdens and increased regulation and technology requirements.”²

To mitigate stressors, many physicians leave private practice to join corporate or hospital-based practices, due to rising practice costs, inadequate reimbursement rates, and access to costly resources. Younger physicians in particular have a preference for different practice settings.³ The administrative load of private practice cuts into patient care, threatens financial stability, and “significantly increases burnout.”⁴

Complex finances often contribute to physician stress and burnout. Work demands leave little time to for tasks like developing a comprehensive financial plan. An article written by John Egan for Forbes Advisor notes that financial advice can help doctors address these issues (retrieved and edited from Nasdaq.com):⁵

• Private practice may complicate taxes
• Pay may fail to keep pace with compensation for newly recruited professionals
• To maintain their standard of living, doctors may need to stash hefty sums in retirement accounts
• The average student leaves medical school with over $250,000 in student loan debt
• Rising medical malpractice lawsuits and insurance costs
• Desire to be immersed in medical matters rather than money matters

Engaging a certified financial professional can be key to wellbeing for time-crunched doctors who do not have enough hours in the day or the business acumen to manage complex finances to their advantage—and to achieve long-term financial goals.

1. www.ama-assn.org/practice-management/physician-health/what-physician-burnout
2. Ibid
3. www.ama-assn.org/press-center/ama-press-releases/ama-analysis-shows-most-physicians-work-outside-private-practice
4. Ibid
5. www.nasdaq.com/articles/financial-advisors-for-physicians:-everything-you-need-to-know

To date, I’ve undertaken to climb three of the Seven Summits: Mount Kilimanjaro, Mount Elbrus, and, recently, Mount Aconcagua—an arduous two-week climb that drew deeply from physical and mental reserves. And while making the summit yields a sense of accomplishment it comes at the price of pushing beyond one’s perceived limits. At the same time, I know that the demands of the climb itself, will ultimately enhance my personal and professional performance.

It’s not the mountain we conquer, but ourselves.
– Sir Edmund Hillary

On the way to the summit, I’ve learned the value of mental preparation, the intense focus and discipline of training under the guidance of a professional coach. Because up on the mountain, mental resolve can make all the difference when conditions get rough or the unpredictable happens. On Aconcagua our group encountered dangerous 50 mph winds at 19,000 feet. What’s the smart move? “Getting to the top is optional. Getting down is mandatory.”¹

Likewise, as an investor you have to be ready for the unexpected, the Black Swan—and ready to pivot while quickly assessing risks. If you’ve built a foundation of knowledge and cultivated a flexible mindset, you’ll be able to think clearly and creatively. You’ll have the tools to decipher permutations between various market movements. As an investment manager, I need to be savvy enough to make tactical moves in times of uncertainty, to eliminate investments that seem to be vulnerable to changing events yet also remain alert to opportunities that arise.

Anyone who’s “topped out” on a mountain, run an ultra-marathon, or completed an Ironman, knows that you have to maintain a lucid state of mind even when you’re hurting. Good climbers drive themselves yet maintain a heightened awareness of their surroundings and fellows. They’re vigilant about footing, breathing, and heart rate at altitude, retaining intentional focus or “mindfulness.”  Cultivating one’s mental “toolkit” certainly helps when crises arise in any sphere.

Aconcagua required that I push myself physically and emotionally, calling for a set of skills I’ve yet to fully master. I came home with a new appreciation for our guide’s technical skills—but equally for the level of care they showed for us in the harshest conditions. All in all, it was a life-changing experience with “ample doses of suffering and pain”² that has given me access to a new level of discipline and tenacity. I’ll rely on both enhanced skills as I work toward achieving the highest excellence.

1. Ed Viesturs, mountaineer and author, “No Shortcuts to the Top” and “K2”, quoted at https://www.goodreads.com/quotes/174009-getting-to-the-top-is-optional-getting-down-is-mandatory
2. Jensen Huang, CEO NVIDIA, quoted by Peter Yang, https://creatoreconomy.so/p/15-life-and-work-principles-from-jensen

Playing sports in college is a demanding but rewarding experience. The games, the teamwork, and social life offer not only excitement, but also preparation for any field that values smarts, hard work, and collaborative skills. Naturally, many college athletes aspire to a professional career in sports, but multiple sources note that only 2% of NCAA athletes go on to play professionally at any level after college. The figures below show the probability of competing in professional athletics:¹

Football:                      1.6%
Basketball                   1.2%
Women’s Basketball   0.8%
Baseball                       9.9%
Ice Hockey                  7.4%

The percentage is similar for college tennis stars hoping for success on the ATP Tour. Equally, while college golf does offer a pathway to professional play, less than 2% will earn a place in the Masters. Only top ranked players earn major money, and golfers pay all their own expenses.

