Money Talks: Pass It On

Did you know that the The GenWealth Group name stems from the phrase “generating wealth” but also from “generations” of wealth? 

Few things in life are as impactful as the potential to leave a financial legacy. 

It amazes me to see two (or even three) generations sitting together in our office planning how they want their legacy to be carried out.  This intimacy is one of the great rewards of running a small practice.  By taking care of a limited number of clients, we have the ability to closely know you and your family and the other professionals who advise you (like your accountant or attorney).

The “Legacy Luncheon” has become a popular client event around here.  It’s a way of getting your heirs together in a relaxed environment and talking about how you want your financial matters handled in absentia. 

This kind of open dialogue allows the older generation to equip the rising generation for responsible inheritance and creates a climate to influence the outcome.  We’ve led several of these legacy meetings and watching the generations share feelings about heritage and money is a powerful thing.

“From shirtsleeves to shirtsleeves in three generations” is said to be a proverb that Andrew Carnegie, the famed 1800s industrialist from Scotland, brought to New World.  It refers to the danger of declining family wealth across generations that can occur if not managed properly.  Let’s be sure to pass it on.