What has been the impact of money on your family? This is a big question and one often addressed in a family meeting. Also, it is often asked by your financial advisor in the financial planning discussion.
There will be both positive and negative impacts of money on a family. In many ways these impacts will shape who the family is, determine the family relationships, define the family legacy and how the family is remembered by others. So, the impact of money is very significant.
Importantly, the impacts of money on the family will also shape each family member’s relationship to money. Your relationship to money will then have a large bearing on your relationship with the family.
Another question for a family meeting is what beliefs about money did your family give you? To understand this for yourself is very powerful for your development and building a healthy relationship to money. Then, having the family members share this together will be very revealing about their attitudes to the family and its purpose. Because every one in the family is different, there will be no surprise to find very different attitudes.
Remember, money and the belief systems built around it can do a lot of good in families and also it can do a lot of harm. The key point is to understand both perspectives for your own quality of life, financial planning and also building healthy family relationships and communication.
If you want a really good book to read on this topic, then get the Golden Ghetto by Jessie O’Neill.