What do the wealthy know that we don't?
When it comes to "old money" wealthy families in the United States, there are some similar traits to be observed in how they accumulate assets and pass them on from generation to generation. When it comes to wealth accumulation, I believe the number one secret that they have is this: They know how to turn time into their ally rather than their enemy!
Did you know that the average mutual fund investor earns only 3.83% (Dalbar Study 2010)? Then those earnings are taxed at a greater rate than they need to be. At death, even more of those assets disappear into the government coffers. Time has become the brokers ally, or Uncle Sams, but not his.
Now let me ask you a question.
If you knew that you had all the time in the world to accumulate assets in your estate and for your family, would you do anything differently?
The wealthy have learned ways to make time their friend, and to use it to grow their assets, and to pass them along efficiently to the next generation.