Dr. Jim Grubman: The Psychology of Wealth | Rational Reminder 282
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- Опубликовано: 11 июн 2024
- In this episode, we delve deep into the world of wealth management and family advisory services and explore the evolving landscape of financial wealth planning. Dr. James Grubman, a renowned expert in family wealth psychology and author of Strangers in Paradise and Wealth 3.0, shares his profound insights and expertise on this critical subject. Dr. Grubman is a distinguished figure in family wealth and well-being and has made a mark with his profound understanding and enduring contributions to the field. In our conversation, we unpack the wealth management landscape through a psychological lens. We discuss the definition of wealth, the complex family dynamics and hurdles faced when adapting to elevated levels of wealth, and the essential role parents play in imparting financial responsibility to their children. We also explore the fundamentals when embracing the cultural norms associated with affluence, the psychological and practical ramifications of avoiding or overcompensating for wealth, the changing landscape of family wealth management, and much more. Listeners will also gain a comprehensive understanding of the evolution of wealth management, from traditional approaches to the transformative Wealth 3.0, along with insights on nurturing strong family relationships in the context of affluence. Dr. Grubman's wealth of knowledge and engaging storytelling make this episode a must-listen for those interested in the future of wealth management. Tune in now!
Timestamps:
0:00:00 Intro
0:04:38 James defines what it means to be wealthy
0:08:07 How common it is for people to become wealthy as opposed to being born wealthy
0:14:16 The added challenges that come with raising children in the context of wealth
0:23:32 How the source of wealth affects how people adapt to it
0:26:25 What people need to think about when they consider adopting the culture of the land of wealth
0:34:41 The implications of avoiding the cultural change altogether
0:39:13 What happens when people try too hard to adapt to being wealthy
0:43:11 Some of the common challenges to successful integration
0:47:02 What parents should be thinking about as they prepare their children to receive wealth
0:54:20 The role James sees for professional advisors in managing wealth
0:56:53 In the context of managing wealth, James defines Wealth 1.0
1:02:55 Why the negative aspects of Wealth 2.0 lasted for so long
1:05:16 James describes Wealth 3.0
1:10:28 New skills do advisors need to develop in Wealth 3.0
1:18:48 How receptive clients are to the ideas of Wealth 3.0
1:20:40 What James is most excited about in the emerging Wealth 3.0
1:24:09 James defines success in his life
Links From Today’s Episode:
Dr. James Grubman - jamesgrubman.com/
Strangers in Paradise - www.amazon.com/Strangers-Para...
Wealth 3.0 - www.amazon.com/Wealth-3-0-Fut...
Cross Cultures - www.amazon.com/Cross-Cultures...
Family Firm Institute (FFI) - www.ffi.org/
Purposeful Planning Institute - purposefulplanninginstitute.com/
STEP - www.step.org/
Ultra-High Net Worth Institute (UHNW) - www.uhnwinstitute.org/
Rational Reminder on iTunes - itunes.apple.com/ca/podcast/t....
Rational Reminder Website - rationalreminder.ca/
Rational Reminder on Instagram - / rationalreminder
Rational Reminder on X - / rationalremind
Rational Reminder on RUclips - / channel
Rational Reminder Email - info@rationalreminder.ca
Benjamin Felix - www.pwlcapital.com/author/ben...
Benjamin on X - / benjaminwfelix
Benjamin on LinkedIn - / benjaminwfelix
Cameron Passmore - www.pwlcapital.com/profile/ca...
Cameron on X - / cameronpassmore
Cameron on LinkedIn - / cameronpassmore 
Хобби
Great! These podcasts cost me a lot of money as almost every episode results in another book purchase 😂 (but luckily, the expected return on financial literacy is wonderful).
Kindle/Ebooks a bit cheaper but you can’t donate and share with friends.
Used my friend! Buy used books and then sell (some of) them once you’ve read them. I’ve saved literally a few thousand over the last 10-15 years by not buying new books.
@@WillFast140 True!
Great episode! Really changed my perspective on the realities of generational wealth.
My only reservation is that while I'm sure Dr. Grubman's perspective is very well researched (he did make it onto the rational reminder podcast after all) there was a stark lack of citations/ referenced studies in the discussion. This may just be Dr. Grubman's presentation style but I felt like when discussing wealth 2.0 too many points were left at "the old studies were either wrong or misinterpreted/misunderstood" without any clarification on the true data/statistics that support wealth 3.0.
Would love to see Ben make a video on this topic with imbedded citations to help me dive into this topic more deeply. Great work as always, keep it up!
When James Grubman spoke about how the premise of Strangers in Paradise is how those born & raised in modest economic circumstances, often find themselves as adults in the wonderful but unfamiliar world of wealth, like immigrants to a new land. That had me wondering if Dr. Grubman, Ben, and Cameron are familiar with the great book 'The Past is a Foreign Country' by Professor David Lowenthal? In the book Lowenthal analyses the ever-changing role of the past in shaping our lives. His thesis is we relate to the past in remarkably similar ways to how we relate to foreign places we haven't directly experienced or experienced fully. Seems to me Dr. Grubman, Ben, and Cameron (and listeners too) would really get a lot of useful insights from reading 'The Past is a Foreign Country' for the work they do. The important part is the "shaping our lives" aspect.
Damn. Cried at the ending😪😪
I found the discussion very interesting. Perhaps if he was a return guest he could discuss more on family dynamics relating to money & relative wealth. While there was discussion of children, I imagine he'd have lots of insights on the dynamics of people marrying into wealthier families, gold-diggers, distrust, entitlements, and all those kinds of situations.
5:20 in and learning that $4.5M net worth isn’t “High Net Worth” lol
All relative. Wealth gap widening. More poverty and billionaires now. Even world’s richest person changes at times. Never compare.
@@jmc8076”comparison is the thief of joy” You are so right. Make your own goals and compare where you’re at to where you’d like to be eventually and where you hoped you’d be by now. Other people don’t need to come into your thought process.
Interesting. TBH had two advisors and may try DIY. I know friends just learning about (hidden) fees and holdings. Seems to be sense of ‘we/I know best’, talked at vs with and limited input into your money. I’m sure not all do this. FWIW self educate no matter esp w/larger amounts, situations w/mult factors or just starting. Fee service, Robo advisors etc maybe helpful.
Watch at 1.25 speed for normal human talking speed
Where is the Scott Cederburg episode on "Challenging the Status Quo"? I was expecting that episode since your teaser last week was leaving me behind with more questions than answers on how to design my investment strategy. Meh... :(
That episode comes out December 21.
Wealth is relative. What does the author consider its wealthy? If it’s 10 million or more investable assets, then I can stop listen to this episode.
Pretty sure this is addressed in the first minute of the discussion.
-Ben