Many of us know and believe that family is important. In spite of believing in the importance of family, many do not know the potential that their family holds. Along with that, many do not know how to manifest the untapped potential that is latent in their family.

One of the reasons many of us value the importance of family is because it is the first relationship many of us develop in our lives. A baby is born and then is placed in the arms of their mother and father. The bond begins as early as in the womb. That baby will develop similar bonds to siblings, grandparents, and early caretakers.

If you consider all other relationships, such as friendships, teachers, romantic relationships, and mentorships, they lack the time investment of parents and earlier relationships. It’s important to understand that some parental relationships lack the time investment due to adoption, poor-quality parenting, and other factors that lead to strong or weak bonds. Even in these circumstances where the bond may not be as strong as it could be, we as a society still hold our parents and family in reverent regard.

There are many benefits to being part of a family. Our families provide protection and increase our odds of survival. Our family provides an identity that keeps us from wandering the world aimlessly. Our family wards off loneliness, which is a villain to the human spirit. Our family also provides help and assistance in helping us achieve our individual goals. Our family provides counsel, and individuals with skills that they can teach to other members. Our family provides history and lessons we could not achieve anywhere else.

Money is one aspect of wealth but not the defining principle. A family’s financial wealth can fluctuate or even diminish over time, but that does not nullify the riches and values in a family. Money can be diminished, but it can also be rebuilt; that is why it should not be the only defining factor of wealth.

DEFINITION OF WEALTH

Wealth can simply be defined as abundance in resources. We are familiar with some of the asset resources, such as money, land, and businesses. There are other resources that we may not view as contributing to the definition of wealth, such as education, political influence, community and religious participation, the number of people in your family, quality relationships, and creativity. Creativity is often times overlooked, but how a family utilizes the resources at their disposal is very important. You can have all the lumber in the world and be unable to build anything of value. 

The benefit of being part of a wealthy family not only benefits your quality of life and survival, it also provides you with an abundance of influence. It is not unusual for wealthy families to donate money or advocate for a cause that they believe is important. Many wealthy families do this so they can leave a legacy behind, but that act can benefit society.

HOW TO BUILD A WEALTHY FAMILY

The families that we are already a part of possess an abundance of resources. Our families already contain many of the resources that make them wealthy. Even though this is true, many of us lack the skills and the knowledge to utilize the many resources that are available to our family. The preceding information will help individuals be aware of the wealth in their family, how to utilize it, and how it can lead to financial wealth.

THE PARTNER YOU CHOOSE

A family is made up of more than one individual, so in order to build a wealthy family, you should start by choosing a partner. Partners do not have to be similar, but they do need to be complementary. They must share your vision of the type of family you want to build. Having a partner where you both share a similar vision of building a wealthy family will greatly improve your odds of completing such goals.

As choosing the right partner can increase your success in building a wealthy family, choosing the wrong partner can also decrease your chances of success. Being with a partner where you both have dissimilar visions and goals for your family is like being in a rowboat where both of you are rowing in opposite directions.

Having similar goals and visions must be backed up with an agreed-upon plan. The best of plans can be derailed by lack of cooperation, lack of support, and lack of effort. Two people can want the same thing, but if they do not agree on how to achieve it, this can lead them to failure.

LEADERSHIP

Leadership is important in any organization, and it is especially important in the family. Leadership does not have to be constrained by gender, age, or experience. Any member in the family who is competent to lead can do so. There are many virtuous qualities that are attributed to good leadership, so we won’t list them all here. Leadership in the family must be approached differently than in other institutions. It must be approached more delicately. The leadership roles in a family are being executed by spouses, grandparents, and possibly adult children. Not approaching it delicately can put a strain on the relationship among family members.

Leadership can change, and leadership can be shared. A family does not have to maintain strict roles, and roles can change based on the challenges a family faces. Also for the members of the family that are being led, humility is an important quality possessed by them. Ego can provide a substantial barrier to a member of the family executing their leadership duties.

VISION & GOALS

Vision and goals are an important factor in building a strong, wealthy family. Without vision and goals, a family is just existing for existing’s sake. Vision is important because of uncertainty. No one knows the future. Not even the best speculators can predict the future with accuracy. Due to that fact, it is important for a family to be able to look towards the future and create plans on how to get there.

Goals are how a family can achieve their vision. There are many talks of goals as they pertain to individuals, but not enough attention is given to family goals. Short- and long-term goals are the only way for a family to achieve the vision they have for themselves. Also, a plan is necessary to execute goals. Without a plan, goals will not be achieved and visions will not be accomplished.

EDUCATION

Education is an important key to success, and a family that is educated possesses an important tool for building wealth. Formal education is only the beginning of learning. For a family to be successful, they must be committed to being lifelong learners. As time passes, information changes, and due to that fact, if a person is not active in staying current with their education, they can get left behind. Being left behind as the world progresses is devastating for an individual but even worse for a family.

FINANCIAL LITERACY

Along the path of education, a family must be committed to being financially literate and staying financially literate. Money is no different than any other subject. The rules of money a hundred years ago are not the rules of money today, and the rules of money today will not be the rules of money a hundred years from now. A family that is committed to financial education will be able to adapt to an ever-changing financial world.

FAMILY TRADITIONS

You must be thinking, what do family traditions have to do with building a wealthy family? Traditions that align with a family’s visions and goals will help keep the family together. If the above factors are bricks that build a strong family, tradition is the cement that will hold the bricks together. Tradition is what links generations within a family together. Tradition will guarantee that the values and practices from one generation will be passed on to another within a family. It is important that a family keep good practices because bad practices can also be passed down and lead to the deterioration of a family.

FINAL THOUGHT

No family is perfect. Families are made up of individuals, and even though they may be under the same house, their individual experiences, beliefs, and views are unique. It is not uncommon for members within a family to have differences and fights. A family can have compatible partners, strong leadership, education, and many of the other qualities to make a wealthy family and still fail at building a wealthy family. Families are complex institutions, and due to the uncertainty of life, it can derail a well-equipped family. Despite the uncertainty of life, taking the measures that are listed above will better prepare a family to handle the uncertainty of life. Remember, a family can lack financial wealth, but they are rich in other resources that can lead to financial wealth.