It’s also important to realize that for those skilled enough to make the cut, playing days in pro sports last only a few years—even if one escapes injury or other event that could take one out of the game.  The average length of career in the NFL is 3.3. years² (a running back is just 2.57), in the NBA 4.5 years, and 5.6 years in the MLB.  Most pro athletes retire by age 33. Thus, for college athletes, academics are important in order to be prepared for alternate careers that are financially and personally rewarding.

While some college students may be savvy about handling money, many are not. Only 21 states require a personal finance curriculum for high school students and just 25 mandate that students take an economics course.³  But creating a plan while in college can shape long-term financial health, whether for NIL money, as a highly paid pro athlete or a brilliant entrepreneur. By learning to create a budget, manage debt (e.g., school loans), and invest wisely, students can set a solid foundation for the future.

Whether or not a student achieves a career as a pro athlete or remains a passionate amateur while pursuing a different profession, a financial planning professional can be invaluable in creating a road map for making choices that will pave the way to building wealth and ultimately, to financial security and overall well-being.

1. www.exactsports.com/how-many-ncaa-players-actually-go-pro/
2. x.com/BusterScher/status/1765910370030375084?lang=en
3. www.councilforeconed.org/wp-content/uploads/2020/02/2020-Survey-of-the-States.pdf

According to the AARP, 49% of men and 64% of women now 65 years of age will eventually need care in an assisted living facility, a nursing home, or their own home.¹ And according to an ASHA report, the average length of stay in assisted living facilities is 28 months, but seniors fall well outside the average on either side.² Would it be smart to purchase long-term-care insurance?

After all, assisted living in California can cost as much as $110,000 annually (the average is $63,000).

Still, long-term-care (LTC) insurance has a hefty premium. What if I never require long-term-care? If I’ve planned well for the future, I can probably afford to pay for care out of my own pocket. The Nat’l Association of Insurance Commissioners advises LTC coverage only if its cost is less than 7% of one’s income—and if you can pay the premium were it to go up by 25 percent (raises are frequent).³ Personal finances will clearly enter into the decision.

So, how much does it cost? The New York Times—drawing from data by the American Association for Long Term Care—reports that a 60-year-old man buying a $165,000 policy in 2023 would pay about $2,585 annually for a policy allowing for a 3% annual increase to account for inflation. For the same policy, a woman would pay $4,450 as women typically live longer and require care for a longer period.⁴ However, policy costs are contingent on multiple factors (e.g., age, state of health, and place of residence). Equally, benefits vary among carriers: which services are covered, the amount paid out for types of services (e.g., home aide or skilled nursing), and when you can tap into the policy (usually when you can no longer perform activities of daily living).

An AARP overview of long-term-care suggests talking with agents authorized to sell policies from multiple companies and with financial advisers who can frame options in the context of your financial plan. You may want to consider a hybrid life and LTC insurance or life insurance with LTC rider, among other options. “It’s really valuable to have some sort of third party who doesn’t have a vested interest in any one insurance company helping you navigate the process,” says Morningstar Director of Personal Finance, Christine Benz.⁵

1. https://www.aarp.org/caregiving/financial-legal/info-2021
2. https://ashaliving.org/product/2009-overview-of-assisted-living/
3. https://content.naic.org/sites/default/files/publication-ltc-lp-shoppers-guide-long-term.pdf
4. https://www.nytimes.com/2023/11/22/health/long-term-care-insurance-explained.html
5. https://www.aarp.org/caregiving/financial-legal/info-2021

As a Los Angeles resident, I’ve heard that many homeowners found themselves underinsured following the devastating fires in Pacific Palisades and Alta Dena. Their policies won’t cover the full cost of replacing their damaged or destroyed homes. Rebuilding will mean a smaller home—or, dipping deep into their pockets to cover replacement costs.

