Wealth

By Michael Hartley CFP® | Cultivating Change LLC curated information about the challenges and rewards of thoughtful financial, estate, life, and legal planning. CultivatingChange.com

How the Wealthy Talk to Their Children About Money

Ron Weiner remembers sitting his two girls down to discuss the amount of money they stood to inherit. One was in college and the other in high school …

Wealth

Report: Silicon Valley Tycoons Don't Give Enough To Their Community

Soaring tech fortunes in Silicon Valley over the past decade have resulted in a significant jump in philanthropic giving, but there’s a catch, according to a report entitled <i>The Giving Code: Silicon Valley Nonprofits and Philanthropy</i>. The issue: 90% of the philanthropic dollars from Silicon Valley …

Silicon Valley

Microsoft cofounder Paul Allen threw an exclusive party on one of his superyachts during the Cannes Film Festival

For years, Microsoft cofounder, billionaire, and philanthropist Paul Allen has hosted a star-studded party during the Cannes Film Festival.<p>Though the party usually takes place on his 414-foot superyacht "Octopus," Allen switched it up this year, hosting the event on his other, $160 million yacht, …

Boating

World's rich confident they can scale wall of global risk: survey

| LONDON<p>The global economic, financial and political landscape has never been shakier, but the world's rich are confident they can steer through the fog of uncertainty in the coming year "without so much as a dent in their finances", a survey showed on Wednesday.<p>The findings of UBS Wealth …

World News

Living Like the 1% Is No Longer About Buying Cars, Boats and Jets

If you’re into yachting, flying private, or driving a classic car, but aren’t so much into the maintenance aspect of it all -- don’t panic. You have …

Luxury

Move over London, the world has a new luxury housing capital

Hong Kong has dethroned London as the top market for luxury real estate.<p>Big money home sales in the former British colony last year included four that topped $100 million, according to a new survey from Christie's International Real Estate. It was also home to the world's biggest single sale of …

Real Estate

Christie's: Global sales of luxury homes cooled in 2016

LOS ANGELES (AP) — Global luxury home sales cooled off in 2016 for the second consecutive year, even with a record number of homes selling for more than $100 million.<p>A report released Wednesday by Christie's International Real Estate shows that sales of homes priced at $1 million or more edged up …

Real Estate

Rich List 2017: No Brexit 'chilling effect' on wealth of super-rich

<b>The UK's richest 1,000 people "kept calm and carried on making billions" amid the Brexit vote of 2016, according to the Sunday Times Rich List.</b><p>Their wealth rose by 14% over the past year to a record £658bn, it shows.<p>Brothers Sri and Gopi Hinduja, who invest in property, healthcare and oil and gas, …

Wealth

Vacation Homes and Tax Planning

A second residence can generate tax benefits — if you plan ahead<p>It’s the summer, and many families will soon be creating treasured memories together at vacation homes. Whether you own a vacation home and rent it out, are looking to purchase or sell a property, or perhaps upgrade to a larger home, …

Retirement

Marketing The Opus Mansion In LA Like A Hollywood Movie

The $100 million mega-home called “Opus” being sold by developer Nile Niami and real estate firm Hilton & Hyland.<p>In the incredibly competitive world of Los Angeles real estate – where luxury home prices are edging into record territory – estate agents and marketing executives go to great lengths to …

Real Estate

A Record Number of Millionaires are Fleeing to These Countries

As the political climate has begun to shift around the world, many millionaires are packing up and leaving their home countries for greener …

My partner makes twice as much money as I do. What’s the best way to split the rent?

<b>Dear Emily,</b><p><b>I’m a 30-year-old man, and I’m getting ready to move in with my boyfriend. Right now we both have separate bank accounts, and we’re trying to figure out the best way to share expenses.</b><p><b>His income is a lot higher than mine (almost twice as much). The fairest thing to do would probably be</b> …

Money

Business Owners: You, Your Family, and Your Business

Life as a business owner can be complex. You make daily business decisions that affect the ongoing development of your company and your employees. You juggle commitments made to family and other personal interests. Understanding the challenges you face, and how they are interconnected, can lead to …

Small Business

7 steps you can take to make sure your kids are wealthy one day

If you have kids, or are considering having them, you've likely started thinking about what that will mean for your finances. But have you thought about how you can help your kids become prepared for their own financial future? There are plenty of things parents can do now to help set their kids …

Money

If Most Of The Rich Are Newly Rich Then Thomas Piketty Is Wrong, Isn't He?

