27 min
10 Tips to Help Navigate When You Are Wealthy (But Your Loved Ones Are Not) FIN-LYT by EWA
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- Investing
In this episode of FIN LYT by EWA, Matt Blocki and Jamison Smith dive into a complex and often misunderstood topic: navigating the challenges of being significantly wealthier than most of your loved ones. Many believe that accumulating more money leads to greater happiness, but as Matt and Jamison discuss, this isn't always the case. Achieving financial success can sometimes strain relationships, especially when there is a substantial income gap between you and your family or friends.
Matt and Jamison offer ten practical tips for individuals who find themselves in this unique position, starting with understanding your "money temperature" – a concept likened to a comfort zone in spending that can be difficult to adjust once it's set. They share strategies for maintaining relationships without widening the wealth gap, such as focusing on experiences over material gifts and the importance of setting boundaries to avoid social debt. They emphasize that while financial support can be beneficial, it should not be the go-to solution for every problem, especially when it comes to relational issues. The conversation also touches on psychological aspects, like the need for status and acceptance, and the challenge of adjusting one’s lifestyle once one's income increases. They discuss the importance of empathy, sensitivity, and not allowing financial success to dominate relationships.
This episode is a must-listen for anyone looking to understand how to manage wealth wisely, while maintaining healthy and happy relationships, and navigating balance in world where not everyone shares the same fortune.
Additional Content Available on YouTube
https://www.youtube.com/@FIN-LYTbyEWA?sub_confirmation=1
Connect with EWA
https://ewa-llc.com/Follow Us on Social Mediahttps://www.instagram.com/ewa.llc/https://www.linkedin.com/company/equilibrium-wealth-advisors/ https://www.facebook.com/EquilibriumWealthAdvisors/
View EWA Disclosures and Firm ADV: https://adviserinfo.sec.gov/firm/summary/308977
In this episode of FIN LYT by EWA, Matt Blocki and Jamison Smith dive into a complex and often misunderstood topic: navigating the challenges of being significantly wealthier than most of your loved ones. Many believe that accumulating more money leads to greater happiness, but as Matt and Jamison discuss, this isn't always the case. Achieving financial success can sometimes strain relationships, especially when there is a substantial income gap between you and your family or friends.
Matt and Jamison offer ten practical tips for individuals who find themselves in this unique position, starting with understanding your "money temperature" – a concept likened to a comfort zone in spending that can be difficult to adjust once it's set. They share strategies for maintaining relationships without widening the wealth gap, such as focusing on experiences over material gifts and the importance of setting boundaries to avoid social debt. They emphasize that while financial support can be beneficial, it should not be the go-to solution for every problem, especially when it comes to relational issues. The conversation also touches on psychological aspects, like the need for status and acceptance, and the challenge of adjusting one’s lifestyle once one's income increases. They discuss the importance of empathy, sensitivity, and not allowing financial success to dominate relationships.
This episode is a must-listen for anyone looking to understand how to manage wealth wisely, while maintaining healthy and happy relationships, and navigating balance in world where not everyone shares the same fortune.
Additional Content Available on YouTube
https://www.youtube.com/@FIN-LYTbyEWA?sub_confirmation=1
Connect with EWA
https://ewa-llc.com/Follow Us on Social Mediahttps://www.instagram.com/ewa.llc/https://www.linkedin.com/company/equilibrium-wealth-advisors/ https://www.facebook.com/EquilibriumWealthAdvisors/
View EWA Disclosures and Firm ADV: https://adviserinfo.sec.gov/firm/summary/308977
27 min