Gregg Greenberg
Q: How big a problem is it to get young men who may have grown up poor to adapt to all the money thrown at them?
A: It is a huge challenge to educate young men to adapt to instant wealth and properly handle their finances. Too many of the young players believe that they are strong when they spend and weak when they save. In fact, it is just the opposite -- the strength is in savings and accumulating capital, thereby controlling your own destiny. Q: How can you teach them to adapt? A: We attempt to share success stories with our clients to motivate them to save. We share stories of clients who have been retired for many years and who have not had to change their lifestyles since retiring. We try to contrast that with the horror stories of those who have been forced to move into smaller homes, see their families leave them and be forced to drastically curtail their lifestyle. We explain that the rules of finance apply to them regardless of their celebrity. This can often be tough, because for their entire lives, they have had special rules apply to them.
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