What's it like to start over in a new city on the day the financial world begins to fall apart? Douglas Boneparth flew into JFK in October 2008 with four boxes and a mattress to buy — and landed in the middle of the Great Financial Crisis. He didn't go home.
Boneparth is a CFP, president of Bone Fide Wealth, and co-author with his wife Heather of Money Together. His path to New York started in the retirement communities of Boca Raton, where as a teenager he and his brother ran a computer repair business charging $30 an hour to teach elderly neighbors how to use AOL. It ended (or began, depending on how you look at it) with him telling his father he wasn't joining the family financial planning firm and buying a one-way ticket north.
Chris Hill talks with Douglas about:
- Growing up the son of a financial advisor who taught him the business of wealth management but assumed the rest would take care of itself
- Why walking away from a family succession plan was the hardest financial decision he ever made — and why he'd make it again
- How he and Heather approached $200,000 in law school debt not as a crisis but as a problem two capable people could solve together
- Why the most reliable path to financial success is almost always the most boring one
Check out Money Together, the best-selling book Douglas wrote with his wife Heather.
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Opening clip - "Succession"