Wishing you all the best for a happy and healthy holiday this year. Here are some questions to ponder as your family comes together.
1. What family traditions are your favorite, and how do you plan to continue them with your own family? Are you financially positioned to continue them? Will your children be? How can you incorporate them into the evolution of that tradition? Is there an opportunity to pass on something important to you that is related the tradition?
2. What would we like to accomplish as a family with our wealth? Is there a way we can all become closer through this? Could we develop skill sets in our children and grandchildren through deeper family financial engagement? Ask your adult child – what did you learn about finance this year? Why is that interesting? What were you able to teach your children about money this year? Do you think it made an impact?
3. Spend, Save, Give: If we gave you $1 million today, what would you do with it and why? Great for kids and grandkids to answer to help parents see where their heads are at.
4. Could you offer a reward/match for family accomplishments?
5. Family business innovations and struggles: consider asking someone at the table how they would solve a problem your business is facing – sometimes innovation comes from the most unexpected voices.
6. How are we going to use the family vacation homes this year? Who is interested in continuing to use them and derives joy from them the same way we do?
7. Have you considered buying stock with grandchildren this holiday season? Ask them what they like and let them pick. Consider helping them set it up on their iPad to follow on an app. This may be appropriate for children as young as 7 (Based on personal experience).
8. What was your most exciting investment this year and why? Did your family discuss it? Would they like to learn more about how you choose your family investments?
9. What would you like to do this year and what is holding you back from doing it?