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The Family Balance Sheet:

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Most of us live in the context of our family, so we also need to make sure this snapshot includes the Family Balance Sheet. There are four types of capital in families:

1.Human Capital - the individual family members are and what they are called to do;

2.Intellectual Capital - how family members learn, communicate, and make joint decisions;

3.Social Capital - how family members engage society at large;

4.Financial Capital - the property of the family.

Families that enhance human, intellectual, and social capital have a better chance of growing great human beings.

“Your family’s greatest assets are the human potential of each of its members.”

— Charles W. Collier; Wealth in Families

To get a better understanding of your family’s wealth you must consider the future (potential) value of your family’s human, intellectual and social capital. For example, a university graduate might have a negative financial net worth, but the present value of his or her human capital might be $3 million in terms of earnings. Some forms of human, intellectual and social capital are difficult to measure. Parents who, through their own process of self discovery, encourage their children to seek out what makes them passionate versus what will make them money are contributing enormously to their family’s and their community’s human capital. It would be very difficult to put a dollar value on what they have contributed, but we know that most of the greatest contributions to society are made by people who are passionate about what they do.

Janice:

My oldest son’s kindergarten class did a unit on community; the teacher had many parents from different careers and professions come in to talk to the class. I went in to talk about chiropractic and health, one dad was an engineer who worked on the railway, one mom was a nurse, another stayed at home to raise her wonderful family, etc. At the end of the unit the teacher had the children stand up and describe what they would love to be when they grow. The boy whose dad was an engineer said he would like to be a train engineer; the girl whose mother was a nurse wanted to be a nurse. All around the circle 95 percent of kids said they wanted to be what their parents were, and the others said they wanted to be what one of the other kid’s parents were. She came to my son last, and he looked slowly around the circle, and then stood up. He said “I would like to be a chiropractor when I grow up... until my parents die, then I would love to be an explorer!”

As a parent, can I nurture and grow this child to explore what he would love to be, versus what I am, or what is acceptable as a career for the future? I certainly intend to!

How about considering your human capital when making decisions about work and retirement? Should you deplete your energy and vitality overworking to retire at 55, all the while not enjoying life fully. Or is it wise to take work you love, that supports your whole being and makes you well, and continue to work at what you love until 68, 70 and beyond? Could this possibly transcend the need for retirement? We are living longer, healthier lives. Anti-aging research will no doubt continue to add to this trend. What implications will this have on the decisions we make about money in our lives?

Consider Your Balance Sheet

Is your way of life sustainable?

Creating wealth while depleting our source (who we are) leads to less, not more. Our goal is to create the wealth and replenish the source. This applies to doing work you love, to socially responsible investing, to keeping balance in life and building great companies, communities and families. Unsustainable = Expensive

Kelly knew her job was killing her spirit!

She had climbed the corporate ladder quickly in her insurance company. She was organized, energetic, and a great saleswoman. Her income soared as she accomplished more and more. Yet she was tired of working harder every step of the way. She worked 14-16 hour days, ate out late at night, and went home to regroup and come back at it again the next day. What good would her money be when she had no time to enjoy it? As it was, she never spent much time at her gorgeous home - she might as well still be living in a one bedroom apartment. Her investment portfolio was growing rapidly, even in challenging markets. Yet would she ever be able to survive at this pace to enjoy the long-term benefits of her wealth?

Kelly hired a coach. She had heard so much about life coaching through a friend that she decided working with a coach might help her get a life! The first thing her coach helped her to see was that this would be the most difficult task she had undertaken yet. She had set her goals and aspirations for her career and her life based on input from everyone around her. Because she was good at her job, she had poured all her energy into this area of her life. Now the coach was asking her to set goals and make plans for other areas of her life. This felt like work, yet without some kind of balance, how sustainable would her success be? How successful would she be?

Often what we consider truth is simply our current point of reference. How is your current reference point coloring your judgment or interpretation of events, of others, or of your investments? Ask yourself: is this The Truth or is it My Truth. Becoming aware of your point of reference and questioning its relevance to the situation is an important skill that can increase awareness and lead to wiser decisions. It enables us to recognize the opportunity to shift and look at things from a different angle, thus adding a new dimension to our ability to identify truth.

“The more you know the more you know you don’t know anything.”

—Albert Einstein

Some questions to ask yourself that can help clarify your point of reference in any situation that brings up emotion (positive and/or negative):

•Why do I feel this way?

•What did I expect?

•How did I come to that conclusion?

•Why did I have those expectations?

•What outcome could make me feel differently about this situation/ investment/relationship?

Since much of our point of reference is made up of our own experience, it is helpful to understand this and observe it, so that you can step over your personal history and see what can be true. What is the POTENTIAL beyond your current experience?

Inspired Wealth

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