Genesis 39:2 – “And the LORD Yahweh was with Joseph, and he was a prosperous man”

 

How To Thrive Financially As A Family

There is evidence for how a family’s financial health—as measured by savings and debts—
contributes to wealth building.

Solving our money problems didn’t always come easy to me though.

I don’t like losing money or being financially strapped in general.

To help our family feel true financial wellness, my spouse and I agreed that 1 year of expenses set aside in an emergency fund was a smart move for us.

 

 

For some, six months of expenses in cash sounds too conservative while others may prefer a year of expenses or more.

Find what works for you and stick with it. Either way, having cash for emergencies is a smart move.

Determining how much to have in your emergency savings is completely personal.

 

 

Start a family budget

Set time aside and design a budget for your family. Figure out what your expenses were in the previous month.

Come up with a plan as to how much you will save for the following month and so forth.

Go over your family financial goals and whether or not if you are on track to meet them.

 

 

Teach your children the importance of how money works. If an allowance is given to them, show them how to save their money and how it could later be invested.

Start teaching your children the value of time. You cannot become wealthy until you remove your income from constraints of time.

 

 

Prepare the family for wealth

Family success is just as important as financial success. Organize family retreats or workshops to learn and work together to better manage family success.

For many money is a touchy subject.

 

 

By talking often about money, and modeling good money management habits, you’ll set your children up for a future of financial success.

Helping children become financially literate is more important than ever.

The average household does not talk to their children about money.

 

 

Credit and debit cards have replaced dollars and coins, making it difficult for children to grasp the concept of paying for goods and services.

Include the entire family in financial discussions. You may want to avoid the word “budget,” since it makes people think about cutting back.

You need to be open with your family about your assets and your intentions.

Since you are the giver, it’s your responsibility to offer guidance and leadership to the family for them to know what to do when you pass away.

 

 

Conclusion

Some holders of wealth either don’t care what happens after they pass away or simply do not want to deal with having the conversation.

If this is you, then the idea of generational planning may not be for you.

To maintain generational wealth, the goal should be to set specific provisions for how money is to be used.

Put your plan down in writing. Make sure the family knows your vision through a written document that details your vision and equips future generations to carry the plan forward.

Your family can thrive financially, so long as everyone is on the same page!

 

 

DISCLAIMER: I am not a financial adviser. This site is for educational purposes only. It is imperative that you do your own research. I am sharing my opinion from personal research and experience with no guarantee of gains or losses on investments, finance etc.

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