Teaching Values for Generational Wealth
Denver Nowicz
?? LinkedIn Top Voice Economy & Finance ┃ Building safe and secure financial plans one family at a time. ┃ Advanced tax defense and wealth enhancement tactics.
Did you know that 70% of the time, your kids will blow through all the wealth you leave them??
?? Learn: Teaching Values for Generational Wealth
Did you know that 70% of the time, your kids will blow through all the wealth you leave them??
Even more startling, 90% of the time, it’s completely gone by the time your grandkids are adults. Why does this happen?
A staggering 64% of people admit they’ve disclosed little to nothing about their wealth to their children.?
The reason? According to Chris Heilmann, U.S. Trust’s chief fiduciary executive, “78% feel the next generation is not financially responsible enough to handle inheritance.”
But it doesn’t have to be this way. Building generational wealth isn’t just about money; it’s about instilling the values and beliefs that led to your success.?
By teaching these values early and consistently, you can ensure they endure through generations.
This process shouldn’t start at the end of your life. Begin when your kids are young, integrating these lessons into everyday life. But it’s also never too late.
It’s easier than you might think, thanks to specific frameworks that can guide your discussions.
Start by identifying your values. Don’t start with a list and pick some words. Ask a few question of yourself:
Once you have your list, ask yourself if you are living in each one.? Next, do the same exercise with your kids and grandkids. Leading by example.?
It’s not important they jump on the bandwagon and do the same thing you do. Teaching them the process of identifying and aligning with values is the goal here.?
For example, if you value being “determined”. Show how they can use being determined to get what they want in life. We all know how to be determined. (We all know how to walk for example.)
So find other areas, simple small examples in life where they have been determined and show them how they can use the same process in other areas.
This is just a quick overview of using “Value Mapping” to help the next generation succeed.
You can learn more about this in the Becoming Financially Unbreakable Program.
?? Chart: The Economy is Humming Along
Hiring in higher-paying jobs all increased with the last employment numbers. Goods-producing jobs increased by 84,000, health care increased by 25,000, construction by 21,000, trade and transport by 27,000, professional business services by 33,000 and government by 43,000. Healthcare could be the hottest sector.
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?? Concept: ?The Power of Generational Knowledge
Empowering future generations with financial knowledge and values ensures the longevity and resilience of a modern family dynasty.
If you would like to learn more about how you can build your modern family dynasty and start becoming financially unbreakable visit this page.
?? Resources:
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