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Volatility, in markets or in daily life, can make even the most grounded people turn to reactive behaviors that run counter to their larger goals. Reflecting on and revisiting your goals or, if needed, taking time to explore and establish them in the first place, helps you stay invested in your long-term legacy no matter what the swirl is around you.
Carra Cote-Ackah, head of Philanthropy Engagement and Legacy Planning for the Goldman Sachs Family Office, shared suggestions for how to clarify your intent and increase your self-awareness around how you relate to and use your wealth.
“I encourage people to over-invest in self and family reflection,” she said. “Reflect on your relationship with money, wealth and the influences that shape your behavior and emotional well-being.”
Here are three things to reflect on, from past, present and future perspectives, to help develop and strengthen the responsive side of your brain.
- Past: Consider what major economic events, cultural factors and family have impacted your relationship with wealth over time. Ask yourself: How do these influence me today? Are they still valid?
- Present: Identify your approach to wealth today. Ask yourself: What are the emotions I attribute to my wealth? What are my priorities and what do I spend on those priorities? What brings me joy? What makes me feel vulnerable?
- Future: Explore what you want your legacy to be. Ask yourself: What part of my current approach to wealth do I wish to leave behind? What part of that approach do I want as a piece of my legacy going forward?
“A powerful combination to wealth planning involves working with your advisor to structure and transition assets,” Carra said, “and also, understanding the values and guiding principles shaping your decisions.”
Sharing these with your family, without judgment and over time in family meetings, can help you build deeper trust and connections. Trust, collaboration and communication are hallmarks to multi-generational family success. Learn more about finding the purpose of your wealth.
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