Listen Now

In this solo episode of Success That Lasts, Jared Siegel discusses the power narratives hold over us when making financial decisions, and how to think more empirically. He talks about the roles that skill and luck have in various aspects of life. “After a career of helping people make financial decisions, one thing is overwhelmingly clear to me: people are not calculators, they’re storytellers,” Jared claims. Humans are biologically wired to connect cause and effect, even if it may be incorrect. The more you want something to be true, he adds, the more likely you are to believe the story that overestimates the odds of it being true. If we learn how to second guess ‘easy’ narratives and learn to think more empirically, we can gain an advantage.  According to a study done in collaboration with Dartmouth College, University of Chicago, California Institute of Technology and UCLA, less than 2% of people attempting to add value to the portfolio through predictions actually possess skill. Over a shorter time frame, the influence that luck plays, both good and bad, is greater. However, as you expand the sample size, the influence that luck plays is diminished, and outcomes become much more predictable. Resources Jared Siegel on LinkedIn | Twitter Email: jsiegel@delapwa.com  DelapCPA.com The Success Equation by Michael Mauboussin Luck versus Skill Research Paper Memo from Howard Mark

Michael DiJoseph is Senior Strategist in the Investment Advisory Research Center at Vanguard. He is a Certified Financial Analyst and volunteers as a member and secretary on the Board of Trustees at the Province of St. Thomas of Villanova Support Fund. Michael joins Jared Siegel to discuss the value of an advisor.  Here are a few highlights from their conversation: Vanguard Advisor’s Alpha found that advisors adhering to a holistic wealth management framework could add about 3% per year in annualized returns relative to the average experience.  “We’re bad at forecasting the future because the future is simply not forecastable,” Michael claims. Vanguard keeps updating its study about quantifying the value of an advisor because they “want to start talking to people in their language.” They aim to help both advisors and customers understand the value of this service. Warren Buffet was a stock picker and active manager, but he looked at the numbers and drew the conclusion that most managers don't earn their fee, and much significant wealth is dissipated as a result of chasing a prediction-based approach to performance. Being as proactive as possible is always an advantage, but there are times when that’s not the case - there is a time and a place to respond to anticipated things, Jared shares. Michael describes the reactive model within the Advisor Alpha framework. “Staying the course doesn’t mean standing still,” Michael tells Jared. Staying the course actually requires an enormous amount of minor course corrections along the way. You don't just get on a boat and suddenly arrive at your destination by doing nothing. Roth conversion effectively means you can accelerate the taxes on your tax-deferred money and convert it into tax-free money so that you won't have to pay it later, Michael explains. In an economic downturn, “the account value might be down; an individual's income might be down… Take advantage of that and accelerate taxes when the rate is lower - it might be higher in the future; use those losses to get a little creative.” “There’s a lot of noise out there around millennials and Gen Z not being as good as investors…  I actually think it's the opposite. I think they've had a huge head start, and I think we're going to start seeing the benefits of better advice all around,” Michael says.  Resources Michael DiJoseph on LinkedIn

Dennis Jaffe is Senior Research Fellow at BanyanGlobal Family Business Advisors. As both an organizational consultant and clinical psychologist with over 40 years of experience, he is one of the architects of the emerging field of family enterprise consulting. He is also a frequent contributor to periodicals such as Family Business Journal of Financial Planning, Private Wealth Journal of Wealth management, and Worth magazine. Dennis joins Jared Siegel to share insights from his book Borrowed from Your Grandchildren about how large, long-lasting business families succeed across generations. Here are a few highlights from their conversation: Generative families are those with business that have gone past the third generation in terms of ownership and control; have an identity as both a family and a business; and were large and thriving, though not necessarily in the legacy business. It’s fairly common that family businesses don’t last past the third generation, but that has less to do with wealth itself and more to do with the type of people in the business. Successful business families make a commitment to the future, Dennis shares. “They developed all kinds of ways in which the family was creating non-financial wealth - they were creating value by educating the next generation, giving to the community, and having wonderful, thoughtful people get together.”  In generative families, the wealth creator creates the wealth, but they do not create the generative idea - this is typically done by the second or third generation. Jared asks Dennis to describe the roles of the first three generations of a business family. “The shift from the first generation where it's all about one person with no need to collaborate with anybody to the next generation comes when the family begins to have a single family meeting and they talk about their wealth,” Dennis explains. “Is this the business that they want to be in, or do they want to be in another business? Do they want to have a foundation? And they start to have conversations and out of the conversations the family says, ‘We have so much wealth, we have so many issues to talk about - we have to meet regularly.’” Self-reliant wealth creators must get over the idea that because they've been so successful, they know how to do it better than anyone else. Older generations have to understand that things are different, and should respect those differences rather than try to make things be the way they were before. They’d only be setting themselves up for failure by taking the latter route. Resources Dennis Jaffe on LinkedIn Borrowed from Your Grandchildren: The Evolution of 100-Year Family Enterprises Dear Younger Me: Wisdom for Family Enterprise Successors

