A friend asked me to give this talk to his firm, but I prefer to write short articles. 😉
When families talk about estate planning the discussion can center around cash flow, assets and tax minimization. While those topics need to be sorted, dollar-centric living can lead to regret.
If you apply last week’s tips about family leadership, you might discover certain realities about financial wealth.
The highest use of an asset lies in its capacity to enable better choices…
- flexibility to allocate time towards shared experiences
- the ability to control one’s schedule
- the opportunity to tag along when other people are doing what they enjoy
- health in the context of body, mind and spirit
Cash flow without education, connection and meaning can be a negative. Examples are the challenges faced by lottery winners, professional athletes and young, highly paid professionals.
With cash flow, I would go further and point out that excess family cash flow will ultimately be consumed by the least responsible adults in a family system.
You might tell yourself that you are “doing it for the kids” but the money ends up being blown by someone’s aunt or uncle.
- In your lifetime, use money to acquire time.
- Share time with people you wish to influence with your values. Be the brand.
- Remember that it’s better to earn, and spend, our own way in life. It’s what you did.
- Have a bias towards “assets used for shared experiences,” rather than cash flow.
Ask the question, How do I wish to be remembered?
Be that person, today.
Shared experiences, both positive and negative, bridge generations across time.
As a child, I had four grandparents and three great-grandparents. Of my childhood elders, only one made the transition into my children’s consciousness. The elder that bridged across did so because my daughter and I were involved in her end of life care.
Love, not money, is what travels across time.
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