Alchemia

At the Alchemia Group we are helping our clients think & act differently in regards to their wealth and its impact on thier family - because we know it is more than just numbers and plans, it's the Balance of Art & Science with Pragmatism and Vision.

Money Letters as a Family Ritual (June 24, 2016)

Ron Lieber, New York Times columnist and author of The Opposite of Spoiled (which I highly recommend!) recently published a story The Money Letter Every Parent Should Write (click HERE to read it along with an actual letter).

The idea of a well written money letter is, I think, brilliant! It creates a tangible connection to family values and ideas on dealing with financial assets. It can also become a family practice and ritual and part of the family archive for generations.

He interviewed Kimberly Palmer, the recipient of the above referenced letter in 2003, Kimberly has now published Smart Mom, Rich Mom: How to Build Family Wealth While Raising a Family. In it she provides a template for parents and grandparents to write a letter of their own. As she points out:

A good letter….should include at least one story about a large financial challenge and another about a big money triumph. Then include a list of crucial habits and the things they have helped the family achieve.

Communication around financial assets and the dreaded M(oney) Talk can be fraught with tension. Using stories and old fashioned letter writing is one way to make it easier and a little more fun!

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Money Letters as a Family Ritual (June 24, 2016)