The word “affluenza” has become embedded into our culture. The definition of this modern-day disease is this:
“A psychological malaise supposedly affecting wealthy young people, symptoms of which include a lack of motivation, feelings of guilt, and a sense of isolation.”
Do your heirs suffer from this crippling disease? If so, then I have good news—there is a remedy. It’s been said that generosity is the cure for affluenza.
Generosity has the power to help others and even to transform your own life. The approach you take to generosity is determined by your bias in giving. My mentor in wealth planning, Jay Link, artfully articulated two major approaches to charitable giving: The Rifle Approach (giving larger amounts to fewer charities) or The Shotgun Approach (giving smaller amounts to many charities).
There is no wrong way to choose to be generous… the important thing is that you choose! Make sure you are giving as much attention to your wealth distribution as you did to your wealth creation by discussing your planning options with a professional who can help you focus your generosity where it matters most.
Wealth is more than money. Don’t just plan for your future, live it right now.
Pass it on and share the insights like this that you find valuable.
“If you have built castles in the air, your work need not be lost; that is where they should be. Now put the foundations under them.”
Henry David Thoreau