According to one study, 70% of rich families lose their wealth by the second generation. Worse, by the end of the third generation, nine out of ten of these families are no longer wealthy.
Okay, so you started your own professional practice. Congratulations and welcome to the joys (and challenges) of business ownership. I should know, I’m an owner of a financial planning practice myself.
Speaking of challenges, we need to talk about taxes. At least some basics.