In our journey towards financial freedom, we often find ourselves focused solely on the numbers—how much we earn, save, and invest. Yet, true wealth transcends these figures; it’s about crafting an identity that resonates through generations. It’s about transforming our approach from merely generating income to creating a lasting legacy.
I like to try and keep this simple – so when working with our clients to build an intergenerational wealth strategy, we start with understanding the basics. Here’s a three-step plan to pivot from viewing wealth purely as financial gain to embedding it as part of your family’s identity:
1. Create Your Plan
The cornerstone of any enduring legacy is a solid plan. But this isn’t just any plan; it’s a blueprint that reflects your values, aspirations, and the legacy you wish to leave behind. This plan goes beyond mere numbers; it encompasses the goals you’re aiming for—be it financial independence, the ability to support your family’s dreams, or contributing to causes you’re passionate about. It’s about defining what success truly means to you and setting a course to achieve it.
2. Change Your Habits
Remember, wealth isn’t built on wishes; it’s built on habits. Changing your habits might sound daunting, but it’s about aligning your daily actions with your long-term goals. It’s the small decisions you make every day, from choosing to save rather than spend to investing in your education and health. These habits don’t just influence your bank balance; they shape the person you become. They’re about making conscious choices that contribute to your wealth and well-being, setting a standard for what you value most.
3. Teach your kids the above habits and principles
The most powerful step in this journey is passing these habits and principles onto your children. Teaching them about financial literacy is just the starting point.
It’s about instilling values that guide their decisions, showing them the importance of discipline, and helping them understand the power of compounding—both in finance and in character.
This education is the true gift that will equip them to build their wealth and, more importantly, lead lives of purpose and fulfilment.
So, when are you going to choose a future to look forward to? This question isn’t just about financial planning; it’s a call to action. It’s about deciding to live a life defined by more than just your income—a life that embodies the values, habits, and principles you wish to pass down through generations.
The choice is yours to make.
When will you start?