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    Millennials and money: are they ready for the responsibility of wealth?

    A freak mid-November snow storm didn’t stop some twenty-five young adults from participating in Newport Private Wealth’s popular educational and networking forum, NextWave. The evening’s discussion was led by three of our young associates, providing both professional insight and their own personal experiences on the thought-provoking topic of managing finances with a significant other.
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    How to talk to aging parents about their financial affairs

    There comes a point when adult children should be asking certain questions of their parents to ensure that their financial affairs are in order. As parents age, achieving financial independence for retirement is a primary objective and effective planning should start well ahead of time. Similarly, planning for the smooth succession of assets on death is critical to maintaining family harmony through a difficult time. Here is a list of questions adult children should be asking their parents, now, to better plan for retirement and beyond.
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    A Young Adult’s Guide to Smart Spending

    We recently held the spring session of our popular NextWave program, an educational and networking based initiative that helps the next generation of our client families become more informed, confident and financially independent.

    On an evening in May, a group of young adults in their 20s and 30s gathered in our boardroom to discuss ‘how to spend money wisely’. Although this topic might seem somewhat prosaic, it attracted close to 40 ‘millennials’ and inspired a spirited discussion. The following concepts were discussed as a guide for young adults to make smart spending decisions and more effectively build and manage wealth.

    Live a comfortable life, not a wasteful one. Many ‘Gen Y’ individuals have never experienced real financial hardship. The downside of this is that it can sometimes lead to overconfidence and overspending, rather than saving for ‘rainy days’ or to achieve financial independence.
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    NextWave – A Young Adult’s Guide to Investing

    Young Couple Dealing with FinancesWe hosted our 3rd NextWave event last week in our King West offices where over 30 young adults gathered to learn about and discuss financial issues specifically relevant to the younger age demographic. This NextWave event is part of a larger program to help young adults develop healthy money management habits and ultimately gain the experience needed to steward wealth responsibly.

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    Are your adult children financially astute?

    Adult children of wealthy families are not prepared to handle wealth. That is one of the most common concerns among Newport Private Wealth’s hundreds of wealthy clients. Wealthy baby boomers are moving into their golden years, planning for the succession of assets and realizing their adult children don’t have the necessary skills to effectively manage wealth.

    A U.S. Trust study last year confirmed that very few high net worth individuals believe their children would be mature enough to handle wealth before the age of 25 and more than a quarter think they won’t be ready before the age of 40. (1)

    Why is this so? Financial planning, risk vs. return, asset allocation, budgeting and tax minimization aren’t concepts that are taught in our schools and universities. Discussing the family’s wealth isn’t something most families raise at the dinner table. Yet, ironically, parents want to ensure their children, as heirs, (1) don’t squander inherited wealth; and (2) don’t lose sight of family values because of it. [read more >>]

    Baby checklist

    I’m not sure if it is my age, gender or maybe it’s just my network but it seems like everywhere I turn babies are a topic of discussion. Many new parents are eager to share itty-bitty details about parenthood but less inclined to discuss how their new little addition has impacted their financial lives.

    As part of our NextWave program of financial education for young adults in their 20s and 30s, we have put together a checklist outlining some important financial elements that parents, or even grandparents, may wish to consider. We hope that this guide will help simplify the financial process, allowing parents to focus on the day-to-day duties of caring for their new baby.

    Baby Steps to Financial Peace of Mind: A New Parents’ Guide can be downloaded from our website by clicking this link.

    Newport Private Wealth’s NextWave program is designed to help young adults navigate financial issues faced throughout their 20s and 30s.

    Our second NextWave event a success!

    Rent versus buyRecently we held the second event in our NextWave series, an educational and networking forum designed for adult children of affluent families. Our goal is to provide information on financial matters and help them to better manage their wealth – all in a fun, informal atmosphere. Despite battling beautiful patio weather and game one of the Toronto Maple Leafs vs. Boston Bruins playoff series, the event attracted a full house of young adults keen to discuss renting vs. buying a home.

    What’s the right move for you? [read more >>]