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Day 7: How to Set Family Wealth Goals

Writer's picture: John DebellotteJohn Debellotte

Updated: Jan 7

1. Start with a Family Meeting

Hold a dedicated family wealth meeting. This should be a comfortable environment where all voices are heard.

  • Agenda Ideas:

    • Long-term financial goals (e.g., retirement, property investments, education).

    • Short-term objectives (e.g., saving for vacations, new car, or small investments).

    • Future family milestones (e.g., funding a child’s education or wedding).

  • Encourage Openness:

    • Ask each member to share their personal goals and dreams.

    • Discuss areas where the family can work together toward collective objectives.


2. Create SMART Goals

Ensure the goals are:

  • Specific – “We want to invest in a rental property.”

  • Measurable – “We need $50,000 in savings to buy the property.”

  • Achievable – “We can save $1,000 per month toward this goal.”

  • Relevant – “Property investments align with our family’s long-term plan.”

  • Time-Bound – “We plan to reach this goal in 5 years.”

Example Goal: Save $30,000 for a down payment on a family vacation home by contributing $500 monthly over five years.


3. Prioritize and Break Down Goals

Not all goals need to happen immediately. Create a timeline for achieving them.

  • Immediate (1 year): Start an emergency fund.

  • Medium-Term (3-5 years): Save for property or children’s education.

  • Long-Term (10+ years): Build investments that grow generational wealth.


4. Visualize the Goals

Create a Family Vision Board showcasing:

  • Photos of dream homes.

  • Vacation destinations.

  • Educational goals (graduation caps, books).

  • Symbols of wealth (piggy banks, investment charts).

Display it somewhere visible to remind everyone of the shared vision.


Real-Life Example: The Daniels Family Goal-Setting Journey

The Daniels family wanted to start building wealth for their children. They held a family meeting and decided to focus on two primary goals:

  1. Save for their children's education.

  2. Invest in rental property for passive income.


Actions Taken:

  • The Daniels set up a family trust to secure their assets.

  • Each family member contributed a portion of their monthly income to a shared investment fund.

  • Within three years, they purchased their first rental property. The income from that property is now reinvested to expand their real estate portfolio.


Result:

  • The Daniels not only grew their wealth but also instilled financial responsibility in their children.


Why Generational Wealth Is the Priority

Setting wealth goals as a family ensures that prosperity isn’t just a fleeting achievement but a foundation for future generations. The goal isn’t just to accumulate wealth but to build a sustainable system that can grow over time.

A Trust as the Centerpiece:

  • By establishing a family trust, assets are protected and distributed according to the family's long-term goals.

  • Offshore family trusts provide added benefits such as tax efficiency and asset protection.


Using Family Trusts to Achieve Wealth Goals

  • Asset Growth: Use trusts to invest in appreciating assets like real estate, stocks, or bonds.

  • Tax Optimization: Certain offshore trusts offer tax advantages, preserving more wealth.

  • Controlled Distribution: Ensure that assets are distributed when certain goals (like education) are met.


Steps to Take Today

  1. Schedule a Family Meeting: Plan a day to gather and discuss collective wealth goals.

  2. Create a Financial Roadmap:Write down short, medium, and long-term goals. Break them down into achievable steps.

  3. Contact DeBellotte Global Ltd: Let our experts guide you in establishing a family trust to support and protect your goals.

Your Action Item for Today

  • Host Your First Family Wealth Meeting this week.

  • Discuss at least one financial goal that the entire family can work toward together.

  • Write it down, make it visible, and start taking small steps toward achieving it.


Final Thoughts

By setting clear family goals for wealth, you’re creating a blueprint for success that will benefit your family for generations. When everyone is aligned and working toward a shared vision, the road to generational wealth becomes clearer and more achievable.

Stay tuned for Day 8, where we’ll dive into the basics of asset protection and how to safeguard your family's growing wealth.


Join the Conversation: What’s one financial goal your family is working toward right now? Share in the comments and inspire others to start their wealth journey!

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