A achieving a goal like passing on your wealth, values, and financial knowledge to your kids requires a game plan. Building and retaining your family wealth takes preparation, thoughtfulness, and communication. You need to create shared ownership of your family’s financial goals, and you all need to buy into the same strategies. In short, you need to have a Family Vision.
Learn how to protect yourself against three dangerous financial biases that could sabotage your family’s financial success. If you recognize that the dangers are real, then you’ll be able to take steps to protect yourself against them
There are four financial areas you must handle well if you want to keep the fridge well stocked for future generations: investments, insurance, debt, and taxes. Here are some tips for ensuring you’ve achieved basic financial literacy in each of these areas so you can “pass it on” to the people you love.
Do you know the 5 Financial Literacy Fundamentals you need to make informed decisions? Because of how directly each piece of financial literacy knowledge informs strategy, an understanding of these concepts will directly impact your ability (and your children’s ability) to pass wealth on. The more financial smarts you have, the more capable you will be in forming a strategy for building and maintaining your wealth.
One day, our children Anna and Will marched up with a jar of coins and announced, “We’re saving for a dirt bike.” But then Anna said something that made our jaws drop even further. “We’re doing this together, but next year, I need to start saving up my own money for college.” That’s what every parent wants, isn’t it—moments that indicate our children are internalizing solid financial values? If you want to feel optimism about passing on your wealth, values, and financial smarts to your children, here are eight steps you can take to undertake that process.
Your financial picture is going to constantly change throughout your life. Your needs will change; your goals will change. As it does, you’re going to want to check your financial plan to make sure you’re still on track. Do you know the four primary areas that you should pay attention to during your stress test?
