The Five Areas of Family Capital we all need to focus on

Key Takeaways

• Total family wealth consists of ledger wealth, logistic wealth, and legacy wealth.
• Family relationships are built on commitment, community, communication, and conflict resolution.
• Family ethos includes history, story, core values, and traditions.
• Family wellness focuses on physical, mental, and spiritual health.
• Education is crucial for helping family members achieve their potential.
• Family practice aims for unity in decision-making and governance.
• Family philanthropy fosters a spirit of generosity and personal engagement.
• Legacy wealth should be prioritized over financial wealth.
• Creating traditions helps embed family values and memories.
• Engaging the next generation in philanthropy is vital for their development.

Summary

In this episode of Navigating Abundance, hosts Stephanie Greene, CFP® and Christopher Tanke discuss the five areas of Family Capital essential for affluent families to focus on: family relationships, family ethos, family wellness, family practice, and family philanthropy. They emphasize the importance of legacy wealth over financial wealth and provide actionable insights for families to cultivate love, appreciation, fulfillment, unity, and generosity across generations.