Curiosity@Intelsense
Weekly dose of learning
Let me first wish you and your family a very Happy New Year. May this year be filled with health, happiness, wisdom and opportunities.
1.
Origins of the New Year Resolutions
New Year’s resolutions actually go back to ancient times. From the Babylonians who resolved to return borrowed farm equipment to medieval knights who would renew their vow to chivalry, New Year’s resolutions are nothing new.
In 2000 B.C., the Babylonians celebrated the New Year during a 12-day festival called Akitu. It started the farming season by planting crops, crowning their king, and making promises to pay their debts. One common resolution was the return of borrowed farm equipment.
The Babylonian New Year was adopted by the ancient Romans, as was the tradition of resolutions. The timing, however, eventually shifted with the Julian calendar in 46 B.C., which declared January 1st as the start of the new year.
January was named for the two-faced Roman god, Janus, who looks forward to new beginnings as well as backward for reflection and resolution. The Romans would offer sacrifices to Janus and make promises of good behaviour for the year ahead.
2.
Generational Wealth
Generational wealth is an aspect of financial planning geared toward passing down stable, significant financial resources to future generations.
The generation that earns the wealth is the generation that worked and experienced hardships to make sure they achieve something better for themselves. They work hard and diligently save to achieve their goals. Their efforts pay off and by the time they are ready to retire and live comfortably, with assets to pass on.
The next generation, while growing up, sees their parent's struggles and have a good understanding of the value of sacrifice and hard work. While they may be more comfortable as adults, they can still remember the frugal aspects of their lives growing up. Since they are aware, they make better decisions surrounding education and financial choices enabling them to build on the foundation given to them by their parents.
The third generation never realizes the struggles and sacrifices the previous generations endured. The only thing they know if a life of plenty and have a real lack of understanding of what is needed to create and maintain the lifestyle they have grown accustom to.
It is estimated that 70% of wealthy families will lose their wealth by the second generation and 90% will lose it by the third. There are a variety of reasons why this happens:
Generations are taught not to talk about money
The prior generations worry that the next generation will become lazy and entitled
Many have no clue about the value of money or how to handle it
Media
Market views and interesting sectors for the year.
Pic of the Week
Thought of the Week
"If you only wished to be happy, this could be easily accomplished; but we wish to be happier than other people, and this is always difficult, for we believe others to be happier than they are.” ~ Montesquieu
Video of the Week
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