The Most Important Element You Must Have If You Want to Keep Your Wealth

What is the nature of your family’s wealth? You may quickly respond that it is made up of your real estate, your investments or your business. And indeed, your wealth may be made up of these. But if you are looking only at the value of your investments, business or tangible assets, then you are not looking at the entire picture. That is a critical point to understand. Your family’s wealth is more than the sum of your investment portfolio.

The origin of the word wealth stems from the Old English word for well-being. In order to build and sustain the meaning of wealth, you have to also define what the well-being of your wealth looks like for yourself and for your family members. There must be agreement as to what the purpose of the wealth is for. There must be an understanding of its purpose if you want to sustain your wealth for generations. Without doing so you run the great risk of individual agendas squabbling over their portions, invading and squandering the wealth you grew…for them.

The meaning of wealth, must have an understood and commonly respected purpose to help give assurance that the wealth you so diligently grew will be sustained over time.

Wealth is not protected through documents and plans. Wealth is protected by people, people who understand they are stewards of a purpose, in this case, the purpose of their wealth.

It is a matter of having a purpose for the money that the family understands, develops, and tends to…diligently.  The clear and concise meaning of your wealth has to be endorsed by the entire family. This concise meaning is the ‘why’ of your wealth.  This why enables a family to shift from having a fragmented and individualized attachment to the wealth to one that encompasses a bigger picture, one that tends to and insists on its well-being.

Take a moment and reflect upon this question: What is the purpose of your family’s wealth?  Once you have heard your own response, ask other family members the same question. You will undoubtedly get different answers. This is because the family is still operating as individuals. The binding connection has not yet been ascertained and developed. You must decide to determine, together, what the meaning of the family money is so you can continue growing it together.

Tell me your thoughts on what wealth means to you and then what wealth means to your family. I would love to hear from you because wealth may be established individually but it is kept by tending to its well-being as a group who steward its purpose.

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