Michael Wagner Discusses the Importance of Financial Conversations with The New York Times

Talking about money can be uncomfortable for wealthy families. As a result, many may avoid these types of conversations altogether – but when it comes to wealth, silence is rarely golden. Even the most difficult and honest financial discussions among family members almost always lead to better outcomes than outright avoidance. More often than not, the wealthy families who remain silent about money drift apart, while those who actively participate in these conversations thrive.

One way some family members (particularly next gen family members) avoid financial conversations is by substituting it with philanthropic endeavors. However, this can result in poor charitable decisions. For further insight on the importance of financial conversations and the negative effects of using charitable giving to avoid them, The New York Times recently spoke with Omnia Family Wealth Co-Founder and Chief Operating Officer Michael Wagner.

“People think about poor investments and bad business decisions, but I often see the next gen wanting to gift themselves into poverty,” explains Wagner. “They see all these natural disasters and end up giving away a lot more than they thought they were. Having a rein on philanthropy, putting some structure around it, gives them decision-making framework.”

To learn more about the importance of financial conversations, read the entire article from The New York Times here.

Receive for Insights

This field is for validation purposes and should be left unchanged.

RELATED ARTICLES

Michael Wagner Explains the Role of a Portfolio Manager to U.S. News & World Report

Michael Wagner Explains the Role of a Portfolio Manager to U.S. News & World Report

Read More
Omnia Family Wealth Recognized in Financial Advisor Magazine’s 2021 RIA Ranking

Omnia Family Wealth Recognized in Financial Advisor Magazine’s 2021 RIA Ranking

Read More
Michael Wagner on Fox Business: Warnings from the Bond Market

Michael Wagner on Fox Business: Warnings from the Bond Market

Read More
Michael Wagner Explains the Fed’s Selling of Corporate Bonds Announcement to CFO Dive

Michael Wagner Explains the Fed’s Selling of Corporate Bonds Announcement to CFO Dive

Read More
Michael Wagner Discusses Faith-Based Investing with The New York Times

Michael Wagner Discusses Faith-Based Investing with The New York Times

Read More
Michael Wagner to Speak at the 28th Annual Planned Giving Council Symposium

Michael Wagner to Speak at the 28th Annual Planned Giving Council Symposium

Read More
Michael Wagner Discusses the Increased Interest in Municipal Bonds with Bloomberg

Michael Wagner Discusses the Increased Interest in Municipal Bonds with Bloomberg

Read More
Michael Wagner on Family Wealth Report’s Wealth Talk: How To Keep Investment Emotions in Balance

Michael Wagner on Family Wealth Report’s Wealth Talk: How To Keep Investment Emotions in Balance

Read More
Michael Wagner to Receive Leadership Award from the Greater Miami Jewish Federation

Michael Wagner to Receive Leadership Award from the Greater Miami Jewish Federation

Read More
©2021 Omnia Family Wealth, All Rights Reserved.