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The immense value of human capital becomes profoundly understood when there is a premature interruption of a life so promising to a family. It is at that point that all things in life take on a different level of value with the understanding that the true wealth of families is in its loved ones. Family wealth is how each family defines its wealth and that is more important than the definitions of others. The point is that it is up to each family to decide what it values most, arriving at its own definition of what family wealth means.
Knowing the family ancestors and their stories, struggles, successes and tragedies encountered during their journey that brings the family to where it is today — seems to be of great value to a family.
Zheng He: Famous Chinese Explorer Who Added Wealth and Power to the Ming Dynasty
The family learns of its cultural identity, the origins of its religious beliefs and the foundations of its values by exploring the family heritage. Values can be classified as assets or liabilities to family wealth depending on the set of values carried by the family and each individual within the family.
As Roy Williams and Vic Preisser point out in their book, Philanthropy, Heirs and Values , helping heirs in identifying, understanding and living by a set of properly defined values can assist them in embracing money as a tool and not a definition of who they are, resulting in greater self-esteem.
An evaluation by families of the shared values and principles by which they lead their lives and guide their daily actions is not only a valuable exercise but can also offer future generations a greater understanding of their family at a given point in time.
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Having similar values within the family is key to trust, communication and building a shared vision for the future of the family. Faith in family, knowing that there is compassion, understanding, forgiveness and love, connects the family like no other. Is love not of value to the family? How do we define love within a family? Made in Hong Kong: Sunday, 02 July, , 9: Wednesday, 21 March, , More on this story.
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The Myths and Realities of Defining Family Wealth: Whose definition is it anyway?
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