According to recent studies, the majority of millionaires in the U.S. are self-made. They didn’t inherit their money, they earned it, and most are the first generation in their family to do so. In this episode of Edelman Financial Engines’ Everyday Wealth™, Jean, Soledad, and wealth planner Brian Leslie discuss the unique challenges of first-generation wealth and how you can pass on the traits that helped build it to future generations. Later, many people retired during the pandemic and are now regretting their decision because they didn’t take into account how the down markets, inflation, and higher interest rates would affect their retirement plans. Now some are thinking about taking their social security early. The hosts break down why that could be a costly mistake. Finally, Dr. Wei Hu, vice president of financial research at Edelman Financial Engines, joins the hosts for Investing Sense, to talk about what hindsight bias is and how it could be affecting your assessment of your investments.
Originally posted 10-8-22 and 10-15-22
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