The Great Wealth Transfer: An Audio Guide
By: Troy Price, Program Coordinator / Podcast Producer
Lately, I have taken a deep dive into what Forbes has been calling, “The Great Wealth Transfer.” In short, members of the Greatest Generation and those we affectionally call ‘Boomers’ are transferring their accumulated wealth to the younger generation or worthy organizations. This is happening in a volume that the U.S. (and the world at large) has never seen before — trillions and trillions of dollars! During my research, I found a few excellent podcasts covering this topic.
Here are my top five podcasts on The Great Wealth Transfer, along with my thoughts on each one:
First off, I know you didn’t click the link above and read that Forbes article about the Great Wealth Transfer. That is OK! Here is a podcast episode from “The Next Big Idea Daily” on the topic. It actually leaves you hopeful for what might result from the next generation receiving such wealth. Now let’s review a few interesting podcasts that offer unique takes on different aspects of the Great Wealth Transfer.
Of course, maybe the most important part of transferring wealth to the next generation is having a will in place. It would be a disservice to the importance of a will to recommend just one podcast episode. So, go listen to every episode of the Life Planning 101 Podcast. This podcast is a free informational service provided by a firm in Texas. I do not endorse their practice and am not being compensated for mentioning it, I simply found the podcast to be a thought-provoking and comfortable listen about a topic I would rather not think much about.
A will is not the only legal method to pass wealth to the next generation. There is an entire industry dedicated to this process called estate planning. I was recently talking with a friend who works in the industry about finding just one ‘unicorn’ podcast episode that effectively encapsulates estate planning. Amy Burkhardt, the Executive Director of Planned Philanthropy at Berea College, recommends this episode produced by “The Fundraising School.” I agree, this episode is a great starting point for diving into estate planning.
In addition to legal mechanisms for transferring wealth, a robust business can be a vehicle to preserve intergenerational wealth. Franchising is a viable business model with many, many examples of families maintaining their wealth as their businesses survive well beyond the original owners. In one episode of the FranchiseU! podcast, Dr. Kathleen Gosser interviewed Gene and Yolanda Camarena. They discuss the Camarenas’ unique approach to the franchising businesses and their perspective on passing business operations to family members.
Lastly, as the Forbes article mentioned, a significant portion of accumulated wealth is often dispersed to those outside of the family. Estate sales are one way this happens. These sales are becoming increasingly common as the older generation has acquired more valuable items than what their heirs want to keep. These items are sold via such estate sales, often for much less than their actual worth (this is not some kind of ‘scam’ to harm the wealthy, but is a way to liquidate assets quickly so that the legal process of closing the estate can proceed smoothly).
These sales create opportunities for aspiring entrepreneurs. A podcast that covers this process is produced by a riotous group of friends who buy from estate (and other) sales to sell online for a profit. The best representation of their show is episode 145 of the “Trash to Cash” podcast. Listen either for the basic business lessons or just for the laughs.
I think I managed to share the results of my recent podcast deep dive and also was able to save my co-workers, friends, and family from having to hear what I have learned about wills and estate sales at our next holiday dinner. I am sure they thank you for reading this as part of the EarBuds Podcast Collective.
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