Inheriting wealth, big or small, is an uncomfortable topic. For some, it provides security privately but for others it changes them publicly. Some hide it out of shame and others boast about it.
But we need to address this elephant in the room before it destroys the whole house.
A staggering 79% of parents are providing financial support to their adult children. However, a staggering 70% of wealth doesn’t make it past the second generation.
That needs to change. And it starts with flipping the script of what an inheritance actually is.
An inheritance is a blessing. And it needs to be stewarded well.
There’s not a “one size fits all” blueprint for how individuals are supposed to handle what will be gifted to them. It is going to look different for everyone.
But there are three things that every inheritor can do to start the down the path of stewarding the gift of an inheritance well:
- Seek Purpose
Spend time identifying your passions in life.
Money is worthless (it’s just a piece of paper) until it’s given a value through an exchange. Hiding a million dollars in a giant vault will do nothing for your life. Alternatively, a new car, a new house, or a trip around the world won’t, by itself, deliver a fulfilling life. The moral is this: the money won’t save you, and the money won’t satisfy you.
If you’ve never written out (on paper!) your vision, values, and mission for life, now is the time to do it. That’s not to say they won’t change. But there’s nothing more clarifying than knowing who you are and what you care about.
Money can either propel your vision or imprison your spirit.
- Seek Wisdom
Surround yourself with trusted people that you are comfortable bouncing ideas off and people who are going to keep you accountable. Never stop asking questions and learning. Be vulnerable with asking for help.
Just as money can change you, money can also change your friendships. Find those people that love you for you.
- Seek Opportunities
When you have a purpose and wise counsel in your life, you’ll be equipped to seek out opportunities to change the world. Maybe it will involve a business venture or a shrewd investment. Maybe it will involve philanthropy or funding critical research. Or maybe it will involve empowering future generations of your family. The opportunities are literally endless.
The opportunity of wealth isn’t to compound it in the hands of a few. But to steward it in ways to make the world a better place.
It’s a high calling, and a big responsibility. Wealth is not a burden to bear but a privilege to steward.
Are you ready?
Conner Combs serves as a wealth advisor for Archetype Wealth Partners in Dallas, Texas. Conner is an MBA graduate from East Texas Baptist University where he also played baseball and became only the second player in NCAA history to be named Academic All-American of the year twice. His passion at Archetype is to help others live in their purpose. Archetype exists to help families thrive across generations.
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