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We interviewed three financial advisers to help us understand the kinds of money worries their wealthy clients are facing.
And on the other side,here are the genius things the wealthy are doing with their money.
Often, their wealth is tied up in investments or business ventures.
They also often worry about the impact of wealth on their childrens character and the potential for entitlement.
This means theyll typically experience more dramatic ups and downs when the markets are volatile.
My wealthy clients also worry when there are periods of stagnation, Weiss said.
They also use strategies like leveragingestate tax exemptionsand charitable giving to reduce their lifetime taxes, she said.
This means planning for what happens to their property and assets after death.
Theyre often concerned about efficiently passing down their wealth to their family while minimizing estate taxes.
This involves complex planning and Trust structures, Cisnero said.
When youre wealthy, your social status elevates.
Consequently, the wealthy often become more wary of the intentions behind social interactions.
Ive noticed that my wealthy clients are typically hyper-aware of their financial status.
Despite these differences, financial anxiety is a common thread that transcends income brackets.
Theyre mostly emotional and behavioral problems, such as deep-seated fears of scarcity, that need to be addressed.
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