That got me thinking about being rich vs. wealthy relative to financial planning. When I think of being rich and the people who fit this category, I really think about it in regards to how long the money lasts.
I think of wealth as tangible and intangible assets as well as generational legacy. When you make plans to leave a legacy that goes beyond your life, I believe it goes beyond just passing assets to heirs. Wealth is about teaching your heirs your core values and history. It is about growing, building and sharing.
What good are things with no meaning? When you are granted gifts, you have a responsibility to use them for the betterment of the next generation and your community. To whom much is given, much is required.
I often think about the legacy I want to leave for my daughter. I want her to have a better life financially but I recognize it won’t be much good if she doesn’t value it. One of my duties as her parent is to teach financial principles that allow her to live a better life. I want her to understand that she needs to:
• Plan for the unexpected
• Live beneath her means
• Help those less fortunate
• Never stop growing through learning
• Find her passion
• Save for emergencies and invest for her future
• Leave a legacy for the next generation
I’d like the same thing for you, too. Many people who win the lottery are instantly rich end up penniless within a few years. They got the money but not the education on how to save and invest. They got riches but not wealth.
I’d like to see us moving down the path to greater wealth in 2013. These are some of the issues we discuss with my Savvy Women Investor Circle (SWIC) members, and I will continue to cover here in my blog. Let’s make decisions that make us wealthy rather than just rich.
In my next post, I’ll talk about how you plan for a wealthier 2013. By the way, if you want to learn about my SWIC and how we might help you plan for your wealthy 2013, contact me at email@example.com.