When considering multigenerational wealth, it's clear that money is just one piece of the puzzle. While crucial, financial success alone cannot forge a strong family or maintain its unity. Clients must consistently make wise decisions, navigating both prosperous and challenging times. Yet, beyond financial acumen, love remains indispensable for a thriving family.
Having worked extensively with numerous families, we've pinpointed 33 specific strategies for nurturing and preserving true family wealth. While no single strategy guarantees success independently, integrating multiple approaches significantly enhances their chances.
Today, we'll explore the final six strategies. Click here for a recap of Strategies 1-5, Strategies 6-11, Strategies 12-16, Strategies 17-22, and Strategies 23-27.
Way to True Family Wealth #28: Capitalize on Opportunities
We live in a land of abundance, with more opportunities to build true multigenerational wealth than at any time in history. But capitalizing on a great family wealth idea takes commitment, focus, hard work, a great team, persistence, balance, and a little bit of luck.
We often think of some of the most famous family fiduciaries like Sam Walton, Warren Buffet, or Irwin Jacobs, but they are in good company with millions of other lesser-known families in various stages of building wealth and laying a foundation for those that will succeed them.
We all have opportunities to create a legacy within our family, industry, and community. It’s taking advantage of those opportunities when they arise that makes the difference.
Way to True Family Wealth #29: Keep the Faith
Oxford defines faith very simply - complete trust and confidence in something or someone. There is only one way to stay on the path to somewhere you have never been: know your destination and have faith that you’ll get there.
Every family begins with the faith of the two people who started it; How else could a family endure for generations if not for their faith in each other, what they stand for, and what they are trying to accomplish? Having, and keeping that faith is a fundamental foundation of true family wealth.
Way to True Family Wealth #30: Keep Your Balance
It’s easy for a family to lose their balance! If all you focus on is money, your family relationships will suffer. Spend too much time on family matters and it won’t be long before it affects your finances. Most life events, like illness, death of a loved one, divorce, market crashes, and cash flow crunches are usually out of your control. What you can control is keeping a healthy equilibrium of family and money.
One family makes it an annual routine. They host a meeting over two days where they gather for fun on the first day and family business on the next. Everyone enjoys the time, the family balance is prioritized and enhanced, and family values are solidified in the next generation(s).
Way to True Family Wealth #31: Manage Your Risk
You’ve already mastered the fundamentals for creating financial wealth. You’ve focused on your goals, spent less than you make, invested prudently, and you’re on your way. Building a healthy family dynamic isn’t quite as easy, but when you follow certain principles, you can make the same kind of progress. -It typically boils down to regularly spending quality time with each family member and investing emotionally in what matters most to you all.
When you follow systems that consistently work, life gets easier to control and your path is far less risky.
Way to True Family Wealth #32: Update Your Vision
The closer you get to your goals, the more you can see beyond them to new goals on the horizon. If you’re like most people, once your original goal was accomplished, you pick one of those new goals to pursue. Step by step, your path becomes clearer and continuously unfolds before you.
The journey to true multigenerational wealth is never over. As the old saying goes, as long you’re alive there’s really no finish line.
Way to True Family Wealth #33: Live Your Legacy
Your legacy is much more than the amount of money or property you leave behind; it’s about the impact you have on the world from the way you live your life every day. What you believe in and what you do each day are the building blocks of your legacy.
True family wealth is built by how you support those you care about most. Your legacy is simply an extension of the way you did it.
In this blog post, we have delved into Ways 28-33 of our comprehensive guide on achieving True Family Wealth, highlighting the critical roles of love, wisdom, leadership, and inclusivity. Stay tuned for our next series, where we'll continue to uncover additional strategies to further empower your family's success.
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