Nathan Sosner is a national thought leader and Principal at AQR Capital Management, where he specializes in sophisticated investment programs for high-net-worth clients. His research on tax-aware investing has been published in the Journal of Wealth Management and the Financial Analyst Journal, who awarded him the Graham and Dodd Award for the best paper of the year in 2020. Nathan joins Jared Siegel to discuss the importance of tax efficiency. Here are a few highlights from their conversation:  The main difference between tax-agnostic and tax-aware strategies at AQR, Nathan shares, is that tax-aware funds think not only about investment styles but also about tax results of individual trades. Jared asks Nathan how AQR quantifies the economic benefits of integrating income tax and estate tax planning in a portfolio design. “[We] approach management of that portfolio in tax-efficient ways,” Nathan responds “For example, if you started a program at the age of 40 and continued until 80, the after-tax wealth transferred to the family can be three times larger if you look to achieve tax efficiency and sensible investment strategy across all the dimensions, as opposed to only focusing on investment strategy and completely ignoring the income and estate tax implications of your investment.” From a statistician’s point of view, the greater the success, the more attention it gets, and failures tend to fade away into the background. Wealth created by concentrated risk looks great post-factum, but that is because a large portion of the wealth distribution where wealth has been lost is ignored. “A concentrated risk is a constraint for many investors,” Nathan comments.  According to Nathan’s research, volatility creates a significant drag on cumulative wealth, and the only way to reduce that drag is to reduce volatility through diversification.  There isn’t a lot of information about the after tax risk adjusted performance of strategies, Jared says. It’s difficult to report performance on an after-tax basis because of its nature - individual clients' facts and circumstances, which would impact the net result of an investment. Nathan shares what to consider when transitioning from one investment strategy to another. “There are four key parameters to changing a strategy, changing the portfolio tax efficiently,” he claims. “[They are] tracking error, build-in gain, how much leverage you are willing to take, and time.” This material is intended for informational purposes only and should not be construed as legal or tax advice, nor is it intended to replace the advice of a qualified attorney or tax advisor. The recipient should conduct his or her own analysis and consult with professional advisors prior to making any investment decisions. Resources Nathan Sosner on LinkedIn  AQR Capital Management Regardless of How You Deal with Low-Basis Stock, Long-Short Strategies Can Help Integration of Income and Estate Tax Planning When Fortune Doesn’t Favor the Bold: Perils of Volatility for Wealth Growth and Preservation

In this solo episode of Success That Lasts, Jared Siegel unpacks structural capital and related topics. He shares insights about wealth succession and how families can ensure their heirs are fully equipped to inherit wealth. “Families with significant wealth or family businesses often operate within a network of trust - partnerships, contracts, and other kinds of legal and business entity relationships,” Jared says. “In this context, structural capital represents the family’s cumulative understanding of this network and ability to navigate it efficiently.” It’s human nature to value things based on how much they cost us. Therefore, you value wealth you are given differently than if you had suffered, sacrificed, and risked for it. The key to efficiency is making a checklist - one of the most simple and humble techniques, according to author, surgeon, and public health researcher Atul Gawande. Even the Air Force and leading hospitals use checklists to manage their everyday tasks. “The single most important reason for creating a trust in the first place should be to provide a gift that promotes the beneficiary’s real freedom,” Jared advises. “A trust that's well designed should deliver an enhancement to the beneficiary that cultivates a greater maturity and equips them to pursue their own aspirations.” Resources Jared Siegel on LinkedIn | Twitter Email: jsiegel@delapwa.com  DelapCPA.com The Checklist Manifesto by Atul Gawande Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values by Roy Williams and Vic Preisser