This issue isn’t limited to California. Hurricanes, wildfires, severe thunderstorms and tornadoes have grown more frequent and destructive in recent years (flood and earthquake damage are covered by a separate policy.) And according to a “Moneywatch” report, as many as 3 in 4 U.S. homeowners could be underinsured.¹ Non-profit United Policyholders also notes that out of a total $114 billion in losses due to natural disasters in 2023, insurers covered only $80 billion, “meaning 30% of those losses were not insured, according to the Congressional Budget Office.”²

Given such shortfalls, Jennifer Gray Thompson, CEO of After the Fire USA, says more Americans should get to know their policies.³ Homeowners should also know current construction costs in their zip code, as costs are rising across the U.S.

• Review your coverage—especially if you’ve made changes to your home or belongings
• Consult an insurance professional and or a Certified Financial Planner (CFP®) practitioner
• Consider increased limits—Thompson suggests getting the maximum amount that you can
• Consider extended costs or guaranteed replacement cost insurance if offered by your insurer. The higher premium may be worth it.
• Conduct an inventory of possessions and their replacement value.  Check your policy’s “contents coverage.”
• Keep a record that your insurer, agent or broker has reviewed your limits and confirmed they are adequate.⁴

The Los Angeles fires make the risks to homeowners and insurers more apparent than ever, with insurers experiencing declining profits, raising rates and in high risk areas, reluctant to issue new policies.⁵ According to AccuWeather, the toll of the fires is expected to top $250 billion, one of the most expensive disasters in California history.⁶  Mercifully, California’s insurance commissioner issued a moratorium in January reassuring LA homeowners living in the zones of the Palisades and Eaton fire that they “…cannot be dropped from their insurance policies.”⁷

1. https://www.cbsnews.com/news/home-insurance-full-coverage-natural-disaster/
2. https://uphelp.org/disaster-prep-how-to-know-if-youre-underinsured/
3. https://uphelp.org/disaster-prep-how-to-know-if-youre-underinsured/
4. https://uphelp.org/buying-tips/dos-and-donts-when-insuring-your-home/
5. https://www.nytimes.com/interactive/2024/12/18/climate/insurance-non-renewal-climate-crisis.html
6. https://www.accuweather.com/en/weather-news/accuweather-estimates-more-than-250-billion-in-damages-and-economic-loss-from-la-wildfires/
7. https://www.nytimes.com/2025/01/10/us/homeowners-insurance-fires-palisades-eaton.html?searchResultPosition=4

The Johari Window is a tool developed in 1955 by psychologists to help people understand their own and others’ behaviors and beliefs.¹ The model is based on the idea that traits, values, and motives are known or unknown by us and known or unknown by others around us. By exploring the Johari quadrants, people can develop greater self-awareness and stronger relationships with business colleagues or family members—plus, a better understanding of your own and others’ financial behaviors, biases, and goals.

The Quadrant:

Open
What is known to oneself and to others; the behaviors and qualities for which we are known (e.g. honesty or duplicity)

Blind
What is known to others but not to one’s self (e.g., the strengths or weaknesses, that we cannot “see”)

Mask
What is known to one’s self but not to others; traits and motives we choose to conceal.

Unknown/Unconscious
What is not known to one’s self or others; all that has not been considered yet has the potential to emerge.

The Johari Window’s usefulness to build leadership skills and collaborative teams in business is well known.² Shrinking the “Blind” quadrant can improve self-awareness, enabling improvement in varied facets of life. Equally, the model can create a dynamic of support and trust among family members—especially, about how money is to be saved, spent, invested, and bestowed. Finances are often a sensitive subject for those with sizeable assets—whether a tech mogul, pro athlete, or heir to a fortune.  Prickliness about transparency and the disclosure of information can arise during discussions about wealth transfer or between a couple with regard to a prenup or other arrangements to manage finances after marriage.

To make the best use of the Johari model, it will be helpful to seek out a Certified Financial Planner (CFP®) professional along with an estate planning attorney with the skills to facilitate open communication about finances and assist in understanding the legal implications of a prenup or a trust, ensuring alignment with individual and joint financial goals.

