What happens when you have enough? You’ve created a financial foundation that you are confident will support you for the rest of your life and then some. What do you do then? While financial security is essential, creating meaningful experiences and making an impact can be the recipe for a life of fulfillment. As financial advisors, we believe wealth is more than a number. It is a tool for living a rewarding life and supporting the people and causes that matter most.
Shifting the Mindset: Wealth as a Tool, Not Just a Safety Net
It’s essential to prioritize financial security. However, once needs and goals are covered, accumulating more money simply for the sake of it may not add value to your life. Instead of focusing solely on preservation, consider how your wealth can enrich your life, support your family, and create a legacy while you’re still here to see the impact.
Meaningful Ways to Use Your Wealth
Here are several ways to use your financial resources to create deeper meaning:
1. Philanthropy
You can use your assets to support causes that matter to you and your loved ones.
Philanthropy can take many forms, such as direct giving, donor-advised funds, charitable trusts, and family foundations. Each approach has unique benefits, whether providing immediate support to a cause or creating a lasting legacy of giving back.
Consider talking with a financial advisor to determine the most tax-beneficial means for your situation and goals.
2. Supporting Children and Grandchildren
Providing financial assistance can ease burdens, create opportunities, and allow you to witness the impact of your generosity while you are alive to enjoy it. Some impactful ways to help include:
Helping with Homeownership: Assisting with a down payment can help your children enter the housing market earlier and build their own financial security.
Funding Education: Contributing to a grandchild’s 529 college savings plan or covering tuition costs can set them up for long-term success.
Funding Roth IRAs: If a minor grandchild has earned income, you can contribute to a Roth IRA on their behalf, helping them build tax-free retirement savings.
3. Creating Shared Experiences
Rather than passing down wealth as an inheritance, consider investing in experiences that build lasting family memories. Taking multigenerational trips, funding family gatherings, or hosting milestone celebrations for the extended family can bring joy and strengthen relationships.
Shared experiences not only create stronger bonds but also instill family traditions and values that can be passed down for generations.
4. Balancing Short-Term and Long-Term Impact
Wealth distribution doesn’t have to be all at once. Thoughtful planning allows for a balance between immediate impact and preserving assets for the future. By gradually passing down wealth, you can provide financial support when it is most needed while maintaining stability for your own long-term goals.
Structured giving through trusts, annual gifting, or charitable donations can ensure your contributions are meaningful and sustainable over time. Additionally, incorporating shared experiences into your financial planning can enrich family relationships and create lasting memories alongside financial support.
A Thoughtful Approach to Giving
While generosity is fulfilling, it’s important to ensure that your giving aligns with your overall financial plan. Working with a fiduciary financial advisor can help you determine how to share your wealth while maintaining your financial stability.
A fiduciary is legally obligated to act in your best interest and can provide guidance on all areas of your finances so that you feel confident your decisions align with your long-term goals and priorities.
Final Thoughts
Wealth is more than a financial asset—it’s an opportunity to bring joy, strengthen connections, and create meaningful experiences with those you care about.
Whether through shared experiences, acts of generosity, or supporting loved ones, your financial resources can create lasting memories and a meaningful legacy you get to witness firsthand.
By taking a thoughtful approach to wealth distribution, you can make a lasting impact while still enjoying the financial freedom you’ve worked hard to build.
Schedule a complimentary 30-minute discovery call with a fiduciary wealth advisor.