In this solo episode of Success That Lasts, Jared Siegel discusses the concepts of harmony and balance. He defines different types of capital and how they intersect to create real wealth.  Harmony is nuanced, Jared shares, requiring some level of skillful and simultaneous execution. To be well-coordinated, harmony needs balance and complexity. Jared explores what that looks like in wealth planning. A family’s human capital includes its individual family members’ physical and emotional health, as well as their resilience - their ability to learn, grow and adapt. Their relational capital reflects each member’s ability to discuss difficult topics together or to collaborate in complex efforts. Prior to the Industrial Revolution, wealth transfer was more about the transfer of wisdom and opportunities, not necessarily money. “If you inherited your family’s land, you were still required to work. You had to [put in the] effort, sacrifice and grind… to actually generate income that you and your family could live on ,” Jared explains.  Financial capital is merely a tool - nothing more, nothing less. It’s neither good nor bad, but it really begs the question - what are you trying to accomplish with your wealth? Resources Jared Siegel on LinkedIn | Twitter Email: jsiegel@delapwa.com  DelapCPA.com

In this solo episode of Success That Lasts, Jared Siegel discusses the normal path for progress in economics and markets. “Human beings have a strong and dramatic instinct towards binary thinking - a basic urge to divide things into two distinct groups with nothing but an empty gap in between,” he cites. However, progress in economics exists outside this binary - growth actually persists among loss. Though we are frequently reminded that, from a regulatory perspective, past financial performance doesn’t guarantee future results, there is wisdom to be gained in examining the past and extracting its actionable insights. “We must simultaneously hold both our optimism and pessimism; just like we can only learn from the mistakes in life that we actually survive,” he adds.  Resources Jared Siegel on LinkedIn | Twitter DelapCPA.com

In this solo episode of Success that Lasts, Jared Siegel explores status games. He shares insights on how they can detract us from our goals and tips for choosing your status game wisely. By definition, news is something that doesn’t last, Jared claims. It exists for a moment and then it changes. “As news has become easier to distribute and cheaper to produce, the quality and quantity have respectively decreased and increased, making it nearly impossible to delineate the signal from the noise,” he says. “The word status implies a social stratification on a vertical scale,” Jared explains. Hierarchies have existed in society for thousands of years, and new research suggests that humans are actually biologically wired to seek status. Gaining clarity about your own purpose informs you of the status games that actually matter. Picking the wrong one lures you into a trap of allocating your time to whatever screams the loudest, and your talent to whatever gives you the fastest reward. In The Happiness Hypothesis, researcher Jonathan Haidt concluded that intimate, loving and enduring relationships with our family and close friends will be among the sources of our deepest joy in life. Resources Jared Siegel on LinkedIn | Twitter DelapCPA.com Choose Your Status Game Wisely - Of Dollars and Data How Will You Measure Your Life? by Clayton Christensen The Happiness Hypothesis by Jonathan Haidt

In this solo episode of Success That Lasts, Jared Siegel discusses why outcome bias works against us. He defines “resulting” and shares tips for getting comfortable with uncertainty and making better decisions. Doing well with money isn’t about what you know; it’s about how you behave. You stand a greater chance of making smarter decisions about wealth if you change the way you think, which affects how you behave. “Resulting” is a term coined by poker players that defines the tendency to confuse the quality of a decision with the quality of its outcome. In cognitive science, this is called outcome bias, and it’s a dangerous tendency that we’re all susceptible to. “Diversification enables us to increase the near-term predictability that many of us need and desire,” Jared shares, “because we can't entirely eliminate uncertainty over shorter periods of time.”  According to researcher Jonathan Haidt, we have two ways of thinking that work simultaneously at all times: our gut, which is quick, emotional, and very persuasive; and our head, which is slower and less powerful, but more objective than our gut. Resources Jared Siegel on LinkedIn | Twitter DelapCPA.com

In this solo episode of Success That Lasts, Jared Siegel discusses why diversification is the key to reducing investment risks. He shares empirical evidence why relying on predictions is ineffective. “Pessimism is not only more common than optimism, but also sounds smarter, is more intellectually engaging, and is promoted significantly more by financial media than an optimist, who is often viewed as oblivious and ignorant of risks,” Jared shares. A 15-year study published by the Wall Street Journal found that 92% of active stock-picking managers that make investment decisions based upon their conclusions after looking at the economic predictors, actually underperform their benchmark. The probability of being able to predict good performance in advance consistently is minuscule, just like the probability of continually and consistently making accurate predictions is impossible. Diversification is the very best way to reduce your investment risk. “When it comes to your wealth, don't pursue a coin-flipping approach,” Jared says. “Rather, embrace five decades of peer-reviewed financial science and leverage the power of planning, not predictions, to support your long-term financial and life goals.” Resources Jared Siegel on LinkedIn | Twitter DelapCPA.com

