As we continue our blog series on values, we move on to Family as another value we see often. This value may seem simple at its surface, but the concept of Family means many different things to different clients. For some, it encompasses only their immediate family members, while for others, it extends to include close friends or distant relatives.
What is interesting is when we bring the topic of money into the conversation. Money introduces complexity into familial dynamics, and unfortunately, can quickly become a contentious issue that damages relationships. So, if Family is one of your values, how should you approach topics around money to increase your chances of maintaining strong family relationships?
- Communicate – Communication is the number one reason for family disputes around money. While you needn’t divulge every financial detail, articulating your values and financial principles is crucial. You want your family to know what is important to you and what you base your financial decisions on. Addressing this proactively reduces the chance of family members forming their own financial expectations for how you will handle money, giving them clarity on your decision-making process.
- Demonstrate – Actions speak louder than numbers. Utilize your financial resources to exemplify your values and principles. Volunteer together at a non-profit you support, take your family to a community event you are involved in, express gratitude and display generosity with others. By visibly aligning your actions with your stated values, you instill a deeper appreciation for them within your family unit.
- Create – Material gifts fade, but shared experiences endure. Invest your finances in crafting lasting memories with your loved ones. Use your finances as fuel to create memories with those closest to you. While there is a financial aspect to these activities, the shared experience is what will deepen relationships and be remembered over time.
I once heard a quote that resonates deeply in discussions about familial blessings, “Give with warm hands today instead of with cold hands later”. While financial gifts hold significance, prioritizing the creation of lasting memories and the nurturing of familial relationships transcends monetary value. Your family will remember the moments shared and the love exchanged far more than your net worth.
How do you embody your Family value in your life?
