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"My mission is to help people reach their financial goals so they can live life to its fullest. It may sound cliche, but it's why I've been doing what I've been doing for the past 2 decades. And I'll continue to do so in the next few decades!" - Jess

A Guide to Leading Your Family to Wealth

Jan 27, 2024
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Each person has various money beliefs growing up. Each family handles their finances differently. For some, it’s rarely talked about. For others, they discuss it on occasion. And there are a few who have healthy money discussions with their families.

We recognize that each household has a unique financial story. But the one thing we have in common is that we all aim for our families to achieve our life goals. And now, you’re the one who’s taking the lead to do that.

With that, let me share with you a quick guide on how you can navigate your family towards wealth, starting with the first move you have to take.

Embrace the position of being a leader.

Most of the time, each family member waits for another person to step up. They think it’s not something they should be doing. And this becomes the reason why no one is guiding the family when it comes to their finances.

Regardless of your role in the family, whether you’re the parent or child, or whether you’re the breadwinner or not, you’re the one here reading. You’re the one who’s broadening your knowledge on this topic, which means you’re the one who cares. This is the reason why you should take the initiative to become the leader. And it starts with you fully accepting the role.

Embracing the position of leader means recognizing the responsibilities that come along with it. It will be your duty to take the lead, and you accept the fact that your family will be relying on you when it comes to this matter. You’re the one who’s taking the initiative, and you’re the one who’s willing to fill the position.

Now, don’t let this scare or overwhelm you. But if it did, it’s okay. Here is the next step to help you.

Gain understanding before anything else.

Being a good leader means caring for your team. And when you care, you try first to understand their perspective. You consider what they think and feel. Because the most common mistake a leader can make is to shut off his members and just ask them to do whatever he pleases. This is ineffective and can easily cause arguments.

One powerful tip when it comes to this is that people will support what they help create. Including them in the process is one of the best things a leader like you can do. This shows that you value their thoughts and feelings, and they’re part of making the decision. If you’re not sure how to go about this, here are some sample questions that you can refer to:

  • How much do you think we should save for the kids’ birthdays?
  • What are your thoughts on giving this amount to my mother?
  • When do you think we should increase our savings?
  • What is your opinion on allocating a portion of our income to emergency funds?
  • How much do you believe is a reasonable budget for our vacation?

To involve them means they’re important, and it shows them how you care. On the other hand, if there are family members who tell you how they simply don’t care, then let’s go to your next move.

Take steps forward, even in the face of reluctance.

When other family members treat money matters as not important or they’re even opposing the changes or actions you’d want to implement, then it’s your job to keep moving forward. Understand that it’s only natural that people resist change. And as the leader, it’s up to you to take action despite this.

You may want to update your cash flow records or organize your other documents, but your partner prefers to take a rest after a busy week. It doesn’t matter; do the work anyway. You may be hoping to search for good investment options, but your parents just told you to leave the money at the bank. It doesn’t matter; do the work anyway. Doing this shows how you’re serious about it and how you care about them.

Now, this isn’t something you should use to control your family member’s behavior. Don’t let this be the reason for you to ruin your relationship with them. Do what you have to do, even in the face of reluctance. And if there’s any major financial decision to be made, don’t forget to discuss it with the people who will be impacted.

Since we’ve covered this, let’s talk about the last important thing.

Allocate regular time periods for learning.

Since you’ve taken the leader position, people will come to you for help. And it’s only understandable that you do not have all the answers. But a good leader can admit that, and it will not stop him from figuring out the answer or asking someone for help. So it’s important that you continuously allocate a specific time block for learning.

This means that you’ll set aside time to learn something new about managing your finances. And you can do this once or twice a month. It can be about investments, debts, insurance, or even entrepreneurship. There are a lot of resources available, like books, articles, and online courses. By making time for learning, you're not just growing yourself; you’re also showing that you’re committed to finding the right path.

Now, after doing all these things, your family will be happy, and rest assured that there is someone who’s willing to be the leader and handle its responsibilities. There is someone who’s devoted to leading the way. And by following the steps we covered, I hope that this gives you more confidence and courage so that you can lead your family to wealth and achieve your goals in life.

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