Weekend Reading: What Does Passing on Values to the Next Generation Really Look Like?
This article appears as part of Casey Weade's Weekend Reading for Retirees series. Every Friday, Casey highlights four hand-picked articles on trending retirement topics and delivers them straight to your email inbox. Get on the list here.
It could be said that your values shape you into the person you are today. Put briefly, your core values are the beliefs you hold about what is most important in your life. They are your moral compass. Values ultimately lend a hand in the legacy you leave behind, which might make the question of how to pass them on to your children or grandchildren seem daunting.
READ THE ARTICLEIntentionality and reflection: As this article states, the transmission of passing on values begins with deeply understanding what your values are in the first place, being intentional when it comes to how you instill them in the generations that follow you and being aware of five important lessons as you do so. They are as follows:
📌Values are caught, not taught
📌Values are different than beliefs, preferences, choices and principles
📌Leading a life that is consistent with one’s values is the greatest predictor of happiness
📌Storytelling is a powerful means of sharing values
📌If the family is to flourish for multiple generations, the attention to human capital should be as serious as that to financial capital
Beyond dollars: When it comes to your legacy plan, don’t forget the non-financial side. Your values are one of most important assets you can leave behind to those you care about. That being said, if you can’t answer the question, “What are your core values?”, then it’s time to do some work!