Today’s families are not the traditional families of old. They are mixed race, mixed sex, foster families, families with adopted children, blended families and many more. Where programs like Leave it to Beaver used to depict what a ‘normal’ family looked like, today’s families resemble shows like Modern Family and Keeping up with the Kardashians.
UBS Investor Watch has been investigating this new phenomenon and trying to uncover the financial challenges taking place within the modern American families. What they discovered may surprise you!
Almost as many “Modern” families as “Traditional” families are represented amongst the wealthy, although they do have their own specific set of financial challenges to adhere to:
· Blended families struggle with the costs of raising children from multiple marriages and worry about being fair with inheritance.
· One in four same-sex couples worries about the inheritance they’ll receive from parents who may not embrace their relationships.
· Couples who support adult children or aging parents worry about their own retirement.
· Older first-time parents feel they get less support from family and friends in raising their children.
No matter where your family fits into today’s world, concerns for all families remain the same. What you truly need is advice on what best to do to secure your financial future. That is where your UBS Financial Advisor comes in. If you don’t have a financial advisor, find a UBS Financial Advisor by clicking on the link.
Millionaires continue to enjoy a great deal of happiness and appreciation for what they have earned, but most remain unsatisfied and continue to strive for more and more. They are spurred on by ambition, the desire to protect their families’ lifestyle and continued anxiety that they could potentially lose what they have worked so hard to build. Because it seems to them that enough is never enough, they feel as though they are stuck on a treadmill without knowledge about how much wealth will actually make them truly satisfied to get off the treadmill.
The UBS Investor Watch Study revealed that millionaires actually regret missing time with their family in order to keep their millions. They feel that if they could quit wasting time on the treadmill that they could actually reconnect with their family members, pursue their passions and work on personal and not financial goals. They also felt as though they would donate more funds to charity if they had no other financial constraints.
Modern families can rely on their UBS Financial Advisor to help them make sense of it all and figure out their larger financial picture. Then maybe you, as well as all other Modern Families will have more dreams than concerns come true.