Opportunities and Challenges of Wealth

I encourage you to dream of the possibilities and develop a vision for your wealth that you can be excited about.

Having significant wealth is generally viewed as a good thing. However, talking about it and what you want to do with it might be something other than what you are very comfortable with. You might also feel like you don’t have anyone you can talk to about it, even with close family and friends. Believe it or not, many people in this situation find themselves struggling with just this – maybe even trying to pretend they don’t have it or preferring to ignore the subject altogether.

However, I would venture to say that if you do have significant wealth, the last thing you should be doing is pretending you don’t have it – especially if you find yourself with significant liquid wealth due to the sale of a business or property, or because of a large inheritance. However you have come into it, I encourage you to embrace your stewardship role and try to make the best of it. I encourage you to dream of the possibilities and develop a vision for your wealth that you can be excited about.

So, what opportunities are exciting for you?

• Are you excited by the opportunity to support the ambitions and well-being of your family? Maybe helping them with educational opportunities, sports, and other activities.
  
• Are you excited by the opportunity to explore the world, experience different cultures, or engage in enriching activities, creating lasting memories together?
  
• Is there a dream home or other big-ticket items you would be excited to own?

• Maybe you’ve dreamt of starting a business, pursuing a creative endeavour, or learning a new skill like flying a helicopter – money can certainly help you accomplish this.
• You may be very motivated by the prospect of using your money to have a positive impact in this world by supporting your favourite charities, volunteering, or just enjoying living generously.

Whatever it is, I suspect life will be much more fulfilling when you have a vision you are excited about.

Now, the part that many people may not appreciate is that there are things wealthy people can be concerned about.

What is it that causes you concern?

• Are you concerned with what you should do for your children? Sure, you can bless them with every opportunity and pay for anything they may want to have or do, but then how do you raise your children to be responsible, competent adults with a good work ethic, financial acumen, and the ability to take care of themselves?
  
• You may also struggle with what to tell your children about your financial situation. How much should they know, and at what age?
  
• Are you concerned about how you and your spouse will maintain a sense of purpose and fulfillment or your ability to pursue things that will make life meaningful for you?
  
• Are you concerned about privacy and security, or are people trying to scam you?
  
• Are you concerned about how your wealth affects your relationship with your spouse, children, relatives, and friends?
  

Even trying to figure out what happens with your wealth when you die can be a heavyweight for some people.

My hope is that you will develop a vision for your wealth that you can be excited about and that you will also have considered the things that cause you concern so you can develop strategies that will give you peace of mind. Some of the helpful things you can do to find contentment in these areas are to clarify your values, convictions, and dreams; develop a plan for how your family and others will participate in or benefit from your wealth; engage in regular reflection and planning on how to maintain a balanced life and ensure your goals are realized.

I would be very happy to discuss with you the opportunities and challenges of your wealth and help you develop plans for your success. You can reach me at jeff@covenant.ca.