Wealth With Wisdom
July 02, 2001Part I
Financial success brings you to a major crossroads in life. There comes a time when the basic needs and wants are satisfied and plans for the future must address priorities and opportunities that previously were not even considered. Although some continue in their chosen profession, many individuals become financially independent upon retirement or the sale of a business. Those who have spent a career focused on job demands may natutally be uncertain as to how to handle this newfound freedom. Even for thos in the middle of sucessful careers, there is a growing trend in the U.S. of self-examination and reflecting on the direction of life. As you stand at the crossroads, the first obvious question is, "Where do I go from here?" You;ve spent a lifetime achieving goals realted to work, financial security, the education of your children, etc. Now that those are well on their way to completion, what's next? The answer to this question should relflect a well thought out understanding of what is most important to you.
Begin with the end in mind. Let's say it's fifteen years from now. You find out that you have only one more year left on earth. Based on everything that is important to you, what would you like to have accomplished before that year ends? What would you like to leave as a legacy to those who come behind?
Consider what is truly important. "Measure wealth not by the things you have, but by the things you have that you would not take money for" - Russ Crosson. Over the years a person begins to develop wisdom about those things that really count. Family relationships, your faith, community service — these among others come quickly to mind. Think about how you might focus on the areas of your life that don't have a price tag, but do have lasting significance.
Pursue your passion. It may take some time to figure this out. but the results can be particularly rewarding. Every individual is uniquely gifted for fulfillment. The challenge is discovering how to apply your talent and ability to something you really care about — a project, cause, or relationship that will get you out of bed in the morning! What has given you real joy over the years? For some, it's woodworking, for another, it's ministering to the homeless, for still another, the driving passion in life is helping charities with their business plans. It may be helpful to use personality profiling tools to dsicover and better understand the way you are "wired." The greatest fulfillment in life comes from doing what you were created to do better than anyone else. Settle for nothing less.
Leave a legacy. Those who are successful only for themselves are soon forgotten. Take advantage of the opportunity to pass along the resources, values, and traditions that are important to you. "You can't leave character in a trust account. You cannot bank traits like courage, honesty, and compassion in a safe deposit box. What we need is a plan — a long term strategy to convey our convictions to the next generation." - Tim Kimmel. Whether it is children, grandchildren, relatives, or friends, proactive steps must be taken in order to make the "values" investment in the next generation. You probably have an estate plan that dictates how your assets will be distributed, but have you planned to pass along your alues to those whol will inherit the assets?
Part II
One of the most difficult yet rewarding tasks in life is figuring out your unique contribution to the world — those passions and abilities that both energize you and accomplish great things. However, once you begin to view life on this level, there's no going back. You want everyone close to you, especially children and grandchildren, to experience this journey for themselves. In fact, passing along values and a sense of purpose in life will probably be your greatest legacy. We have observed over the years that success with next generation is dependent upon focused training in areas such as goal-setting, hard work, generousity and concern for others.
Those who plan to transfer financial wealth to their heirs face an additional responsibility because of the devastating effect that money can have on those with underdeveloped life vallues. "When you leave children values and no money, they can change the world. When you leave children with underdeveloped values and money, they are the ones who end up in trouble." - Scott Fithian. This problem has become so widely known that psychologists have coined a new word to describe it: Affleunza! We believe that wisdom is the preventative treatment for affluenza. "Wisdom is good with an inheiritance ... for wisdom is a defense as money is a defense." - Ecclesiastes 7. The pursuit of wisdom is a lifelong endeavor, but we can give children a "jump start" by being intentional about the process. Consider the following questions as you think about empowering your family to be successful managers of their time, abilities, and financial resources.
What's your life plan? In our last article we focused on developing a personal plan for what you want to be and do in the future. It is only after you have been through the process and begun to crystallize your own thinking in this area that you can provide guidance to others. Also, as a role model, be certain that the pattern of your life is in alignment with your stated goals and values. Those who are close to you will learn more from your actions than from your words, especially if the two are inconsistent.
Have you discussed your "money values?" Most successful people identify with four common money values — diligence, prudent spending, wise investing, and a sense of community. Sharing these values in word and deed will prepare the next generation for the responsibility that comes from being entrusted with financial resources. As John D. Rockefeller Jr. said, "I am more concerned with my children having more money than they can wisely and unselfishly administer than with their having too little." Especially for younger children, there is an opporunity, through proper planning, to help them grow into high levels of financial responsibility over time. As you make gifts and assist financially over the years, don't be afraid to hold them accountable for their use of the money.
Do they have a life mission? The greatest thing you can pass along to a child is the belief that they have a purpose greater than themselves. Robert Lewis calls this a transcendent cause. "A transcendent cause is not something we do in addition to everything else; instead, it is the one factor that motivates everything we do. Put in the simplist terms, we want our lives to count for something important." Many people go through life believing that more wealth, power or "things" will make them happy or fulfilled. Encourage your children to begin thinking now about how they can make a lasting difference and realize fulfillment by finding their transcendent cause.
It has been said that you don't design the successful life, you discover it. The experience and wisdom you you accumulated over the years can be a valuable tool in helping others plan proactively to live their dreams. Be a sounding board. Pass along good resources. Help financially in ways that are prudent and empowering, but that do not create dependency. Not only will you get the enjoyment of seeing your family prosper, you will also share in the success of generations to come.
