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Middle Class Millionaires. Professor, Counseling Psychology, SCU Clinical Psychologist Family Business Consultant Author: nine books; 200 + articles. Investment Advisor 25 Years Former Peace Corps country director Specialist corporate retirement plans “Personal” CFO

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jerrold shapiro ph d don odermann m a
Professor, Counseling Psychology, SCU

Clinical Psychologist

Family Business Consultant

Author: nine books; 200 + articles

Investment Advisor 25 Years

Former Peace Corps country director

Specialist corporate retirement plans

“Personal” CFO

Scholarship fund for Dominican youth

Jerrold Shapiro, Ph.D. Don Odermann,M.A.
camille odermann b a
Camille Odermann, B.A.
  • Second year in the Family Business
  • Multi-lingual
  • Former teacher
  • 401k Specialist
slide4

"The human race has had long experience and a fine tradition in surviving adversity. But we now face a task for which we have little experience, the task of surviving prosperity."

‑ Alan Gregg

who are the middle class millionaires
Who are the middle class millionaires?
  • Normally we consider a person a MCM when they have $1M + in net worth excluding their primary residence
  • People who are new to “real” money - They did not grow up “rich.”
  • People with middle class values
  • people who are family-centered
many paths to the money
Many paths to the money
  • Inheritance
  • Windfall (dot-com score; lottery; stock options; big money job)
  • Earning, saving and investing
what s this have to do with family business
What’s this have to do with Family Business?
  • Many of the new MCM’s will inherit family businesses and wealth over the next two decades
  • 40 - 60 million Americans of the baby boomer generation will inherit at least that million dollars
  • These are ourselves and our customers
  • It’s easier to lose $1M than it is to earn it - the family business is at risk without proper management of these funds
  • Generational differences in values about money
exercise

Exercise

Make a list of cliché’s about money that were present in your home when you were growing up.

Make a list of cliché’s that you gave or are giving to your children

what s important about money to you
What’s important about money to you?
  • Security
  • Freedom
  • improve my life and that of my family
  • Win a competition
  • Try to demonstrate personal self worth by financial wherewithal
  • Improve the community
when wealth comes suddenly
When Wealth Comes Suddenly
  • Personal conflicts
  • Inter-generational conflicts
  • Disbelief
  • impact on the children (each generation)
  • Financial management issues
slide11

15 Minute Break

When you return please sit at your Generation Table

exercise1
Exercise
  • What’s important about money TO YOU?
  • What’s important about ___________ to you?
  • Is there anything more important than __________ to you?
what money can provide
What Money Can Provide
  • Security
  • Freedom
  • legacy -- The Greater Good
what money alone cannot provide
What Money (ALONE) Cannot Provide
  • Feelings of security regardless of numbers
  • Feelings of freedom
  • Protection from guilt and fear
  • Wisdom
  • Health and happiness
obstacles fiscal psychological
Obstacles:Fiscal/Psychological
  • Greed and Fear
  • Money as a taboo subject
  • Guilt and competitiveness
  • lack of knowledge on what money can and cannot bring (i.e. it can’t bring happiness)
psychological barriers
Psychological Barriers
  • Fears of the unknown vs stagnation of the status quo
  • Internal experience of wealth vs external “realities.” (The depression experience)
  • Inbred values (Penny saved ...; eat drink and be merry...)
exercise2
Exercise

What do you find disquieting about how members of your generation relate to money?

What do you find disquieting about how members of the other generation in your family business relate to money?

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15 Minute Break

When you return please sit at your FAMILY Table

getting the million s
Getting the Million(s)
  • For most of us, it’s no easy task
  • Requires sacrifice
  • Takes a long time to achieve and longer to believe

But that’s nothing, compared to ….. 

keeping and growing it
Keeping and Growing it
  • How quickly it can go – “the tech wreck”
  • Spending Habits and Standard of Living (examples from sports; celebrities)
  • The old Family Business slogan:

“Coveralls to coveralls in 3 generations”

  • Finding the “holy Grail” -- buying for happiness
exercise generation groups
Exercise: Generation Groups

Personally and individually

  • Imagine yourself 20 years from now
  • What have you accomplished?
  • How have you paid for it?
exercise generation groups1
Exercise: Generation Groups
  • Now for a 100 year plan

Pick the age of your demise

What will you have accomplished by that date?

What will your money do for the remainder of the 100 years?

What DON’T you want to happen with the money?

family groups
Family Groups
  • Explore the similarities in the 20 and 100 year plans
  • Explore the differences
  • What stands out as NEW information?
  • What do you need to do next?
protecting the vision

Protecting the Vision

Keeping the money working for several generations