The Sunday Times has done us all rather a favour. They’ve gone back over their tables of the rich list they compile each year and had a look at who made their money and how. Was it a good marriage back in 1600 or so (perhaps not the right date but a reasonable explanation of the Duke of …

Wealth

7 ways you're hurting your chances at building wealth, according to 2 self-made millionaires

"Wealth is just code for freedom, and freedom is the ultimate gift in life," write entrepreneurs, real estate investors, and self-made millionaires David Osborn and Paul Morris in their new book "Wealth Can't Wait."<p>Osborn is the operating partner of Keller Williams Realty and managing partner at …

Wealth

15 habits of self-made millionaires, from a man who spent 5 years studying rich people

Success doesn't crop up overnight. All self-made millionaires had to start somewhere.<p>Much of their transformation from ordinary to seven-figure status can be attributed to "rich habits," a term coined by Thomas C. Corley, who spent five years researching the daily habits of 177 self-made …

Wealth

1 in 3 Americans Don’t Know These Basic Finance Terms

Despite being one of the wealthiest countries in the world, the U.S. does not impress when it comes to basic knowledge of personal finance. Several …

These Are the 10 Richest Women in the World

On Monday, <i>Forbes</i> released a list of the world's wealthiest women, and Liliane Bettencourt of France has snagged the No. 1 spot yet again.<p>Bettencourt, …

Prudence in Violating the Prudent Investor Act: When Trustees Can Retain Their Own Stock

Carefully review state case law to determine if your state has established whether, and under what circumstances, a corporate trustee may retain its …

Private jets, SoulCycle, and air-conditioned “glamping” tents have officially killed Coachella

A moment of silence, please, for the grubby old days of music festivals: contorting into the backseats of friends’ cars, skipping showers, camping in rain-doused dirt.<p>Fans heading to Coachella this weekend can eschew the grime (the dirt, not the music genre) in favor of amenities such as private …

Prince Died A Year Ago, But His Estate Is Still In Limbo

Prince performs onstage at Warner Theatre on June 14, 2015 in Washington, DC. (Karrah Kobus/NPG Records via Getty Images)<p>When it comes to Prince’s estate, <i>Chaos and Disorder</i> isn’t just an album title. A year after Prince’s unexpected death from an accidental painkiller overdose, probate court still …

loved one

This Man Just Surpassed Jeff Bezos to Become the Second Richest Person in the World

That didn't last long.<p>Two weeks after grabbing the title of world's second-richest person, Jeff Bezos has been surpassed by Zara founder Amancio …

Jeff Bezos says he’s putting billions into space. He’s not alone

Jeff Bezos said last week he is cashing out one billion dollars of Amazon stock every year to finance his space company, Blue Origin, which aims to fly tourists to the edge of space next year.<p>Blue Origin refused to confirm Bezos’ investments or how long he has been putting up such a sum, though SEC …

How Much Tax Do You Owe On Social Security?

<i>As Tax Day approaches, filers who receive Social Security payments have to figure out how much they owe. Because this involves the tax code, the answer is not simple. Our resident tax guru,</i> <i>Jim Blankenship, founder and principal at</i> <i>Blankenship Financial Planning</i> <i>in New Berlin, Ill., decodes it for …

Social Security

The 8 Worst Tax Mistakes You Can Make

The simplest filing errors can cost you time and money at tax time.<p>Each tax season, we see some common, simple errors that can cost a taxpayer in terms of delays and thousands of dollars. If you make a mistake on your return, it may take longer for the IRS to process it. This is especially true for …

Personal Finance

What Happens When You're Executor of Your Parents' Estate

So your parents are updating their wills and possibly their trust documents, and they just asked you a huge question: “Will you be the executor of …

Tycoons On 2017 Forbes Japan Rich List See Upswing In Wealth

<b>SINGAPORE (April 6, 2017)</b> – Nearly three quarters of tycoons on the 2017 Forbes Japan Rich List saw their wealth rise in the past year. Big upticks came from a mix of companies in telecom, technology and videogames. The complete list can be found here here as well as in the latest issue of Forbes …

Wealth

An art heir just sold his New York townhouse for a record-setting $79.5 million

Art heir David Wildenstein has closed on the sale of his Upper East Side townhouse at for $79.5 million, or about $3,180 a foot, setting a new record for the priciest townhouse ever sold in Manhattan.<p>The buyer of the property is an entity affiliated with Roy Liao, CEO of HNA Holdings Group, the …

Townhouses