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Thomas Piketty: New thoughts on capital in the twenty-first century

Thomas Piketty: New thoughts on capital in the twenty-first century

 

French economist Thomas Piketty caused a sensation in early 2014 with his book on a simple, brutal formula explaining economic inequality: r is greater than g (meaning that return on capital is generally higher than economic growth). Here, he talks through the massive data set that led him to conclude: Economic inequality is not new, but it is getting worse, with radical possible impacts.

Asset Transparency in Families of Wealth & Family Business – David Berek

Asset Transparency in Families of Wealth & Family Business – David Berek

 

Chicago attorney Dave Berek explores the question, “To Reveal or Not Reveal?” in his presentation, The Transparency Myth in Families of Wealth and Family Business, together with co-panelists Dr. James Weiner and Nadine Scully at the Family Firm Institute

 

Bob Browne: A Lesson in Tax-Deferred Investing from Warren Buffett

Bob Browne: A Lesson in Tax-Deferred Investing from Warren Buffett

 

As investors look to build wealth, they can learn both tax strategy and investment strategy lessons from Warren Buffett’s recent sale of Graham Holdings Company.

 

Buffett on technology replacing jobs

Buffett on technology replacing jobs

 

Warren Buffett explains why he thinks it’s progress to have technology replacing human jobs, but acknowledges that people who are left behind need support. 

My Vet sends me reminder letters … Why can’t my lawyer when it comes to my will? by Tom Deans

My Vet sends me reminder letters … Why can’t my lawyer when it comes to my Will?

Willing Wisdom

Leading up to the release of my new book Willing Wisdom, I paid extra attention to the mail I received. Delivered to my home over the course of three months, were reminder letters from a host of personal service suppliers, including my accountant to file my taxes, my window cleaner, my lawn service, my insurance provider and my veterinarian.

 

What I didn’t receive, in fact what I’ve never received over the course of my 51 years on the planet, is a letter from my lawyer reminding me to up-date my will. Curious to know if I’m special (and not in a gifted way) I recently asked my audience – about 200 business owners from across North America assembled at a convention in La Jola California – how many of them had received an annual letter from their lawyer reminding them to up-date their will? Only seven hands shot up.

 

The results confirmed my suspicion that, like me, 193 people in that room had windows and pets receiving better regularly scheduled maintenance than their estate plans. So what’s the deal?

 

More alarming is that when questioned on the subject, half of that room acknowledged they didn’t have a will at all. When pressed further, 50% of those who did have a will confessed that it had been more than 5 years since it was last up-dated. When questioned even further almost the entire room confessed to having clean windows, healthy pets and weed free lawns.

 

Approximately 125 million North Americans over the age of 18 have no will and will eventually die intestate. The resulting financial and relational devastation to families is incalculable.

 

When I asked my veterinarian how she could be so organized and proactive in scheduling my pet’s annual check-up she tilted her head side ways (kind of like the way my dog Goblin does when I say “treats”) she blurted out – “auto-scheduler”. She might as well have added …“duhhh.”

 

Asking her for detail on this cutting edge 25-year-old technology she noted it was free — as in it doesn’t cost anything.

 

Below is the letter I received from my veterinarian word for word.


————
To: Tom Deans

Annual physical examinations and a personal health consultation is integral to maintaining Goblin’s health. Please call our office to schedule an appointment. We’ve missed you and look forward to seeing you soon!

Dufferin Veterinary Hospital
————

 

If you’re not receiving a letter from your lawyer reminding you to up-date your will, would you consider forwarding this article to your lawyer and help them get acquainted with the power of “auto-scheduling” and helping clients keep their estate plans up-to-date? Here’s a sample letter for them to consider sending annually to clients like you.


————
Dear client:

A will is one of the most important legal documents for you and your family to consider. If one or more of the following apply to you, please call our office and schedule an appointment.

 

In the past year have you experienced?

 

- the birth of a child, grandchild or other close family member?
– has someone close died?
– have you acquired or sold a business?
– has your financial situation materially changed?

 

There are many other changes in your life that may affect your will that we would be pleased to discuss, including Powers of Attorney, Advanced Health Care Directives and the selection of Executor(s).

 

I look forward to meeting with you.

 

Sincerely,

 

Your Lawyer Who Totally Gets that You are Busy and Reluctant to Think, Talk and Up-Date Your Will.
————

And while you’re at it, please remind your lawyer that no less than four US Presidents died without a will — two were lawyers.

 

To Book Tom Deans, a Lugen Family Office Speaker and

The LFO 2013 Speaker of the Year Award Winner,  

 

to speak to Your Clients, Donors, or Employees at one

of your events, please click here.

 

A Faith Based Economic Worldview

Part One – The Ideal Economy

To learn more, click here. 

 

Part Two – What Goes Wrong

To learn more, click here.

 

Part Three – Why It Goes Wrong

To learn more, click here. 

 

Part Four – Principled Reasoning

To learn more, click here. 

 

Part Five – Investment Decision Making

To learn more, click here. 

 

Part Six – Global Economy and Investment Markets

To learn more, click here. 

Billionaires Dumping Stock + Running From Wall St.

Billionaires Dumping Stock + Running From Wall St.

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Billionaires are jumping ship from Wall St., with Warren Buffet and George Soros among the notable 1% dumping their stocks in an effort to avoid a feared market crash. We look at analysis of the moves by the power hitters and how too big to fail banks look set to take another hit in this Buzzsaw news clip with Tyrel Ventura and Tabetha Wallace.

 

How you make money affects your taxes

46 Percent of global wealth owned by richest 1 percent

CNBC Squawk Box: Sen. Warren Leads Charge to Break Up Big Banks

CNBC Squawk Box: Sen. Warren Leads Charge to Break Up Big Banks

Senator John McCain and Elizabeth Warren are teaming up to break up the megabanks. Massachusetts Senator Elizabeth Warren joined the Squawk Box team on Friday, July 12th to discuss this new bill.