For several weeks we’ve been discussing what Charlie Collier found when he studied what made wealthy families truly successful over the long term. While panning for nuggets from our previous posts, we see seven indispensable practices that maximize family wealth, and here they are…
The power of storytelling runs throughout Charlie’s research and experience. Here are four reasons to make the most of it:
As we’ve discussed in previous weeks, true family wealth is much more than money; in addition to financial capital, there’s intellectual, social and human capital.
It’s easy to think of these four elements as self-fulfilling and self-perpetuating, but it takes work to build and maintain them over generations.
Fortunately most of the “work” involved is interesting and enjoyable – spending time with and getting to know family members, sharing stories, and fostering an open dialog about family priorities and practices.
Sometimes taking the first step is the hardest. It’s work, but it’s work that pays off for a long, long time.
John Osbon – firstname.lastname@example.org