Complete Family Wealth, with Keith Whitaker

https://www.youtube.com/watch?v=gB_2RGtp_ts Will the work you do create a foundation for your kids and grandkids to prosper? Then how do you create long-term complete family wealth that does the most good for as long as possible?  How do you make sure the money you make, the business you build, and the real estate and investments you acquire do more than just benefit you during your lifetime?   How do you create rich kids, grandkids, and great-grandkids? To answer these questions, we're discussing creating generational family wealth, with Keith Whitaker.  Through Wise Counsel Research, he helps families grow into multi-generational enterprises, thriving together, preserving and growing family wealth. In this episode with Keith Whitaker, you'll discover: * Why wealth is more than money and how to grow all five types of capital.* How to develop character so that generations after you will be wealth builders.* The three keys of prosperous families who pass on multi-generational legacies of more than money.* Easy, doable ways to write down and communicate the purpose of your trust.* Why it's essential to have a first-generation mindset.* The crucial role of the rising generation to prevent the crumbling and disintegration of family wealth.* How to develop your children's character - the habit of choosing wisely.* Why individual flourishing is the crux of complete family wealth. So if you want to create strong and successful families, raise children to be stewards, and know that your money will do the greatest good long after you're gone so you can empower future generations with wealth and wisdom, tune in now! Complete Family Wealth Conversation Highlights from Keith Whitaker Avoiding the Pitfalls of Leaving an Inheritance [3:57] When we talk with family members and family leaders, we ask them what's really on your mind? What's keeping you up at night? You eventually get to the concern, what's this money going to do to my grandchildren and generations after that? Is it going to ruin them? And that's exactly the concern that we try to address. The Role of Excellence [5:41] Socrates said, "Wealth doesn't make a person or a city great and powerful and virtuous and excellent. It's excellence or virtue that makes an individual or a city wealthy." [5:53] In other words, no matter how big your bank account, if you don't have excellence of mind and character, then, in fact, you're going to be poor. [11:11] Families succeed in passing on complete family wealth, not just money, but also excellence, really do communicate. They communicate about their financial plans, estate plans, and their giving. The Role of Communication [11:36] If you're making gifts to your children or grandchildren without communicating about them, behind the scenes or with very little discussion, you're not really making a gift, you're making what we call a transfer. Even worse, these gifts are going to become meteors that blast into people's lives, without any preparation. That can be extremely destructive to young adults or even to older adults. So, people who do this well lay a foundation by developing character and financial literacy in their children. [12:16] Look at the gift from the eyes of the recipient and ask, is this person ready to receive well? Is this person prepared to integrate the gift into his or her life? And if not, what can I do to help them develop that capacity? [12:51] Silence is counterproductive. It's a big opportunity cost that parents incur by not talking.