Larry Swedroe is the Principal and Director of Research at Buckingham Family of Financial Services. He is also an author and researcher with over 4 decades of experience in personal finance. Larry is a frequent speaker on NBC, CNN, CNBC, and Bloomberg. He joins Jared Siegel to discuss all things financial: inflation, allocation, and even hedging. He shares the peer-reviewed empirical data that informs his strongest convictions.  Here are a few highlights from their conversation: You should never use forecasts to time the market, Larry says, as all evidence shows that it is largely ineffective. “Forecasts should only be thought of as the mean of a very wide potential dispersion of outcomes,” he adds. “There are always unknown events that we didn’t even think would occur, so your plan should always incorporate those possibilities.” Though the unemployment rate is down to 4%, there has been a massive decline in the labor force that’s willing to work, and an increase in early retirements. In a shocking and unprecedented turn of events, there are now far more job openings than there are unemployed people. “I think the Fed has underestimated the risks of [their] excessive amounts of fiscal and monetary stimulus,” Larry claims. “They’re [conducting] a grand experiment here; they think they can tighten quickly enough without pushing the economy into recession or raising rates too much.” Typically, with low interest rates supporting higher valuations, you should see higher than average valuations for value. Larry remarks. “To me, the only place that you have risk that valuations are too high is in US large growth stocks… In value stocks everywhere else around the world, valuations are historically in the 100th percentile of cheapness,” he shares. While the data has always shown that high valuations predict low future returns, that doesn’t mean they’re predicting negative returns, according to Larry.  Jared asks Larry about the helpfulness of economic predictions, and how to prepare for the certainty of uncertainty. “You should always rely on evidence from peer-reviewed academic journals, not people’s opinions,” Larry responds. “There’s a huge body of research that has analyzed investors’ ability to time market, tactically allocate assets, etc., as a loser’s game.” All risky assets should have similar risk-adjusted returns; this also includes similar Sharpe ratios, which adjust for returns. Resources Larry Swedroe on LinkedIn | Twitter

Diane Paddison is the founder of 4Word, a non-profit organization dedicated to serving professional Christian Women. She is also Independent Director at the Stan Johnson Company, Harvard Business School Christian Fellowship Alumni Association, and Behringer Harvard Opportunity REIT II, and a member of the National Advisory Board for the Salvation Army. She joins Jared Siegel to discuss her career journey, preparing children for the working world, and 4Word’s mission. Here are a few highlights from their conversation: Jared asks Diane how she gets clarity on priorities despite having so many commitments. “It comes down to soul-searching and figuring out what's important to me,” she responds. “My family has always been my top priority, and even in the contracts of some of my jobs, I negotiated how much I would be willing to travel. There are a lot of things I did to set boundaries to stay focused, but it was a constant learning process.” Diane talks about the fulfillment she experienced in various stages of her career. She shares insights about her time at Trammell Crow Company; how she started, how she moved up, her accomplishments at the organization, and when she decided to move forward. “One of the things I learned the hard way was that it’s critical to have the right people in the right seats; if you don’t, you need to make changes fast and not allow them to linger,” Diane says. “Another lesson that I learned is that it makes a huge difference when people understand that you care about them.” Diane shares advice for parents. “Make sure your daughters and sons play team sports, because it teaches them how to work in a team environment, and that’s important in the business world. Debate is a great place for your kids to learn and build confidence in their communication. And finally, get your daughters engaged in something competitive, especially if they have to work with boys. It enables them to feel comfortable no matter what gender the person they’re working with is.” Jared asks Diane what her experience was like being the only woman on a C-suite board. “I just had this confidence [because of my mother’s support] and my faith was a big part of it. But it really spurred a desire within me to help other women grow in their God-given potential with confidence because I knew that I was not the only one that should be in that room,” she replies. Part of the reason Diane founded 4Word was that she didn’t like the fact that a lot of companies weren’t allowing people to bring their full selves to work. She was blessed to be granted that opportunity at Trammel, and sought to help other women get the support she did. “Our vision is to grow a global community of Christian women in the workplace,” she adds. Resources Diane Paddison on LinkedIn | Twitter

