While it is easy to scoff at rich people being victimized by their wealth, Wagner employs a useful proposition for clients who think that money will solve all of their problems. He calls it the lottery proposition. As he proposes to clients dreaming of the bright side of wealth, ìI will let you win the lottery if you will do several things. You have to change what you do for a living. You have to be willing to change your friends. You have to change where you live, how you live, what your family thinks of you, and how people relate to you everyday. Sound attractive?î Typically his clients say ìno.î For Wagner, that ìnoî is a strong indicator of financial literacy.
Jim Grote, CFP, is a financial writer who has written for numerous magazines. He can be reached at [email protected].
For Further Information
Aldrich, Nelson W. Jr., Old Money: The Mythology of America's Upper Class, Knopf, New York, 1988.
Hausner, Lee, Children of Paradise: Successful Parenting for Prosperous Families. Order directly from the author at www.dhvadvisors.com.
Price, Susan Crites, The Giving Family: Raising Our Children to Help Others. Order directly from the author at www.thegivingfamily.org.
Prince, Russ Alan and Karen Maru File, High-Net-Worth Psychology: Finding, Winning and Keeping Affluent Investors, National Under-writer Company, Cincinnati, Ohio, 2001.
Stanley, Thomas and William Danko, The Millionaire Next Door, MJF Books, New York, 1996. [This may not be the latest edition.]
Thayer, Willis Cheatham, Naviga-ting the Dark Side of Wealth: A Life Guide for Inheritors, New Concord Press, Portland, Ore., 2003.