5 Ways to Keep Wealth in the Family

Upplanning Edge

How to Keep Wealth in the Family
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Source: http://paradigmlife.net/blog/5-ways-keep-wealth-family/

According to Paradigm Life, there’s an estimated “$30 trillion [that] will be passed from baby boomers, to Gen-Xers, and then to millennials.” Often times, this money fades away by the time it reaches grandkids. So, how do we make sure the fortune is truly passed on? Paradigm Life helps us break down tips to keep your eye on the prize for yourself and your family:

Positive Mindset

This sounds so simple, but you’d be surprised at the amount of people that don’t succeed financially because of the lack of mindset. Money doesn’t just work out for everyone. We can’t simply sit around and watch it come full circle. Instead, we need to work to learn to improve our mindset and habits to live our best possible life. Our actions, thoughts, and mindset shape our daily life… so it’s no surprise that it also shapes our financial situation.

Of course, it’s only our nature to strive for material wealth… but we’re talking about finding the value in your journey and the relationships that come with it. Build a positive mindset regardless of your financial situation, and when you pass this mindset onto your family… they will know exactly how to manage the passed on wealth. Kids watch and learn from adults whether they’re trying or not. They will see how you handle money and the way you respond to financial challenges. Thanks to Paradigm Life, below are a few points to think about in order to truly achieve this mindset for yourself and your surroundings:

  • Define your purpose and values
  • Ask yourself what you’re doing daily to grow and learn
  • Be clear about what you want, and why
  • Look for the positive and adjust your thoughts and words… in return, this will shape your habits

Legacy Strategy

Your family can inherit both your wisdom and wealth. Below are some ideas to teach kids financial wisdom and how to manage it:

  • Revisit your financial strategy. Do you need to completely revamp it, or is it okay for now? In some cases, you may even need to create one in the first place.
  • If you don’t have a will or trust, you should set one up to ensure your wealth is left in a safe and legal place should anything happen to you.
  • Be open about your financial strategy and belief about money with your family. Let them grow with this knowledge.
  • Allow your children to create their own wealth using their own resources.
  • Be aware of your attitude to make sure your actions match the words you’re speaking to them.

Don’t forget that your family, even the young ones, are constantly watching and learning. What mindset legacy will you pass onto your family?

Interested in learning more about taking advantage of your wealth for yourself and your family? We can help!

https://upplanningedge.com/

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