By Diony Cespedes
Pasteles, pavo, pernil, tres leches cake- it’s holiday season! Family gatherings add to our waistlines and happiness. Can they give us wealth-building super powers, too? Imagínate. Lose your job? Get a new one immediately. Starting a business? Connect with 3,000 potential customers in a day. Need a place to live? Have two options overnight. A building is being sold on your block? Buy it!
Is this possible? Yes. It starts with having family discussions about ways to build wealth together. Wealth is equal to health + happiness + – cash + income producing assets. Below are some wealthy topics for your next family gathering.
Knowing your family’s medical history can save your life. Has anyone had a major illness this year (e.g., cancer, diabetes)? Ask how the elders in the family are doing. How old are they? Do they need help? Include children in conversations about the elders. They may grow up to be the adults asking about 80-year-old you.
History and Culture
Create and play a trivia game based on your family’s history and culture. Collect questions and answers from everyone at the gathering, including the kids. Playing the trivia game will keep the family history alive and generations connected.
Could the renters in the family live together? If five households are paying $1,500 each for rent, together they spend $7,500 monthly and $90,000 annually for housing. That’s enough to buy a multi-family house.
Family Investment Fund
Suggest starting a family investment fund. If 10 family members saved and contributed $5,000 each ($104 weekly), next year there would be $50,000 available to invest in real estate, stocks, a business etc.
Find out where each family member works and what they do. Include everyone from the entry level worker to the executive. Wealth-building opportunities and connections can come from anywhere. Ask if anyone is unemployed or changing careers. Does someone in the family have the power to hire them?
Who in the family owns a business? Is the rest of the family purchasing from the business owners (at full price, not discount)? Does everyone in the family share news of the business with their respective online communities? If 10 people, who each had 300 social media followers, shared company news, 3000+ people would know about the business. Can the business provide internships and jobs to family members?
How are the students in the family doing in school? The high performers can tutor the ones having challenges. What professions are missing in the family? Can the family create a scholarship or other support for a family member to fill the role (e.g., politician, doctor)?
After the Gathering
Keep the wealth-building momentum going! Send a family newsletter summarizing topics discussed and plans made. Then start on your projects. Powerful families build wealth together and it all starts with a conversation. Happy holidays and best of luck!