Monthly Archives: March 2012

How to Travel With Your Parents – and Your Children – and Their Children

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One of the goals of Family Money Values is to explore what it takes to build a longer term view of family – to build a legacy that lasts for several generations. In our article Build a Long Term Wealth Plan for Future Prosperitywe state that some of the outcomes a family might expect if they do build a long term wealth plan are that family members may:

  • keep in touch more
  • share more of the same ideas, concerns and values
  • cherish and pass along the family history and legacy
  • use each other as resources, drawing on one another’s strengths
  • grow financial resources significantly over time

But, after you leave home, how do you keep and grow the relationship with your parents and grandparents? After the nest is empty, how do you develop that new adult-adult relationship with your child and bond with your grandchildren?

Sharing experiences is an excellent method of keeping in touch; sharing ideas; learning; creating; and passing family history and legacy; as well as using each other as resources.

Of course you will visit back and forth, call, email and share holidays, but these events and times are rife with parent/child history. Traveling together can create new opportunities to get to know one another in new ways and to create shared experiences, memories, values and history.

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The Family Office

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Part of our mission here at Family Money Values is to research and share information about tools and techniques used by multi millionaire and billionaire families – so that the rest of us are aware of those and can consider ways to modify those tools and techniques for our use.

Today, we will explore the family office.

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Riches to Rags Part Two

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One book changed my thinking about wealth and the direction in which I am trying to guide my family. That book is Strategy for the Wealthy Family by Mark Haynes Daniell.

In his book, Strategy for the Wealthy Family, Mark Haynes Daniell claims that ‘There is a discreet world of the respected super-rich, where family legacies, high-return portfolio investments, successful family businesses, philanthropic endeavors, and protective trust practices have been refined and have evolved to reach the highest levels of excellence in private wealth management. These practices and strategies have been employed to build and protect great family fortunes across generations in many countries around the world.”

“Until today”, he says, “the benefits and wisdom of that world have been inaccessible to most of us.”

In Riches to Rags, I reviewed three of the seven ‘principles’ which Daniells believes are involved in his strategy. He refers to these principles as elements in the family strategy and says that the very most successful families integrate all 7 of them into their family strategy.

As a refresher, the first three principles were:

  • Principle 1 – A Framework for Family Strategy
  • Principle 2 – Family Organization and Leadership
  • Principle 3 – Family Wealth Preservation

Here are the remaining four principles.

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From Riches to Rags

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Mom used to like to see ‘how the better half’ lived – meaning that she liked to understand how rich people are different than the rest. She suspected, and you know for a fact, that there are many venues open to the ultra wealthy (those with upwards of 10 million dollars) about which the mere middle class or affluent folks never know.

In his book, Strategy for the Wealthy Family: Seven Principles to Assure Riches to Riches Across Generations Mark Haynes Daniell claims that ‘There is a discreet world of the respected super-rich, where family legacies, high-return portfolio investments, successful family businesses, philanthropic endeavors, and protective trust practices have been refined and have evolved to reach the highest levels of excellence in private wealth management. These practices and strategies have been employed to build and protect great family fortunes across generations in many countries around the world.”

“Until today”, he says, “the benefits and wisdom of that world have been inaccessible to most of us.”

There is a lot of advice out in the world for folks trying to get out of debt, or trying to save enough to retire, put their kids through college, or even take that next family vacation. There isn’t much around to help people like you, who have made (or are working on it) their first million or two and are wondering how best to manage their money and their families to enable a lasting wealth effect for a few generations, instead of going from Riches to Rags in three generations.

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Pardon the Interruption!

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Over the next week, we will be converting the platform on which FamilyMoneyValues runs.  It is currently on Google’s Blogger platform and we will be converting it to WordPress residing on our HostGator servers.  CORRECTION – as of 3/30/12 we are still in progress with this!

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Getting Your Financial Education on the Cheap!

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This is a guest post from Eugene Craig. He is the author of Stoopidsuccess.com and runs an article creation service.( EugeneCraig.com/content-creation-service).

Most people will be rather shocked to find out that the most important education you will ever need (your financial education) is more than likely will not be taught to you in your high school or college.

In this world you will succeed based on the information and tools you know and those that you do not know. Although you may not have been received the best financial education over your lifetime there is never a bad time to start.

The good thing is that there are tons of free tools that you can use to better your understanding of personal finance and how to handle money.

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