Becoming a millionaire doesn’t guarantee future financial success or even that you’ll remain a millionaire. There are a few BIG reasons some millionaires lose their wealth. Learn why some millionaires go broke, what they do wrong, and how you can protect yourself and your finances.
Research and resources in this episode:
- The Millionaire Next Door by Thomas J. Stanley and William D. Danko
- Parents Helped Adult Children at Their Own Expense Due to Pandemic (Debt.com)
- Poll: Many parents have helped adult children financially since 2020 (CreditCards.com)
- Generational Wealth: Why do 70% of Families Lose Their Wealth in the 2nd Generation? (Nasdaq)
- Cognitive impairment in the U.S.: Lifetime risk, age at onset, and years impaired (Science Direct)
- Consumer Price Index for All Urban Consumers: All Items in U.S. City Average (FRED)