Your choice of ethical professionals is invaluable to expand the “Open” quadrant and minimize the “Blind” quadrant by inviting thoughtful feedback on traits and insights of which participants are unaware.  In the same way, openly sharing financial anxieties and aspirations shrinks the “Hidden Area.” Finally, the group can embrace the “Unknown” by considering perspectives and possibilities not yet come to light. The involvement of a neutral third-party, allows you to achieve maximum benefit via this feedback/disclosure framework.

1. https://positivepsychology.com/johari-window/
2. https://www.leadingsapiens.com/johari-window-complete-guide-for-leaders/

Funding my children’s future college education represents one of the largest investments our family will make.  So, I’m considering how to make the cost worthwhile—as college costs have “more than doubled in the 21^st century.”¹

Starting from the premise that knowledge is power, a few thought-starters about college applications now:

Schools are rethinking standardized testing (again) along with other key elements of the college admissions process.  For students and their parents, strategies about college application may also need to change.

As of January 2025, over 1,800 colleges and universities have adopted test-optional policies; however, strong test scores can still enhance applications.  The UC system is fully “test-blind,” but elite institutions like Brown, Dartmouth, and MIT have returned to requiring test scores.²  Schools like NYU are “test optional,” while still others require test scores for majors like computer science.

What are your student’s strengths?  Does your child have access to test-prep resources? Is the student likely to score in the top 10% on the SAT? Or, will a stellar academic record and class rank paint a better picture?

Many schools now spotlight extra-curricular achievements, essays and letters of recommendation–placing emphasis on a “holistic” application.   A 2023 report by Harvard Graduate School of Education notes that admissions officers are drawn to applicants who engage in authentic service for societal improvement.³

For students, AI tools like ChatGPT are now popular to assist with application essays.  Educators, however, caution reliance on AI because the result is never as powerful as a genuine expression of the singular voice.  Christine Elgersma, Common Sense Media notes, “Students should understand the ethical implications, the biases that exist in AI algorithms, the potential for misinformation and the privacy risks.”⁴

At the same time, some colleges have adopted AI to screen applications, analyze transcripts, and manage records—raising concerns about bias as algorithms trained on pre-existing data may prolong inequities for less-resourced students.⁵

The U.S. Supreme Court’s 2025 decision on affirmative action is also driving change.  Some schools are scaling back or re-branding DEI programs, while others have shifted focus to socio-economic diversity and first-generation support.⁶  Life challenges—expressed in essays and personal statements—carry greater weight.

1. https://educationdata.org/average-cost-of-college
2. https://www.forbes.com/sites/sarahhernholm/2025/01/18/4-trends-shaping-the-college-admissions-process-for-2025/
3. https://www.gse.harvard.edu/ideas/usable-knowledge/16/06/college-and-good-student
4. https://calmatters.org/education/higher-education/2023/10/college-application-essays/
5. https://www.forbes.com/sites/brennanbarnard/2024/09/17/college-admission-an-ai-revolution/
6. https://www.road2college.com/college-affirmative-action-3-18-2025/

As a Los Angeles resident, I’ve heard that many homeowners found themselves underinsured following the devastating Palisades fire. Their policies won’t cover the full cost of replacing their damaged or destroyed homes. Rebuilding will mean a smaller home—or, dipping deep into their pockets to cover replacement costs.

This issue isn’t limited to California. Hurricanes, wildfires, severe thunderstorms and tornadoes have grown more frequent and destructive in recent years (flood and earthquake damage are covered by a separate policy). And according to a “Moneywatch” report, as many as 3 in 4 U.S. homeowners could be underinsured.¹ Non-profit United Policyholders also notes that out of a total $114 billion in losses due to natural disasters in 2023, insurers covered only $80 billion, “…meaning 30% of those losses were not insured, according to the Congressional Budget Office.”²

Given such shortfalls, Jennifer Gray Thompson, CEO of After the Fire USA, says more Americans should get to know their policies.³ Homeowners should also know current construction costs in their zip code, as costs are rising across the U.S.

