Money Management

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01/12/2017

Irvin's Ireland Lottery Interview

Posted by: Irvin G. Schorsch III

I received a call from Emma Cawley, a radio producer from Newstalk Radio Ireland, based out of Dublin. Emma had previously seen my article on Sudden Wealth Syndrome...

08/26/2015

Don’t Be Fooled by the Credit Card Industry

Posted by: Irvin G. Schorsch III

The credit industry has recovered from the economic recession and the offers will soon be flooding your mailbox. These offers are often disguised to look like personal, handwritten letters so that you are not quick to toss them in the shred pile. In 2010, it was estimated that 2.25 billion credit card offers would be mailed to individuals, according to a national credit card research firm called Synovate. This number of mailed offers almost quadrupled 2009, according to direct market research firm Mintel Comperemedia - that is nearly 4-5 offers for every person in the US.

07/09/2015

Financial Rx For Your Children

Posted by: Irvin G. Schorsch III

The value of a dollar may be the most important lesson we can teach our children. According to the Journal of Consumer Affairs, nearly 3 out of 4 Americans between the ages of...

05/20/2015

No Speedbumps here! Set the cruise control and enjoy the ride!

Posted by: Irvin G. Schorsch III

Time is money. Making money takes time. I find all too often with high net-worth clients that they forget the second statement and end up exhausted, stressed out, and anxious. A majority of my clients miss out on enjoying their wealth because they are too busy wrapped up in working. Free time is few and far between and the simple pleasures in life are non-existent. It is my instinct to ask, “What is pursuing wealth costing you in terms of the quality of your personal life?”

05/14/2015

The Parent’s National Bank

Posted by: Irvin G. Schorsch III

There are hundreds of books about the “how-to’s” of expecting a child. Step by step guides are available for before you’re pregnant, while you’re pregnant, and when your child turns 2 years old. However, the one that is missing from the bookshelf is what to do about financial support once your children are all grown up

07/06/2012

Too Much, Too Soon: How to Avoid Sudden Wealth Syndrome

Posted by: Irvin G. Schorsch III

It is an affliction many long to have. It strikes lottery winners, first-round NBA draft picks, and overnight IPO millionaires alike. Sudden Wealth Syndrome is a term coined by psychologist Stephen Goldbart to describe the stress, guilt, social isolation and confusion that often accompanies a giant windfall. While coming into money ought to be a good thing, it can take a bad turn. Many who find sudden fortune become overwhelmed and start to overspend, grow suspicious of those around them and make poor decisions that lead to familial and financial ruin.

02/13/2012

Fiscally Responsible Gifts That Truly Last a Lifetime

Posted by: Irvin G. Schorsch III

Are there truly gifts that last a lifetime? No matter what the state of the economy, nearly all of us wonder what will make for the best gifts this holiday season. iPads for kids? Gift certificates for mom and dad? These are all well and good — but what about giving a gift that provides genuine value beyond the latest trends? Is it possible to indulge in a bit of retail therapy while still making your purchases count?