You might wish to reflect on your personal thoughts and views towards money before starting family wealth planning discussions. Family discussions regarding money frequently demand us to engage in deep, introspective examination to comprehend our own personal beliefs and perspectives, as well as what drives and inspires us. This is necessary for them to be effective.
After determining what is important to each of us individually, we must go forwards and try to come to an understanding with the other members of our family. We come to an agreement and determine a family mission thanks to that labour and a feeling of shared purpose and values. Learn Financial Basics online at My First Crore.
A Different Way to Think About Wealth
Family members typically claim that it is simpler to express their separate viewpoints than it is to come to an agreement. However, in our experience, family governance planning is most effective when each family member spends just as much time, if not more, truly exploring their individual connection with money as they do talking about it in a collective environment.
You can enquire, "Relationship with riches." "What even does that mean? Simply put, money is a means of transaction. I am connected to other individuals. Imagine, however, that you view your attitude towards money as a set of values and beliefs that you have acquired through time as a result of your distinct personality and life experiences. What would you say about those attitudes and values? The answer to that query can be more nuanced and sophisticated than you think.
A Matter of Circumstance
Your personal attitudes about wealth might seem extremely different depending on the situation, just like any other relationship. For instance, you could prioritise financial factors when buying real estate but a longer list of criteria while making charitable contributions. Similar to how your attitude to money may alter greatly depending on whether you are working with your spouse or your children while making decisions, it's almost inevitable that your views will change over time.
Remember that riches may elicit powerful feelings, both joyful and negative, and that's okay. After all, our feelings can communicate important information about our fundamental assumptions, anxieties, and past experiences. Try to feel whatever it is you're experiencing rather than repressing it when your emotions have something to say. Then you may verbalise those feelings and determine if they are a result of relevant information and experiences or other influences.
Furthermore, assumptions—which may be conscious or unconscious—may serve as the foundation for some of our feelings and judgments regarding wealth. A lot of baggage could be present. As a result, the most accurate assessment of your relationship with wealth is typical "It's difficult." Please visit the website of My First Crore and learn more about Financial Basics!
