Family Stewardship
Today I am going to focus on taking care of heirs and share with you the three pillars of family stewardship.
Family stewards want to pass on their wealth, values, and financial know-how to future generations. They view their money not as a personal possession, but as a trust. They view themselves as a family steward and their role is to maintain their wealth, grow it, and pass it on to others.
This vision stretches far into the future: not just for your children but for your grandchildren and future generations as well. But it takes discipline.
To leave your family the most powerful legacy possible, you must be willing to prioritize your financial values over all other temptations.
We have learned that family stewardship is guided by three main pillars:
- First, their financial habits are guided by long-term goals. These goals are determined by family vision and concern for future generations.
- Second, family stewards are financially literate. They understand how to use financial strategies to cultivate the family estate and carry out the family’s vision.
- And thirdly, family stewards live with gratitude. They are generous not only with their money but with their time and talents as well.
The first two of these qualities are not so surprising. But why is generosity a key to family stewardship? It’s because giving and gratitude work as an antidote to entitlement. Many of our clients can be characterized by their generosity and thankfulness. Their vision of giving helps them handle their money with the next generation in mind. They demonstrate purpose, hope, and a sense of meaning.
Involving your children or grandchildren in the act of giving not only opens their eyes to the needs of others, but it reinforces gratitude for what they have, and helps eliminate the sense of entitlement. Moments like these open the door to revisiting your family’s vision for your wealth and establishing the core values of family stewardship.
Today, I have shared the three pillars of family stewardship. If this topic is of interest or it brings questions to your mind for your own family, give us a call so we can help you get started down the path of family stewardship.