What the Wealthy Do That Everyone Else Should

Date Published: 6/21/2022

I remember when my wife and I were guests at a five-star hotel. Instead of going through the front desk, the valet instructed us to continue driving forward to the gate. When we reached the gate, I put in the passcode, the gate opened, and the ambiance took my breath away.

As we reached our assigned parking space, there we another valet waiting for us and directed us to our room. In our room was our private maid, who let down the bed, closed the curtains, and gave us a tour of our room. I can do justice to explaining all the amenities offered in the bedroom, the fireplace, private kitchen, and walk-end bathing tub; I'm sure you get the picture.

Eventually, our three-day experience ended, and we had to return to reality.

I believe everyone should enjoy the comfortable things life has to offer. But not at the expense of your future. What do I mean? People often drive cars, live in homes, and wear jewelry they can not afford.

What is your family vision for the 5, 10, or multi-generations? For some, it's to drive fancy cars, wear high price clothing and live life to the fullest. I agree we should all enjoy life.

As someone who works with people, I've seen how a lack of planning can destroy loved ones after a tragedy. Have you ever seen families struggle to pay the funeral cost or lose their home after the matriarch passes away? I'm sure you heard or seen someone waste their inheritance within twelve months of receiving their endowment.

Has anyone ever taught you how to set up a family bank? I'm not talking about setting up a brick-and-mortar and looking for customers. I am not talking about your 401k, saving accounts, or stash you may have under the bed or in the closet.

Instead, I refer to an internal system where your heirs can borrow from the family bank to pay for college, purchase their first home, or start a business.

Here's the icing on the cake, your heirs can borrow from the family and pay it back interest-free. Lastly, they do not have to complete an application or credit checks, nor is a down payment required. Would you like to learn more about this strategy? The wealthy have used this strategy for generations.

Although the family bank concept isn't new, many families have used this concept for generations. The family bank concept is just one of many strategies the elect has used to keep wealth flowing from age to generation.

What one thing that all sports teams have in command? They all use a playbook, whether football, baseball, basketball, or race car.

Without a playbook, everyone on the team will do their own thing. Holding the trophy and receiving the ring will not occur without a written plan. In like passion, your family needs a playbook to follow.

A family playbook goes beyond the 5, 10, or 25-year plan; it's multi-generational. We share solutions to create your family financial playbook during our economic game.

Are you interested in learning more about financial education? If yes, the next webinar entitled, Will$, Bill$, and Money Skill$ (Financial education seminar in a game format).