Ken Weigel is a strategic advisor, and works in Strategy Advancement at The Bible Project. He’s also Strategic Advisor at The Contingent. He returns in this two part episode of Success That Lasts to discuss family engagement planning and the positive impacts it can have, with Jared Siegel.  Here are a few highlights from their conversation: “So many of us find ourselves just being reactive with the people that we love most,” Jared remarks. “We borrow ideas that we've observed from other families… and the challenge with that is that it's somebody else's family, somebody else's values, somebody else's solutions. When we apply somebody else's solutions to our own life, they may or may not render the outcomes that we're looking for.” A lack of clarity and communication about how a family plans to allocate their resources, can cause tension in their relationship.  When we talk about heir readiness and preparation, it’s more than just financial literacy. It involves a holistic approach to all of the capitals that matter to a family.  Ken begins family engagement planning by looking at a family’s values. “Values then get to inform really great decisions around how we spend those really key investments of both resources and time,” he adds. People are often more purposeful and intentional with their business decisions than they are with their relationships, Jared comments. It’s rare that someone actually takes the time to be proactive about determining what matters most and creates a strategy to protect that. Ken shares stories of his experiences with assisting families. “The intentionality about saying ‘Where do we invest our resources financially, socially, and relationally?’ [is admirable]. It’s an honor to be able to help put ideas on paper and make a plan for these families.” Resources Ken Weigel on LinkedIn | Twitter

Ken Weigel is a strategic advisor and works in Strategy Advancement at The Bible Project. He’s also Strategic Advisor at The Contingent. He joins Jared Siegel to discuss the Mora exercise and many of its benefits. He discusses the role self-care has in business, and what clarity contributes to performance. Here are a few highlights from their conversation: Running businesses, chasing success, and juggling priorities have leaders charging through life full speed ahead with little time to be still. The purpose of the Mora exercise is to facilitate clarity among clients so that they break the cycle of just continually reacting to what life throws at them. According to Ken, Mora, from Latin, translates to “pause.” “What I like about [the exercise] is that rather than prescriptive, it’s facilitated,” Jared shares. “Having somebody else ask me questions that I haven't yet ever thought to ask myself, and then challenge the answer that I'm offering, allows me to see opportunity or challenge framed in a new light.” You don’t have the same perspective on your life, your organization, or yourself that a trusted advisor would. As you have been your main problem solver for most of your life, you don’t often stop and recognize patterns between your previous challenges, Ken remarks.  “Stillness aims the archer’s arrow” Jared quotes. A moment of clarity on what matters most, and why it does, can add a layer of precision to your execution that would otherwise be absent. “When we can get to those places where we’re asking ourselves [what we want to do and what would bring us the most joy] and listening carefully to the answers, we find ourselves at a tremendous place of clarity; it allows us to have more confidence as we make decisions going forward,” Ken comments. “[We should] have a culture that allows us to see the benefit of taking some time to take care of ourselves intellectually, emotionally and physically, and the role that plays in our responsibilities,” Ken says. Resources Ken Weigel on LinkedIn | Twitter

In this solo episode of Success That Lasts, Jared Siegel discusses how families can prepare their heirs for wealth. He talks about the challenges involved in raising children in wealth, and how to combat them. “Money has the power to buy one's way out of trouble and mitigate both a lapse in judgment and offset a lack of effort,” Jared says. “When this characteristic impacts the younger generation, it insulates them from the natural consequences that we all learn from.” It’s challenging for parents to find the balance between making a child's life too easy, and overloading them with unnecessary difficulties. There’s no surefire way to prepare heirs who are empowered by wealth rather than entitled by it. One suggestion Jared makes is to personalize the wealth conversation to each specific child. “None of us had the opportunity to pick our parents, thus being born into a wealthy family is more luck than skill, [yet] some studies have found that those that inherit wealth posture as though they deserve the wealth or earned it,” Jared shares. Teaching gratitude is a good way to prevent this. There have been instances where recipients of sudden wealth who weren’t ready to receive it became resentful and thought of it as a burden they didn’t want to carry. Jared encourages wealth creators looking to leave money to their family to start small, as the wealth creators acquired their earnings gradually themselves. Resources Jared Siegel on LinkedIn | Twitter DelapCPA.com

In this solo episode of Success That Lasts, Jared Siegel shares a heuristic technique that eases the cognitive load of decision-making. “In 2021, we're creating 2.5 quintillion bytes of data every day; 90% of the world's data has been created in the last two years alone. That volume of data is due to double every two years… These vast amounts of data are designed to capture your attention rather than to educate you,” Jared says.  “If you're trying to evaluate decisions, don't skip past the obvious,” he adds. “What’s the starting line? What’s the finishing line? An outcome bias… is the tendency to judge a decision by its eventual outcome instead of based upon the quality of the decision at the time it was made. Results matter, but the outcome doesn't always reflect the quality of the decision. Ultimately, the decision-making process is more important over the long term.” Resources Jared Siegel on LinkedIn | Twitter DelapCPA.com

