With Wealth Comes Responsibility

With wealth comes responsibility. With responsibility comes opportunity. With opportunity comes discovery. And through discovery comes choice.

With wealth many choices become tasks and activities delegated to others to fulfill. Whether it is the household duties, the meal preparation, whether it is the assigning of tutors and exclusive opportunities, wealth allows for the metering of tasks but not the avoidance of responsibility at least not without dire consequences. These consequences can lead to the 3 common signs of squandered wealth: unbridled spending, friendships based on what money can bring, or, for a family business, its downward slide.  Without taking responsibility around your financial wealth, money will most assuredly be gone within 3 generations, your grandchildren.

Families don’t tend to think about HOW the receipt of a large sum of money will affect the heirs. Instead those passing down the fortune worry about the possibility THAT passing down wealth WILL negatively affect the heirs, making for unfocused lives, an inability to form long term relationships built on something other than their money or the concern that the heirs will inherit the family business but be unable to carry the business forward successfully. Trusts are carved, butts are put in seats of family businesses and deep relationships remain an enigma.

Instead, when families of wealth build a solid foundation based on communication intent on progressing the financial fortune with purpose and meaning, the family transforms their existing foundation of sinking sand to one that is solid and sustainable. When wealth is used responsibly a family of wealth builds its foundation on its core values and purpose. The addition of governance as the family’s standard bearer provides the needed framework for family leadership and mentoring in a relevant and inclusive manner. 

In this setting of committed allegiance and trust the family can grow and remain connected through the generations. With this framework in place, the family wealth stays vital and purposeful. This allows responsibility to open the door of opportunity. Opportunity, in turn allows meaningful and relevant discovery to strengthen the family. These discoveries allow for the best choices to be made  which in turn provides the rich legacy of a long-lasting and ongoing family to be sustained.

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