Ever since economists and the media began focusing on what they heralded as potentially the single largest generational transfer of wealth in history—bequests to baby boomers from their parents—my clients caught patrimony fever. Even if you could inherit a small fortune (and I don’t think you will), I don’t think it’s something you should plan on or dream of. And it’s certainly not a process you should try to replicate with your own children. (more…)

Those who feel they’ve got to own the latest device or product are going to have a hard time making it in the twenty-first century. New products now appear almost daily and are often obsolete within a month—just look at the computer industry. Remember the previous rule and don’t buy something new unless it answers a real need. People didn’t need electronic personal organizers until they suddenly came on the market. (more…)