With Christmas just days away, some of you may be scrambling to find that last perfect gift for your family this year.
Well, before you head out the door for one last purchase, might I suggest the gift of knowledge this year?
You see, if you're planning to leave behind any measure of wealth to your loved ones after you pass, then giving the gift of knowledge is crucial to this end.
And why's that?
Well, that's because asset transfers without knowledge transfers can lead to failed wealth transfers.
And you know the trouble is that many well-intentioned individuals aim to build generational wealth but are often doomed to failure because they focus solely on the money.
And so, what's the big deal?
Can't you just put a complex legal structure in place to ensure that assets go where they need to from now and into near-perpetuity?
Well, the trouble is that when wealth is handed down without a story, it risks becoming just a mere number.
"Shirtsleeves to shirtsleeves in three generations," as the saying goes.
And so, why does this outcome seem so inevitable?
Well, it's because wealth without wisdom is like a ship without a compass.
Indeed, imagine amassing a fortune to be enjoyed by family members not even born, yet the next generations squander it because they can't appreciate what the money's about.
It's painful, right?
So, what should you focus on to prevent this outcome?
Focus on transferring knowledge.
Read More About this Topic
Listen to the FI Mastery Podcast
Learn More About Our Financial Planning Services
Visit us at https://fimastery.com to learn more about the FI|Mastery Journey.
Be sure to follow us on Twitter: @fimastery and Instagram: fimastery
With Christmas just days away, some of you may be scrambling to find that last perfect gift for your family this year.
Well, before you head out the door for one last purchase, might I suggest the gift of knowledge this year?
You see, if you're planning to leave behind any measure of wealth to your loved ones after you pass, then giving the gift of knowledge is crucial to this end.
And why's that?
Well, that's because asset transfers without knowledge transfers can lead to failed wealth transfers.
And you know the trouble is that many well-intentioned individuals aim to build generational wealth but are often doomed to failure because they focus solely on the money.
And so, what's the big deal?
Can't you just put a complex legal structure in place to ensure that assets go where they need to from now and into near-perpetuity?
Well, the trouble is that when wealth is handed down without a story, it risks becoming just a mere number.
"Shirtsleeves to shirtsleeves in three generations," as the saying goes.
And so, why does this outcome seem so inevitable?
Well, it's because wealth without wisdom is like a ship without a compass.
Indeed, imagine amassing a fortune to be enjoyed by family members not even born, yet the next generations squander it because they can't appreciate what the money's about.
It's painful, right?
So, what should you focus on to prevent this outcome?
Focus on transferring knowledge.
Read More About this Topic
Listen to the FI Mastery Podcast
Learn More About Our Financial Planning Services
Visit us at https://fimastery.com to learn more about the FI|Mastery Journey.
Be sure to follow us on Twitter: @fimastery and Instagram: fimastery