The joy of travelling with your adult children and their families is a growing trend among retirees. Most of us live scattered across the globe and multi-generational family holidays are increasingly seen as the best way to gather together. Whether you include parents and adult children only or entire families including the grandchildren vacations can add to building a bank of memories. Of course, this all sounds great but what are the realities of multi-generational travel and what do you need to know before embarking on your adventure?

1. The key to any successful travel is planning. At least a year in advance, discuss the type of trip that will appeal to all. You may love a Crystal Cruise in the Caribbean but your children may prefer a ski trip to Aspen. Wherever you go there should be a variety of activities for all involved. For the least amount of planning, cruises and family resorts such as Hilton’s Fiji Beach Resort and Spa that are designed for family groups, may be the way to go.
2. Plan but do not over schedule. Leave time for individual family units to reconnect or to choose activities that they want to do that others don’t. One child may choose to take windsurfing lessons while the other goes snorkeling during a trip to Maui. After all, the purpose of any vacation is to relax and our levels of activity differ.
3. Develop a budget. As the parents, you may be the one picking up the tab for transportation and accommodations, but should your children decide to take a special tour or lessons, who will pay? Discuss the budget with your family before you go. Talk about what is available at the destination and choose in advance some activities that are fun for the entire group.
4. Decide on accommodations. Reserving adjacent rooms in a hotel or renting a beach house where you all stay together will appeal to different families depending on privacy concerns. It may seem fair to assign a family to one room each but also consider the number of people. In the same way, a single adult should not be relegated to the couch.
5. Agree on the length of the trip. For comfortable overseas travel 10 days is about right giving everyone time to adapt to the time change and climate and cultural differences. Local or stateside trips can be shorter. Togetherness has an expiration date and even the closest families can tire of each other on extended trips.
6. Have realistic expectations. Cranky children, testy moods, and hurt feelings are part of life and occur on vacations as well. Fortunately our brains are wired to remember the good so wait out the storm. Years later, the discovery of sea glass with your grandchildren on the beach or the awe expressed by your adult son at the Pantheon in Rome will be the events you remember.
7. Mix it up. Free up time to spend with your adult children without grandchildren and time for your adult children to re-bond with each other. On a family reunion trip, my husband and I had our two granddaughters stay in our hotel room giving our adult children time to go out together at night and giving us the joy of bedtime stories including tales about their parents when they were children! Most destinations have babysitters available so that the adults can spend at least one evening at dinner together without interruption. After all, the purpose of multi-generational travel is to reconnect and build lasting memories. Provide these opportunities for everyone.

Lorraine Ell is Director of Client Relations for Portfolio, LLC. She is an international entrepreneur who has lived abroad and traveled throughout the world. Lorraine can be reached at lorraine@portfoliollc.com.

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If you have decided to spend that startling amount of money on a car, you may have to admit it’s not really an investment, but do we have to call it an expensive toy? No, not if we make the acquisition a memorable experience.

Picking up a new car in Germany comes with valuable features that don’t appear on the sticker. Aside from the fact that you don’t have to rent a car and pay for the insurance for your travels around Europe, you are going to get a factory tour and then drive away on the autobahn in your own car at and if you wish, a smooth but very exhilarating 150 mph. Imagine the pictures you will bring back. If all this sounds good remember that European delivery is really about one core idea, saving money! Should we expect anything less?

We already know that the best way to save money on any vehicle is to narrow the spread between the wholesale price the dealer pays and the MSRP. With premier makes like BMW, this can be difficult. Dealers have a set allotment and take part in a bonus pool based on a multitude of factors including how close to the MSRP they sell the cars. European delivery, however, is not included in this allocation bonus pool! That gives us two distinct advantages coming from abroad. The wholesale price is several thousand dollars cheaper because the cars are not part of the bonus pool and dealers can negotiate down in price. Irv Robinson from Motor Werks was exceptional in helping me navigate the process.
There’s more! If you join the BMW CCA club at least one year before you travel to Europe for your car, the club’s European Delivery program will actually pay you between $500 and $1500 just for participating in the program. So join now.

Too good to be true? What’s the catch, airfare? Not so. There are even more savings, secondary to the actual purchase. Lufthansa provides a two- for-one round trip ticket option for travelers picking up a new car in Europe. You simply have to pay the tax on the second ticket and provide the car’s VIN number by the time you travel. When you get there, you have 14 days of insurance on the car at no cost (you can buy more time, but you must deliver the car for shipping within six months). So, considering that you will spend at least $100 per day on a horribly inelegant economy box, this will save you over a thousand dollars. Hot, jet setter wheels, is prohibitive for the rational tourist and less than convenient. For the new car on the trip home, drop off is easy with over 20 locations in Europe. There are no extra fees or shipping charges, it just comes on the boat with the other new cars and arrives at the dealership you purchased it from in about six weeks. If you purchase it out of state, the dealer can arrange local transport. It may cost a little bit more, but is still worth it for the total amount of money you can save even if the local dealer does not want to negotiate.

Let’s recap the savings: lower base price, negotiation power, check from BMW CCA, half price airfare, no car rental fees, no insurance fees, and no econo-box nightmare without trunk space. Added up, it is a luxury experience that makes sense. I estimated that when all was said and done, European delivery made up for the first nine months of depreciation, or a free trip to Europe, depending on how you look at it. Financially, you are still spending an extravagant amount of money for “mere” transportation, or, if you see it that way, the world’s most fantastic driving experience, or for what some consider is essentially just a toy. Just make sure you gain some advantage when you splurge. Oh, did I mention no speed limits on the Autobahn?

Investors are confused by the myriad acronyms replete in the financial services industry as they appear after the names of any number of Vice Presidents and Directors. Many designations are merely certificates issued without rigorous tests or any assurances of a defined body of knowledge that should include financial accounting, investment analysis, and the law. Not surprisingly, in this complex and turbulent industry only two designations require a regimen of exams and a college degree, the Chartered Financial Analyst (CFA®) and the Certified Financial Planner (CFP®).

The most coveted is the Chartered Financial Analyst designation. This credential is a requirement for a career in investment research and stock analysis. To become a Financial Analyst Charterholder, applicants must pass three six-hour exams within a five-year period. In addition, Charterholders must have 48 months of work experience in an investment decision-making position to qualify. Only one in five aspirants completes all three levels. The exams are given in 89 countries and approximately 90,000 recognized individuals hold the designation, worldwide. The program addresses quantitative methods, economics, ethical and professional standards, corporate finance, investments and derivatives.

Whereas the CFA® concentrates on the analysis of investments and financials, the CFP® approaches finances from a client-centered perspective. The Certified Financial Planner designation provides financial professionals with a broad-based knowledge of taxes, insurance, estate planning, retirement planning, and the fiduciary level of ethics for recommending singularly appropriate investments that meet a client’s specific financial and life goals. Applicants must pass five courses on these subjects and take a ten hour comprehensive examination. To be granted use of the CFP® designation, candidates must also have three years of experience in personal financial planning.

Both the CFA® and CFP® have governing boards to uphold the professional standards and ethics of the designations. Investors can check with the governing boards to be sure their financial advisor is a member in good standing.

Holding both the Certified Financial Planner and Chartered Financial Analyst designations is an uncommon distinction. In the United States, there are approximately 1,100 financial professionals with both a CFA® charter and CFP® certification.