Category: Children and Money

As a Family Office, my team and I at First Affiliated work with families of considerable financial wealth. But as I describe in my book, True Family Wealth; Love, Money and an Inspired Life, financial wealth is not the same as True family wealth.  True family wealth is achieved when every member of the family […]

I’ve written a great deal about thinking of your family as a business—not in the money-making sense but doing the tactical things that businesses do to be successful, which I call the Family Treasury ™ Model.   Have a vision, goals, a strategic plan, assign roles and responsibilities, communicate.   A model that takes the best practices […]

How to Talk with your kids about YOUR Money   This Family Day marks an opportune time to think about our adult children’s preparedness to inherit our wealth –whether a little or a lot. In my role as CEO these past 30 years of First Affiliated Holdings Inc., a family office organization, I have seen firsthand how […]

Part of Creating True Family Wealth & A Healthy Dynamic Team. Creating True Family Wealth begins with family celebrations marking milestones and accomplishments and is part of the fun of being together.  As with any business,  celebrations are used to create a cohesive unit within an organization.  So too are family celebrations which are an […]

How do you create a personal mission? In my last post, we discussed a process to identify your true calling in life. Now what ? We need to create your personal mission of course. Some of us might be confused as to what the distinction really is so I would like to provide my personal […]

For True Family Wealth, here are five ways all members of your family can thrive. For emotional maturity, aim for detachment from emotions such that you learn to feel and acknowledge them, respond where appropriate, and then let them go. Avoid creating family drama and stories over issues that are usually not about you, yet […]

Family Wealth The largest transfer of family wealth in Canadian history is starting to take place. Over the next decade, it is estimated that $750 billion will be passed on to the boomers. CIBC calls it the “largest intergenerational wealth transfer in Canadian history.” What will happen to that family wealth? Too often it will […]

For True Family Wealth you need to define your dreams. The more your define your dreams, the more likely you are to achieve your dreams. Ask yourself these questions: What is the greatest vision for your life now, given your values and purpose? What do you want your future to look like? Your big dream […]

Without Losing it …or them. 70% of wealthy families lose their wealth by the second generation, and 90% by the third, according to a recent study in the US.  * An astonishing 90 percent of family wealth and families will be back in ‘clogs’ in three generations. Yes, 90%. If you have both created and […]

Have you ever thought, If I just had more money, I’d be happy? With more money, you could do more, be more, have more, and then, finally, feel peace of mind? You’re not alone…