Intergenerational Perspective

Families owe it to the next generation (and the following generations) to structure their affairs with a long range view. This will influence asset acquisition, insurance policies, trust structures and many other everyday decisions.

Actions have (long-term) consequences – those who decided to follow the path of academic education 50 – 70 years ago (before it became the norm) may have given their subsequent generations a leg up  on less fortunate peers.

intergenerational

 

Working families that start out today to build the right structures for family security as well as accumulate the right assets, would be setting their posterity up for a much better life. Those that choose otherwise will leave their subsequent generations to either play catch up, or contend with the financial struggles, uncertainties and economic insecurities common to working families.

An intergenerational perspective engenders a lifestyle that strikes a conservative balance between wealth creation and consumption. It helps families to live a sustainable lifestyle and smooth out the lifestyle volatility (in terms of living standards) that is commonplace in many working families.

It also helps families transfer, to subsequent generations, the priceless aspects of wealth – getting posterity to focus on a transfer of the family’s wealth of capital, values, traditions and life experiences.