Identifying Generational Wealth Value.

In our last article we wrote about a family grappling with the issues of wealth.  The older generation (three brothers in their 70’s) had stated that they felt that the next generation did not understand the purpose of money.  They called a family meeting and asked the following questions not only to the second  but also to the third generation:

Is money important? Why?

How does money affect your character positively?

How does money affect your  character negatively?

If our family increases our financial wealth – does that help society?

If our family increases our financial wealth – does that help each of you individually?

If our family increases our financial wealth – does that help our family?

What is the level of trust that you have with one another in working and owning assets together

Are your values about money and business in alignment with each other?

Although we don’t have enough space to share all of what was said – here are a few excerpts:

Money is important because it pays for our beautiful home and toys (a 10 year old).

Money is important because I’m getting a college education – and the profits from the business are paying for it.

We’ve rarely enjoyed our wealth.  We are seen as wealthy by the community.  But most of our capital is reinvested in the business.  Now we have quite a substantial business.  But are we wealthy?  I’m not sure.  Certainly we have many assets and on paper we look good.  But we are so driven to succeed, to make more money.  The pressure is great and at times the rewards feel barely worth it.  I want more quality time with my children.  I want to us to use our wealth wisely – to help our country, our community and to support education.

Another spoke:  What is the purpose of money?  If it’s just to grow – it could become like a cancer – which would kill us.  Is it to just enjoy – say by taking a trip?  Perhaps we need a Foundation – one that champions our highest  values.

And Another: Perhaps money has no purpose.  After all it is just a means to an end?  What is the end?  That’s the great question of our values.  Each generation took a moment to begin looking at their values.

The First Generation said:  Our values are building character through hard-work, business success and  community development.

The Second Generation said:  Our values are family first, business second.  We must find a way to balance our business needs with personal and family development.

The Third Generation said:  We love toys but know that life is not about owning a bigger boat.  So we want to make lots of money, we want to play with lots of money and Grandpa – we do want you to be proud of us.

What will make us proud?  Perhaps this is one of the key questions?  What makes each of us proud of ourselves and each other in this family?  Are we acting in ways that are in alignment with our highest values?  Is our business promoting this?  As a family are we finding ways to enrich and support each person’s unique strengths and contributions? 

If smart, I believe families find ways to utilize their financial resources that support these noble goals.  Money like love, and other forms of currency can be used positive or negatively.  It can be used to control, coerce or manipulate or it can be used to enrich not only the person but also the community and nation.

The elders concluded by saying “Let’s find a way to continue to build our wealth – financial and non-financial. Let’s consider a Foundation.  All of us here have different needs.  But, as humans, we can only see part of the picture. That’s part of why we need each other.   Perhaps our real wealth is our ability to have discussions like these. 

Can we maintain our family’s beauty and unity?  How can we as a family support  the our highest ideals in each other? This is what we most wish.”  At the last meeting we promised you a surprise.  The surprise is this:  We are committed to turning over all our assets – this year if you as a group can come up with a plan that maximizes your individual and collective hopes and dreams.  We are looking forward to your proposal.  And with that, the elders said “Good Night”.