A young family living the American dream is a rare sight in this day and age, especially for millennials in their mid-to-late 30s either looking to settle down or already settled down and wanting to build and maintain an all-encompassing and secure future for their kids, and being a happy unit in the present.
If that sounds like a pipe dream, you’re probably not doing it right. You see, in the current climate, it can be quite difficult to put wealth building on the back burner and prioritize your personal freedom. However, that’s precisely what America’s top ten are doing. They’ve prioritized their personal freedom for a good few years now, and you don’t see things going wrong for them financially. This begs the (rhetorical) question: why should the same happen to you?
Here are some family wealth management mistruths that might be harming the self-made American dream.
Family Wealth Equals Financial Literacy
Financial literacy,is defined as the ability to understand and manipulate financial skills to manage and grow one’s finances. Most people assume that just because you or a parent of yours made all the right decisions, you’re likely to follow suit. Nothing could be further from the truth.
Wealth has to be earned through financial knowledge and support. You may inherit it, but you’re also likely to spend it all unless you’re as smart about your investments as your predecessor.
Here, the important thing is to acknowledge the fact that you need help. A wealth management coach can help you manage and gain control of your time by removing the obstacles that might’ve been in the way of you spending time with your family and making sure they’re properly cared for. They can help you make decisions that account for all members of your family—their values and desires.
The Time to Worry About Finances is Now!
The ongoing pandemic has taught all of us a thing or two about volatility. The neverending inflation might’ve taken a toll on your lifestyle, family dynamics, and mental health, and that’s completely understandable. What’s incoherent is how it’s made you think that the time to worry about your finances isn’t two or ten years from now—it’s right now!
Getting your affairs in order and proofing your finances against the menace of inflation is the need of the hour for families young and old. However, that doesn’t mean you can’t manage time for your family.
Managing your finances and not letting them hold you back from spending quality time with your family and friends might require some strategizing on your part. However, it’s not as difficult as you think.
You might have to reshuffle your priorities and identify the obstacles getting in the way of you enjoying life as a free and self-sufficient individual. Doing so may even help you gain a positive perspective on life, paving the way for further improvement.
Financially Savvy People Don’t Need Wealth Management Services
Financially savvy people are where they are because of their sound decisions. However, money can’t exactly buy happiness. If you’re financially stable and lead a personally satisfying life, good on you. However, if you’re prioritizing finances over family, you might have to revisit and revise your choices. You can absolutely juggle the American dream and be a family person as long as you know what you’re doing.
Take a closer look at your lifestyle, and see if there are any unrewarding patterns, anything that might take less of your time and lead to the same result. This job is easier said than done because you might’ve gotten used to the current way of things.
To be truly present for your family, you have to relinquish some control and put your trust in a wealth management coach. They can help you free up your time, restore your work-life balance, help you achieve personal freedom, and keep things in sound order on the financial side of things. In other words, you won’t have to give up on the finer things in life due to your financial obligations.
There Aren’t Enough Hours in the Day to Manage Family Time and Finances
Some people are so consumed by their work that they care barely eke out a few hours to sleep. Therefore, even if they love their job, they end up hating it after a while because of the demanding hours, not to mention the toll it’s taking on their interpersonal relationships and mental health.
We’ll be the first to admit that maintaining a work-life balance is difficult. However, it’s not to the point where there aren’t enough hours in the day. A family planning guide can help you manage the challenges of grueling work hours and personal responsibilities so that you can indulge in some quality time with your family.
They can help you compartmentalize all the aspects of your personal and business finances, make customized family financial management plans, and find a way for you to get it all done in an organized manner, so you’re free to enjoy your remaining hours doing what you really enjoy.
Create Your Family Financial Management Plan Today
Manage finances for your family and yourself, and achieve personal freedom at the same time by attending our webinars, zoom conferences, forums, financial advisors, mentors, consultants, communities, and podcasts. Be a shoulder your family can lean by budgeting like a pro, amassing savings, and tackling debts. Sign up for our family management tools to know how you can build a schedule around personal time and make informed decisions, starting now.
Get in touch to see how we can help you manage quality family time.