Intergenerational wealth planning transcends mere financial considerations. While money plays a crucial role, its power alone cannot fortify familial bonds or sustain unity. Clients must exhibit wisdom, consistently making prudent decisions through both prosperity and adversity. However, true family wealth thrives not just on financial acumen but also on a foundation of love and mutual support.
Having collaborated closely with numerous families over time, we've identified and refined 33 distinct strategies aimed at nurturing and preserving authentic family wealth. While no single strategy guarantees success in isolation, diligently applying a combination of these approaches significantly enhances the likelihood of sustained prosperity.
In this segment, we explore the next set of 6 strategies. Click here for a recap of Strategies 1-5, for Strategies 6-11, and for Strategies 12-16.
Way to True Family Wealth #17: Maintain a Sense of Urgency
Whether it’s reducing this year’s income tax, preparing for an imminent retirement, selling a business, or the recent death of a spouse, people usually plan as a reaction to some external event. Rare is the family leader who understands that every day holds the real possibility of unseen opportunities or setbacks significant enough to keep the intergenerational wealth planning process current and constant. The road to true family wealth is permanently under construction. There is always more to do and more that can be done today.
Way to True Family Wealth #18: Remember to Love
When faced with difficult situations, or even just routine distractions or exhaustion and burnout, we often forget to focus on the reasons why we are working to develop our true family wealth in the first place - love.
Love is what created the family and the desire to build something for those we love. Focusing on that love will help us face down the enemies of true family wealth.
Way to True Family Wealth #19: Be Interdependent
We are not in this alone, and while we hope our family members with us on the journey are fully independent and self-reliant once they’ve reached adulthood, our goal is to knit our independent family members together in pursuing true family wealth. We want to foster and nurture independence while encouraging and training everyone to work together and contribute interdependently.
Way to True Family Wealth #20: Leverage Expertise
No one goes it alone. Our society is such that we all benefit from the capabilities of others, relying on the talents and expertise of many people every day to sustain and improve our lives. If we are not building a team that is watching all the various aspects of our wealth and planning - taxes, legal structure, investments - we may be missing both threats and opportunities.
True intergenerational wealth doesn’t happen without the well-coordinated efforts of a team of trusted, competent, advisors.
Way to True Family Wealth #21: Don't Wait for Something Bad to Happen
It’s easy to think life will keep going pretty much the way it is. Sadly, we will face challenges, and while they are usually hard to foresee, they are not impossible to prepare for. Take some time to think about and discuss the ‘what ifs’ with your family. What if I don’t return from my trip? What if the doctor delivers devastating news? Wise families will think about continuity and develop a succession plan now to protect their family in the future.
Way to True Family Wealth #22: Celebrate
Is life lacking something? Is each day “just another day”? It might be time to be purposeful about a necessary component of true family wealth - joy. Every family needs joy. And one great way to make life joyful and strengthen family bonds is to celebrate together. Celebrating shows your appreciation and acceptance of one another, recognizes excellence, releases stress, builds energy and provides motivation. It’s a time for reflection and making moments to be remembered. There’s a lot in life worthy of celebration. What could you be celebrating right now?
In this blog post, we delve into Ways 17-22 from our comprehensive guide on cultivating enduring family wealth. Central themes such as love, wisdom, leadership, and inclusivity are highlighted as pivotal in the journey to fostering and safeguarding true family prosperity. Be sure to join us for our next installment, where we'll continue to unveil additional strategies aimed at empowering your family's journey toward prosperity and fulfillment.
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