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.

Have Questions for An Advisor?

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

RELATED ARTICLES

Omnia Family Wealth Recognized as a Finalist for the 2024 Family Wealth Report Awards

Omnia Family Wealth Recognized as a Finalist for the 2024 Family Wealth Report Awards

Read More
Michael Wagner Weighs in on Mutual Funds in U.S. News & World Report

Michael Wagner Weighs in on Mutual Funds in U.S. News & World Report

Read More
Michael Wagner in U.S. News & World Report: Navigating Risk and Return in High-Yield Bonds

Michael Wagner in U.S. News & World Report: Navigating Risk and Return in High-Yield Bonds

Read More
Omnia Family Wealth in Nasdaq: How Millennials Can Secure Their Financial Future

Omnia Family Wealth in Nasdaq: How Millennials Can Secure Their Financial Future

Read More
Omnia Family Wealth in U.S. News & World Report: How to Retire at 65 with $2 Million

Omnia Family Wealth in U.S. News & World Report: How to Retire at 65 with $2 Million

Read More
Omnia Family Wealth in GoBankingRates: How a “Richcession” Can Affect Your Wallet

Omnia Family Wealth in GoBankingRates: How a “Richcession” Can Affect Your Wallet

Read More
Omnia Family Wealth in Nasdaq: Will Student Loan Payments Spark a Recession?

Omnia Family Wealth in Nasdaq: Will Student Loan Payments Spark a Recession?

Read More
Omnia Family Wealth in the International Business Times: Will China’s Woes Cause the Fed to Pause Rate Hikes?

Omnia Family Wealth in the International Business Times: Will China’s Woes Cause the Fed to Pause Rate Hikes?

Read More
Omnia Family Wealth in CBS MoneyWatch: The Secret to Growing Wealth

Omnia Family Wealth in CBS MoneyWatch: The Secret to Growing Wealth

Read More
©2024 Omnia Family Wealth, All Rights Reserved.