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Clear blue waves. Warm white sands. The laughter of grandchildren, the smell of barbeque and burgers, and the camaraderie that can only be created by winning a family board game! Multi-generational vacations are incredible opportunities to reconnect, rejuvenate, and make new memories together.
When you gather on the deck or around a fire pit to roast marshmallows at the end of a fun-filled day, don’t be afraid to turn the topic of conversation towards more serious matters. A family vacation, or even just a day spent with your family, may be the perfect opportunity to discuss important issues: namely, your finances and legacy planning.
Financial matters can be sensitive or even uncomfortable to talk about, but they don’t need to be. Your willingness to broach the subject and communicate openly and honestly can be a powerful spark that ignites a truly significant experience for everyone. Sharing the importance of stewardship, charity, and generosity with your children or grandchildren can infuse wisdom into younger minds and encourage them to follow your example. The conversation may additionally ensure that there is no ambiguity when it comes to your estate or legacy plans, which will be a meaningful and priceless gift to your family in the long run.
Having a biblically based view of your finances impacts the way that you save, spend, and give, because you know that your resources are blessings given to you by God. With that understanding in mind, you may choose to donate to churches, ministries, or nonprofits that support causes close to your heart. A family discussion can help your loved ones understand how your charitable giving aligns with the causes you are passionate about, as well as why generosity is such a high priority to you.
Additionally, conversations regarding personal finances may instill a commitment to generosity and charitable giving that outlives you and even changes the trajectory of your family. Financial decisions can sometimes be a source of contention amongst family members, so ensuring that your family is on the same page and that they are aware of your legacy plans may also guard against future confusion and dissention between the ones you love the most.
Don’t let the weightiness of this conversation deter you. With a little preparation and prayer, it’s possible to have a meaningful discussion that actually draws family members closer together. Consider these three steps:
This communication will help your loved ones better understand you and your financial decisions, and it may even create greater intimacy, empathy, and connection amongst your family members. Don’t underestimate your influence to inspire a greater commitment to biblically based stewardship in your family. You may have the unique ability to influence your loved ones for the better, inspire potential change, and pave the way for future conversations. Your family may make many meaningful memories on vacation, but an honest conversation about money may end up being one of their fondest.
Any opinions expressed in this forum are not the opinion or view of American Portfolios Financial Services, Inc. (APFS) or American Portfolios Advisors, Inc.(APA) and have not been reviewed by the firm for completeness or accuracy. These opinions are subject to change at any time without notice. Any comments or postings are provided for informational purposes only and do not constitute an offer or a recommendation to buy or sell securities or other financial instruments. Readers should conduct their own review and exercise judgment prior to investing. Investments are not guaranteed, involve risk and may result in a loss of principal. Past performance does not guarantee future results. Investments are not suitable for all types of investors. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purposes of avoiding penalties that may be imposed by law. Each tax payer should seek tax, legal or accounting advice from a tax professional based on his/her individual circumstances.
This material is for informational purposes only. Neither APFS nor its Representatives provide tax, legal or accounting advice. Please consult your own tax, legal or accounting professional before making any decisions. Information has been obtained from sources believed to be reliable and are subject to change without notification. The information presented is provided for informational purposes only and not to be construed as a recommendation or solicitation. Investors must make their own determination as to the appropriateness of an investment or strategy based on their specific investment objectives, financial status and risk tolerance. Past performance is not an indication of future results. Investments involve risk and the possible loss of principal.