Lifescapes/Wells Fargo Advisors

 

Family Stories May Carry Important Money Lessons
By Saghir A. Aslam
Rawalpindi, Pakistan

(The following information is provided solely to educate the Muslim community about investing and financial planning. It is hoped that the Ummah will benefit from this effort through greater financial empowerment, enabling the community to live securely withignity and fulfill their religious and moral obligations towards charitable activities)

Connecting with loved ones about the past can help us better understand where we come from and help us chart a course toward a strong financial future.

It can be interesting to discover your family's past and explore your connections to distant relatives.

It's why many people trace their genealogy through sites like Ancestry.com or 23andMe.com.

But these sites likely won't connect you to another important part of your heritage: your financial family tree. For example, what was your grandfather's first job? Do you know what your great-grandparents' financial situations were? How did your family cope during challenging economic times, perhaps during war or economic downturns? What led them to financial success?

These histories show how families make decisions about their wealth. They help explain your family’s values and goals, the legacies that made your family what it is today. it's important for family members to share and understand their own stories and histories.

"Doing oral history interviews, whether you're talking about money or not, can help create a connection, it provides communication among family members, oftentimes among generations.

A connection to the past

Storytelling within the family is a powerful way for loved ones to come to understand each other's values and goals. "This is also a way to provide advice about money management. “Our family stories can show why it's important to take care of and manage your wealth."

It can be a surprise to discover how generations of family are connected over time and how these connections can shape a family's future. During one family foundation meeting, a few members had been or currently were teachers. The family was shocked to find out their history showed deep roots in education - previous generations in their family had also produced educators.

"Gathering together, learning their history, and especially sharing their own stories helped inform the family's vision for the future." "They ended up tying education into their family foundation."

Sharing these stories can help family members who might not see eye to eye on other issues find common ground through the experiences of their ancestors and the outcomes of their actions.

Shared history can also create a mutual sense of purpose for family wealth, Stories from older relatives can inspire and motivate younger generations to become good stewards of the family's legacy, conserving family wealth for the future and using it to support the family's common values.

(Saghir A. Aslam only explains strategies and formulas that he has been using. He is merely providing information, and NO ADVICE is given. Mr Aslam does not endorse or recommend any broker, brokerage firm, or any investment at all, nor does he suggest that anyone will earn a profit when or if they purchase stocks, bonds or any other investments. All stocks or investment vehicles mentioned are for illustrative purposes only. Mr Aslam is not an attorney, accountant, real estate broker, stockbroker, investment advisor, or certified financial planner. Mr Aslam does not have anything for sale. Saghir Aslam has dedicated himself to social welfare activities since 1965 and serves as the founding chairman of Saba Homes, honoring and empowering the orphans.)