The risks of generational change

Risk analysis


In the 1920s, Nikolai Kondratieff documented what he called The Long Wave in economic activity, a cycle lasting 50–60 years. One somewhat flippant explanation for such a cycle is that every generation must relearn what its grandparents knew and its parents forgot. We may be experiencing just such a process of generational memory loss and relearning in the area of personal financial planning.

Most of the grandparents, and certainly the great-grandparents, of baby boomers like me came of age in a

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