Your Life
So, you’ve worked hard and made a great life for you and your family. In addition, you’ve got a nice nest egg saved to enjoy in retirement and pass along to the next generation.
However, how do you ensure that the next generation will be equally hard-working, fastidiously about savings and make all the right decisions so that the legacy of a good family life, a comfortable retirement, and inheritance to the next generations continue?
You’ve read and heard stories of families with successful parents in which the next generations fall short of expectations. Generations that become soft and have no ambition—maybe even counting on the family nest egg to support them.
This is a tough challenge for many. Jackie Wilkie, VP at First Trust Portfolios suggest that rather than focusing on dollars and cents, focus on VALUES and GOOD HABITS around wealth in teaching the next generation.
Successful families are rarely worried IF there will be enough money, but rather, WILL inheritors be good stewards of wealth once it’s transferred. In addition, Dennis Jaffe recommends utilizing wealth advisors and institutions for short training and intensive workshops that teach and support young people. Even including the next generation in meetings with your advisor is an opportunity for them to learn and understand.
Check out the link below to find out information about KORE Venture, a program that helps young inheritors find purpose and meaning and joy as they navigate the complexities and opportunities of wealth:
How wealthy families develop new family leaders
by Dennis Jafe
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