Family and Money: Five Questions Every Family Should Ask About Wealth
By Bob Barber
I have just finished a book called “Family. Money. Five Questions Every Family $hould Ask About Wealth” by David Wills, Terry Parker, & Greg Sperry. It answers five questions to help readers navigate the common pitfalls of wealth and inheritance. Here are some impactful highlights from the book that I found thought provoking. I will include the five questions after the highlights.
- How a family handles money is a unique and integral part of each family’s culture. To create and pass on a Godly view of money requires a plan.
- Usually when a relative leaves an inheritance to a family member, they have the best intentions and love at the heart of the gift. But, there are so many challenges and dangers that can come with sudden lump sum inheritances, many times the gift turns into a curse if the heir is not prepared spiritually, emotionally, or with financial understanding.
- Maintaining healthy family relationships is more important than leaving a large financial inheritance.
- Many of the older generation find it difficult to have a frank discussion about money and inheritance with their family. The culture that they were raised in placed a taboo on discussing subjects such as your finances. So, rather that violate a perceived social standard, they never breach the topic.
The Five Questions
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Who really owns the things you own?
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What assets have been entrusted to your care?
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When is it enough?
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Where should it go in the end?
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Why will your children’s children share your Family Stewardship Philosophy?
Would you like to discuss the above five questions with me? Are you confident your children are prepared to manage the resources you plan to pass on to them while they still carry out God’s plan for their lives? What will an inheritance accomplish in your children and grandchildren? Are they prepared to preserve, grow, and utilize wealth responsibly in their role as God’s stewards? I’ve had some great discussions with my family on these issues, and I would be happy to help you prepare for a discussion with your own family. Just call the office at 830-609-6986 and ask for an appointment with me to discuss “Family. Money.”
Click below to read other articles from the Christian Financial Advisors July 2016 Newsletter
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The Brexit Vote
The views expressed represent the opinion of Christian Financial Advisors®. The views are subject to change and are not intended as a forecast or guarantee of future results. This material is for informational purposes only. It does not constitute investment advice and is not intended as an endorsement of any specific investment. Stated information is derived from proprietary and nonproprietary sources that have not been independently verified for accuracy or completeness. While Christian Financial Advisors® believes the information to be accurate and reliable, we do not claim or have responsibility for its completeness, accuracy, or reliability. Accordingly, such statements are inherently speculative as they are based on assumptions that may involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such statements. Past performance is not indicative of future results. For any discussion of equity securities: Investing in equity securities involves risks, including the potential loss of principal. While equities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. For any discussion of taxes: Christian Financial Advisors® does not provide tax advice and encourages you to seek guidance from a tax professional.