Family Bank To Help Your Children

A Family Bank To Help Your Children!!

A family bank to help your children empower them. Instead of just dumping money in their lap, we are going to talk about in this post.

How to set up a family bank to help your children?

We Finance & Savings team and we’ve helped people establish what we call a family bank or a legacy bank. This is a conceptual bank. Not a chartered bank like down the street but it works the same way. You make deposits and withdrawals. Not just money or financial assets.

But what we call the true CASH. And you’re going to understand that this is far more important that you leave behind how to fish instead of dumping fish and your kids and grand-kids laps or whoever you want to benefit charities or what have you in your family bank.

And it understands the difference between what we call leaving behind this swing instead of a bunch of golf clubs. Because if you were going to be playing in a golf tournament and you had the choice of using a professional golfer like Phil Mickelson swing or you could use as clubs, what would you choose?

Well, we’d rather leave behind the swing, not the clubs. we’d rather have the use of the swing. Most estate planning attorneys focus on dividing up the golf clubs and the trophies among the kids and the grand-kids when you die. No, we want to leave behind the strategies, concepts, knowledge, attitude, skills, and habits.

The foundational dimension and the intellectual dimension. But all too often, what we like to do is focus here on the center and this is what we call the perpetual cash fund. So, if we were to magnify that or let’s instead of highlight let’s magnify it here. This is the perpetual cash fund.

And we’re making deposits and withdrawals of not just money for those that you care about. But also, all of this wisdom and knowledge and heritage and genealogy and history, your beliefs and values. You’re also depositing the family record or archive of your experiences.

Both good and bad. What you learned, your education, reputation, systems, methods, traditions, alliances, ideas, and skills. And so, by doing that, this becomes the family bank.

How a family bank to help your children does this work?

Knowledge, Attitudes, Skills, and Habits. We would rather leave behind that cash to those that we care about than a bunch of money. Because this will generate the cash into perpetuity. And when we talk about a cash fund or a family bank, the fund is an acronym.

We an acronym team. So, FUND means Family, a Unity that Never Dies. And we like team stands for together everyone achieves more. So, when we look at the family bank concept, it’s having a balance between the financial dimension, the foundational dimension, and the intellectual dimension.

And it’s learning and teaching how to be healthy, wealthy in and wise in all 3 dimensions. They (The author) writing a book with that title wealthy healthy and wise. Because this is like a 3-legged stool.

And all too often. When all you do is leave behind money, it causes sometimes extraordinary consumption or to those you leave it behind to. And it discourages saving money. And it sorts of takes families from a “we” to “me” Oh, when do I get my share when it’s just about the money?

So, when you leave behind your philosophies about how to be healthy and not just physically and not just financially.

But emotionally, spiritually. How to be wise and capture the wisdom of the lessons that you’ve learned. And so, I have all kinds of ways that I capture the knowledge attitudes skills, and habits to deposit that into my family legacy bank.

It’s a conceptual bank

This is extremely important when you’re wanting to establish a family bank to help your children, a conceptual bank, a repository where the real value, the real true authentic wealth is transferred using a system that requires responsibility and accountability where when they step up to the plate, they have skin in the game. If they need money, they might borrow it. They may have to come in with a portion. And you match it.

But you also want them to withdraw and meet together. Once a year, we have family retreats with a purpose. And we help our children and grandchildren understand what our values and vision statement is. Because we believe it’s more important than values are understood before the assets are valued.

Then they can be brought into balance and harmony to provide ever-increasing results.

Also, intellectual assets. And so, we challenge our children and grandchildren to always share the wisdom that they’ve gained from both good and bad experiences. And in the various books that I’ve written, we share some of the stories where my two sons for example, on family retreats in Maui clear back in 2001 withdrew wisdom from the family bank.

So, let us give you that quick story, and then we gonna connect the dots for you. when we talk about deposits and withdrawals, let’s say of wisdom over here. So, when we have family vacations with a purpose and I want you to read the article that talks about that.

Many times, if we meet in the basement of our home or the canyon or Lake Powell. But in May, we meet every 2 years. We’ve been doing that since our kids were in junior high school. So, they will take one day and they withdraw wisdom from that.