Resources to Strengthen Relationships - Part 1
Three Generations in Germany, Beta Testing our Central Thesis
I’ve been in the financial services business for 20+ years. In that time I have come to a conclusion that is probably a little different than other traditional investment people.
What is this earth-shattering revolutionary theory?
I believe that your financial plan should be comprised of two key ideas that support all other financial decisions.
Defining your “enough” is a unique process for you and your family. This amount informs the resources you need to live the life you want, defined by you.
Everything else above and beyond your lifestyle capital is now freed up to be legacy capital. I believe that these resources should be used to strengthen relationships that matter most to you. This could be family, friends, communities, causes - doesn’t matter as long as its purpose aligns with the principal - resources to strengthen relationships. Legacy does not mean slapping your name on a building or leaving a sum of money. Legacy celebrates the values and connections you share with others.
I know what you’re thinking. This isn’t exactly the viral content (masquerading as financial advice click-bait) that gets people excited these days.
If you could reduce the reason I came back to financial planning, it would be to help families discern their “enough” and intentionally plan their legacy capital.
My father has always said that I should be my best client. That sounds inspiring and romantic, but what it really means is my family gets to be the crash-test dummies that demo all my ideas.
I believe the financial industry has watered down the idea of ‘legacy’ to apply only for the exclusive. Stuffy suits sell complex fancy strategies around tax-efficiency and legal loopholes that focus on return percentages over people. Families deserve better advice than this.
That belief led a three generation family to visit Germany for the Euro Cup this summer. A real return on legacy that can’t be numbered.
In Part 2, I dive in to why a ‘soccer trip’ over a different experience and share a framework you can use to apply to your situation.
Thanks for the new direction in financial planning. Finding what is enough is a challenge but it can be done. Legacy is both about how you use the resources you have to create lasting memories and strengthened relationships and then leaving something behind that helps future generations. Keep refining and expanding how you explain this. This is good stuff!