Welcome to Straight Talk. We at Legacy Legal and Family Legacy Trainings appreciate your enjoyment of our weekly insights on Building Generational Wealth.
PLEASE SAVE THE DATE: Saturday May 4, 2013. 9:00-3:00
We will be conducting a one of a kind interactive workshop along with renowned family business advisor and executive consultant Ken Druck who has national acclaim in his work with family and business transitions. Ken’s book the Real Rules of Life is recognized around the world.
Building Generational Wealth is about more than just money. It is about wealth in values, beliefs and traditions. What are some of the questions to ask before you move forward in building generational wealth.
WHAT ARE THE BENEFITS?
This is probably the biggest question of them all because unless you have a strong motivation and burning desire to build generational wealth you won’t do it. So the motivation and purpose has to come from within you. Here are a few ideas of what building generational wealth can mean.
First, most people accumulate what they can during life and then simply pass it on to their kids without really thinking and planning about the reasons, benefits or opportunities that the wealth can accomplish. Most people say they want financial freedom but it is just a wish or desire and they don’t take the actions to really accomplish it. This is why 80% of people who receive an inheritance spend it and 70% of those within the first 2 years. So in many cases, people are wholly unprepared to receive wealth and do nothing with it.
Imagine what it would be like if your kids had no mortgage on their home during their early years. That means you can’t get kicked out by anyone. That means that when times get tough no one can tell you to leave your home. And in these days of massive foreclosures that could mean a lot. Now think or imagine about what risks you could take in life or business not worrying about whether you would have to pay the mortgage.
Second, having the peace of mind that the family has had the right conversations about the parents wishes so there is peace of mind in knowing that the plan will be honored and respected and avoid the drama, contentiousness and lawsuits that arise when these matters have not been addressed.
Third, how about having no credit card debt and the family as a unit comes together to provide loans which get paid back for the benefit of the family.
WHAT WILL I HAVE TO SACRIFICE?
This is an interesting question. For a person motivated and committed to building generational wealth, one might respond you sacrifice nothing because each step of the way you are building something greater than yourself that creates prosperity for all and the journey itself provides pleasure, joy and reward. Not to sugar coat the process, however, discipline, focus, and perseverance are some of the requirements necessary and sometimes there will be setbacks. That just means picking yourself up and continuing forward.
HOW MUCH WILL IT COST?
Done correctly, you receive more than you spend so it really costs you nothing. The real cost is in doing nothing. A life squandered. All you have worked for to build lost to taxes, creditors, or those who don’t have the same values and beliefs about how to use wealth. Yes. You will want good financial advisors to guide you. Yes you will want good estate planning attorneys to prepare plans for you and guide you on an ongoing basis in making sure those plans succeed. Yes. You will want a good C.P.A. to provide you with income tax planning.
HOW DO I GET STARTED?
It’s as simple as making the choice. When you have made the choice that you want to build generational wealth you have taken the first step. A good exercise would be to sit in a quiet place with a notebook and pen or pencil and think about what building generational wealth would mean to you. As you sit allow your thoughts to come without judgement or limitation and simply jot down notes. From this simple exercise you will have created the reasons, motivations and desires on why you want to do this and this is a good starting place.
We are experts in guiding you in Building Your Generational Wealth. Our team has the right knowledge, the right experience and we deliver quality that is right for you.
Thank you for being a part of our Straight Talk community. We educate, transform and inspire business owners and families in changing the way they think and talk about wealth in money, values, beliefs and traditions. By Uniting, Aligning and Nurturing your common purpose and vision you can preserve and protect wealth and leave each generation accomplishing clarity year round. Legacy. What is your Legacy?
We welcome you to share your ideas and thoughts.