Worried about family wellbeing or financial consequences because of the Coronavirus?
With the continued spread of the Coronavirus putting our oldest and most vulnerable at risk and with more and more of the world’s economy being shut down because of the virus mental health and finance have been brought to the fore. Many people feel concerned and experience anxiety due to COVID-19. This is not surprising. It touches upon our own survival instincts in the face of uncertainty. Therefore, the best way to help yourself stay calm is to act opposite to panic or fear, which is known to be our knee jerk reaction. We must learn NOT to think negatively about the future. We must stay centered and use all the tools that can help us be this way. (more…)
One of the topics that draws much interest is the subject of preparing our children to be responsible custodians of the family wealth.
So, how do we ensure a smooth transition of wealth to the next generation? There are many concerns that parents and grandparents share in the management, understanding, and execution when transferring some or most of the assets and money to their heirs.
The past 18 months have been filled with speaking and presenting in various forums around the globe on the psychology of Money and Wealth. During this time, the topic that was of main interest with the attendees revolved around the subject of preparing our children to be responsible custodians of the family wealth, family financial therapy and the issues facing parents in regards to successful wealth transfer.
In virtually all families, assets will be transferred from one generation to the next. Yet when those assets carry significant monetary value, as is customary within wealthy families, inter-generational conflict can often arise and develop into a serious issue. Careful thought and expert insight can mitigate the risk of conflict, enabling wealth transfers to lead to a harmonious and wealthy next generation who continue the family’s mission and vision.(more…)