“You could have all the riches in the world, but it doesn’t mean much without family.” — Alicia Keys
In the old days, all the members of a family would spend all their time and pool any money they had to increase the wealth of the farm or family business, knowing someday it would be theirs. The women and the men. The adults and the children. They didn’t do this out of greed but out of love for the family and wanting to take care of each other. What they did for the family they did for themselves.
Today, we invest in other people’s businesses privately and don’t involve anyone else in our family.* Even some couples don’t know what’s in their partner’s 401(k) or brokerage account. Adult children are left in the dark about their parents financial stability in retirement. We believe we’ll look greedy if we bring up money to our families.
But what if you stepped out and invited a conversation about money in your family? What if it came from a place of love, received love in response and led to the ability to care for each other better?
There are estimates that $30-$60 trillion is going to be transferred over the next two decades. Wouldn’t you rather it stay within your family than be transferred outside it? The transferees can’t take it with them. Their wealth will go somewhere.
If there’s NEVER been a conversation about money within the family, the chances increase that it WON’T stay in the family. Their wealth could go to medical care, the invisible hand of the stock market, fees paid to financial firms, the Internal Revenue Service, high costs of probate court, and more. Plenty of businesses and people outside your family are fighting to get your family’s wealth. If you aren’t fighting to keep it, they are likely to win.
One of the most helpful ways I’ve engaged with money was introducing my mom to my own financial professional in 2014 after my dad passed away. If you have a pro in your corner, as them how to invite your family to meet with you and them. The pro will know how to guide the conversation. If you don’t have a pro, I work virtually with families all over the United States and would love to see if we’re a good fit. Schedule a 15-minute Discovery Call with me to ask your questions and learn more about how I work to keep money in families for generations.
*I use the word “family” in the broadest definition possible. One of the advantages of our times is that we get the opportunity more and more to choose our family.
Content provided by Women Belong member Amanda Neely, CFP®
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