In this solo episode of Success That Lasts, Jared Siegel discusses whether people should consider investing in the stock market at this point in time. “We are told that what goes up must come down, but stock prices are not dictated by those rules of gravity,” Jared says. “Seeing high should not necessarily lead to excitement nor dread about the future returns. Rather, as prices change, that tells us that markets are incorporating new information. History tells us there's no proven way to time the market.” “It's unclear what the next 5 or 10 years will bring,” he continues. “Having a great plan and sticking to it is going to be crucial by trying to time the market. Not only do you have to worry about when exactly to get out; you must also be concerned about getting back in at precisely the right moment. Being correct once is difficult but being correct both times is even more challenging.” Resources Jared Siegel on LinkedIn | Twitter DelapCPA.com Morning Brew, August 31, 2021 Wall Street Journal, September 20, 2021 Returns Web All Time High Anxiety  **Past performance is not a guarantee of future results. Indices are not available for direct investment; therefore, their performance does not reflect the expenses associated with the management of an actual portfolio.**

In this solo episode of Success That Lasts, Jared Siegel discusses the recently proposed tax changes for 2022. “The proposal includes a new top ordinary income tax bracket of 39.6%. This rate would apply to a single filer with taxable income in excess of $400,000 a year or a joint filer with taxable income in excess of $450,000 a year,” Jared shares. “Another notable change to the estate code would be what appears to be a crackdown on the grantor trust planning strategies,” he adds. “It seems as though the intentionally defective grantor trust would no longer be a viable strategy; transfers between grantor and grantor trusts would be treated as a sale. Finally, the proposal includes the elimination of valuation discounts, such as no more discount for lack of marketability and minority ownership.” Resources Jared Siegel on LinkedIn | Twitter DelapCPA.com

Enjoy this favorite interview with Moira Somers from the archive discussing the power of financial literacy and the impact of wealth on our psyche and behaviors. Moira Somers is an author, coach, keynote speaker, assistant professor and wealth psychologist. She joins Jared Siegel to discuss financial literacy and the psychological impact of wealth. Here are a few highlights from their insightful conversation: As a clinical neuropsychologist by training, Moira has observed that there is a profound interface between money and well-being; those who had better relationships to and with money seemed to have much better outcomes than those who didn’t.  Though we generally consider ourselves to be rational beings, data shows that we may have biological predispositions to making irrational decisions. Moira believes in embracing the totality of the human experience: acknowledging that sometimes we get diverted by things outside our best interest, have trouble persisting in things in our best interest, and are influenced by things outside our conscious awareness. Jared explains loss aversion - a concept in behavioral finance which claims we are motivated to avoid things that have negative outcomes - and how it may shape conversations about marketing.  Jared sees equilibrium as resource allocation rather than simply balance, and learning how to manage his time creates clarity around his financial decisions. Moira says that those born into wealth often do not hear about the struggles and sacrifices that had to be made in order to acquire it. Data shows that money can bring us sustainable happiness when we invest it in people and/or causes that matter to us.  Subsequent generations enhance family businesses by being more intentional about how to use the business to hold families together. Moira has observed that third and fourth generation business owners are holistically maintaining their businesses, instead of prioritizing profit above all else. Financial literacy combines knowledge with emotional intelligence, and skills in delaying gratification. Resources Moira Somers on LinkedIn MoneyMindandMeaning.com Recommended Reads Advice That Sticks by Moira Somers Intentional Wealth by Courtney Pullen The Coddling of the American Mind by Greg Lukianoff and Jonathan Haidt When Helping Hurts by Steve Corbett and Brian Fikkert Raising Financially Fit Kids by Joline Godfrey The 3 Big Questions for a Frantic Family by Patrick Lencioni Essentialism by Greg McKeown

In this solo episode of Success That Lasts, Jared Siegel discusses what defines success. Purpose must be deliberately conceived, chosen, and then pursued, according to Jared. Success is subjective to everyone, and we must each choose what it means to us. If we allow others to define our success, we could spend our whole lives chasing after someone else’s definition.  Defining success by an outcome, something out of your control, is more than likely to leave you at the mercy of luck, Jared says. It will never be up to you whether you succeed or not. “The wise man looks upon the purpose of all actions, not their consequences,” he quotes. “Beginnings are in our power, but Fortune judges the outcome, and I do not grant her verdict upon me.” Resources Jared Siegel on LinkedIn | Twitter DelapCPA.com