The Great Wealth Transfer - Avoid These Mistakes!

Trillions of dollars are about to switch hands in the biggest wealth transfer in the history of the planet! Billionaires alone will pass along almost $6 trillion, but even billionaires screw up big time when handing money to their kids. We've got three dumb mistakes mega-rich families make when passing on their wealth.

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But wait...don't we talk about things for normal folks here? Why are we talking about rich people stuff?  Because even though us normal folks aren't passing along 8- or 10-digit fortunes to our kids, there are still lessons we can learn here to benefit our own families.

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Here are Five Fast Facts about wealth transfer mistakes to avoid:

1. 🤯 BIG Bucks - The "Great Wealth Transfer" is handing over a mind-blowing $74 trillion in the next 25 years! 

2. 🙊 Silence Is Not Golden - Parents often clam up about money to avoid spoiling their kids, but when the inheritance drops...bam! They're like lottery winners - who have up to a 70% chance of going bankrupt - without a clue how to handle it. No bueno.

3. 😕 Plan? What Plan? - Having no plan or discussions about cash, assets, investing, or charitable giving usually leads to epic fights because nobody agreed on a playbook beforehand. A little frank discussion can go a long way toward keeping the peace (and keeping the money intact)!

4. 😠 Control Freak - Parents need to let go of some control while there's time to recover and learn from mistakes. Most billionaires want their kids to grow the family empire, but they micromanage like the grumpy dad in "Succession," never trusting the next gen with real decisions. This trust goes for normal folks, too, even if our "empire" is just a single house with a yard and three shrubs.

5. 👍 Practice Makes Proficient - Build your kids' confidence and decision-making by starting small - give them smaller amounts of money and help them learn to use it wisely. Make family money rules, work with them to make decisions, and over time turn them into money bosses instead of clueless heirs.

🔥Bottom line: The dysfunction in the super rich is real! Isn't it good to know they actually don't have it all together? The good news is that we can learn from watching their mistakes, and give our own kids a much better shot at financial success in the future. This mega money move doesn't have to be a family disaster no matter how much your family has. Whether you're billionaire-level or just dreaming of it, these tips can keep your future fortune from turning into a fantastic fail.

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What's your best inheritance advice?

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