• Review your coverage—especially if you’ve made changes to your home or belongings
• Consult an insurance professional. You may want to consult an investment professional with CFP® designation (such as myself) who can offer unbiased insurance planning advice.
• Consider increased limits—Thompson suggests getting the maximum that you can
• Consider extended costs or guaranteed replacement cost insurance if offered by your insurer.
• Inventory possessions and their replacement value. Check your policy’s “contents coverage.”
• Keep a record that your insurer, agent or broker has reviewed your limits and confirmed they are adequate.⁴

The LA fires make the risks to homeowners and insurers more apparent than ever, with insurers raising rates due to declining profits and in high risk areas, restricting new policies.⁵ According to AccuWeather, the toll of the fires is expected to top $250 billion, one of the most expensive disasters in California history.⁶ Mercifully, California’s insurance commissioner issued a moratorium in January reassuring homeowners living in the zones of the Palisades and Eaton fires that they “…cannot be dropped from their insurance policies.”⁷

1. https://www.cbsnews.com/news/home-insurance-full-coverage-natural-disaster/
2. https://uphelp.org/disaster-prep-how-to-know-if-youre-underinsured/
3. https://uphelp.org/disaster-prep-how-to-know-if-youre-underinsured/
4. https://uphelp.org/buying-tips/dos-and-donts-when-insuring-your-home/
5. https://www.nytimes.com/interactive/2024/12/18/climate/insurance-non-renewal-climate-crisis.html
6. https://www.accuweather.com/en/weather-news/accuweather-estimates-more-than-250-billion-in-damages-and-economic-loss-from-la-wildfires/
7. https://www.nytimes.com/2025/01/10/us/homeowners-insurance-fires-palisades-eaton.html?searchResultPosition=4

In a previous post, I took a look at inter-generational wealth and the “third-generation curse,” drawing upon the erosion of the Vanderbilt fortune to illustrate that idiom.  Such failures occur so often in ultra-wealthy American families that “shirtsleeves to shirtsleeves in three generations” appears to hold true.

In fact, there are relatively few “old money” billionaires today.  Most of those listed on the current Forbes 400 (requiring a minimum of $3.3 billion) did not inherit a family business, but rather built their own.  According to the Financial Review, “Fewer than 10 percent of today’s U.S. billionaires…are descended from members of the first Forbes 400 Rich List published in 1982.”¹

Why is this the case?  References to failure of generational wealth transition often cite research in 2002 by The Williams Group consultancy, which studied 3,200 high-net-worth families and found that 7 out of 10 families lost their fortune by the 2^nd generation and by the 3^rd, the number jumped to 90%.  The Williams Group study suggests that this pattern is most often the result of a “breakdown of trust and communication within the family unit and heirs who were unprepared for financial responsibility.”²  Parents too often failed to hand on knowledge and values that would help children spend, invest, and save in a prudent, accountable way.

Today, America is at a generational tipping point.  Over the next 25 years, trillions of dollars will be handed down primarily from Baby Boomers to Gen X and Millennial heirs in the U.S. alone.  Known as the Great Wealth Transfer, it will be the largest transfer of assets in history, affecting not only the finances of younger individuals, but the economy as a whole.  To ensure the successful transfer of this significant amount of wealth, Boomer benefactors need to be proactive about estate planning—and heirs must be informed about how to manage and invest their windfall.  Equally, “Open communication can help prevent family conflicts and position heirs to maximize their newfound wealth.”³

It’s useful to note here, that Gen X, Millennials, and Gen Z are likely to have different financial priorities and expectations than their elders.  This population is digitally sophisticated, socially conscious, and has inherited major financial challenges such as student debt, the rising cost of housing, and economic uncertainty as AI drives accelerated change. Thus parents, investment professionals, and heirs alike will need to address different behaviors, e.g., an inclination towards investments shaped by new technologies, as well as values-based investing, and a desire for transparency that has generally been less important for the older generations.⁴

As an investment professional– and father of young children – I do feel strongly about the importance of financial literacy.  I make an effort to teach my children the basics of managing dollars and cents, as well as providing guidance in how to think about money as a resource, and in a way that prepares them to handle any wealth they may inherit.  This is among my responsibilities as a parent, just as I try to nurture and motivate my kids through schooling, sports, and exposure to different places, peoples, and experiences.

Of course, every family will have a unique perspective on the subject of money or inheritance.  For younger children, there may be a weekly allowance that must be budgeted.  Or, parents may help an enterprising child start a small business—raking lawns, walking dogs, or tutoring.  When kids near adolescence, it may be time for general discussions about the difference between wants and needs, or more specifically, about buying your teen a new car, paying for college, or supporting a “gap year” to explore the world.  What is the family willing and able to give?

