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Lessons of Depression fading fast
Stories by Teresa Dixon Murray
Found in: The Cleveland Plain Dealer
10-31-2004
Richard Tanner contributed to this article in which First Generation, Second Generation and Third Generation family members were interviewed about their personal spending and savings habits. What Dixon Murray learned was that the lessons of the the Depression era generation are fading fast.
For example: Long after bad times, the First Generation is still thinking before they spend. In the Second generation the baby boomers have been raised to believe a better life comes from hard work. And the Third Generation, Generation Y, falters at spending wisely in an era of buy, buy, buy.
Richard Tanner, a financial planner in Independence who has had dozens of Depression-era clients, said older people also found that being frugal can lead to wealth, or at least financial comfort.
"It's very seldom that older people don't have strong opinions about thrift, frugality and waste," said Tanner, president of Ownership Advisors Inc.,
which specializes in values-based financial planning. "...It is breaks, you try to fix it. If you have leftovers , you put them in the refrigerator."
Tanner, who has some clients with hundreds of thousands of dollars and some with millions, said many of them have difficulty spending money on a household repair or to replace an old appliance. And even multimillionaires struggle with giving money to charity or their kids.
"You use all of the logical means to convince them they have enough money," Tanner said. "You've done the spreadsheet. You show them even if the market crashed and they lived to be 100, they'd still have $5 million... It's not greed. It's emotional."
To receive additional information please contact:
Richard Tanner, President
Ownership Advisors, Inc.
Voice (216) 328-5538
Fax: (216) 328-5531
or by email at:
rtanner@ownershipadvisors.com
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