In a 2022 Forbes article, Daniel M. Machnik, CFP® offers “Four Tips to Raise Financially Responsible Children:”⁵

• Allot and Divide.  Help children parcel out their allowance or other income into “buckets” for saving, spending and giving.  “Kids naturally love helping others.  Having the means to give instills a sense of confidence that they can make a difference.”⁶
• Allow Kids to Earn an Allowance.  The Forbes writer suggests that kids can be expected to help with some household chores, with additional tasks designated as “worthy of extra monetary incentive.”⁷
• Give Back.  Donating, time, money, skills, or goods to improve the lives of others models social responsibility.  Tech luminary Bill Gates writes in a recent memoir Source Code, “…my mother [ ] regularly reminded me that I was merely a steward of any wealth I gained. With wealth came the responsibility to give it away….”⁸
• Communicate.   While it may not be appropriate to discuss the details of estate planning, parents can be open about priorities, goals, and expectations, perhaps clarifying such matters as what form assets will take—cash or stocks, real estate, collectibles, or precious metals.  Children can also be told whether the inheritance is outright or held in trust.

In a rare 2018 interview, David Rockefeller, Jr. said that the Rockefeller family preserved its financial status primarily by passing on its core values, specifically philanthropy. “We meet as a family twice a year, often more than 100 of us in the same room for a Christmas lunch for example.”⁹ When children turn 21, they are invited to attend “family forums” to join talks about the family’s direction with respect to business dealings, careers, philanthropy, and so forth.  Of course, with a collective net worth of $10 billion, the family also employs a number of wealth management professionals who oversee trust and estate services, financial planning, office services, and so forth.

Even for those of us with lesser fortunes, an attention to open communication within the family —early on and as children mature—can lay a foundation for money management throughout the course of our children’s lives.  At the same time, the choice of an ethical investment professional will be invaluable in effective estate planning, providing investment solutions and retirement strategies as each generation prepares for the opportunities of the 21^st century.

Based on my reading, thinking, and experience, the following is a basic framework for positioning oneself to effectively handle the upcoming intergenerational wealth transfer:¹⁰

Parent/Benefactor Estate Planning

• Develop a strong estate plan with trusted advisor(s).
• Create a wealth plan transfer aligned with your goals. Attend to wills and trusts early on.
• Update legal and financial documents related to retirement and bank accounts, real estate titles, tangible assets, insurance, and so forth. Provide copies to heirs.
• Communicate openly with all beneficiaries.
• Enlist a reliable third party to act as a trustee if family disputes are likely to arise.
• Consider a trust fund to protect assets. Consult with professional advisors to decide if a trust structure works for you.

Heir/Inheritance Planning

• Invite conversation about the value and type of inheritance to be received.
• Identify, list, and commit to your priorities about managing newfound wealth.
• Engage qualified estate, financial, and insurance professionals who can help to maximize your inheritance.
• Consult a tax professional to reduce any potential tax burdens.
• Develop a tax and investment plan to protect and grow wealth.

1. https://www.afr.com/wealth/investing/where-did-all-the-billionaire-families-go-20240206-p5f2s9
2. https://www.thewilliamsgroup.org/our-story
3. https://www.investopedia.com/navigating-the-great-wealth-transfer-8697256
4. https://www.investopedia.com/gen-z-investing-trends-8782299
5. https://www.forbes.com/councils/forbesfinancecouncil/2022/02/01/four-tips-to-raise-financially-responsible-children
6. Ibid
7. Ibid
8. Gates, Bill, “Source Code/My Beginnings,” February 4, 2025, quoted at https://news.slashdot.org/story/25/01/26/0259252/bill-gates-thanks-parents-in-new-memoir-acknowledges-lucky-timing-and-possible-autism#:~:text=But%2C%20of%20course%2C%20there%20was,away%2C%20she%20would%20tell%20me.
9. https://www.cnbc.com/2018/03/26/david-rockefeller-jr-shares-4-secrets-to-wealth-and-family.html
10. https://www.investopedia.com/navigating-the-great-wealth-transfer-8697256