When it comes to wealth and money, every family has a story. How it was created, that is not always known.
My family has a legend. This legend goes back to the early 1900’s when Wall Street and stocks were in their infancy. The legend has it that my paternal great grandmother was excellent at selecting stocks while my great grandfather worked as an executive for a pharmaceutical company.
We have no record on which companies my great grandmother picked or how she selected stocks based on financial information. Or if there were financial decisions that they felt were not the best choices.
We do know for a fact that when they both died in 1975; they left an estate that was worth a half million.
They had knowledge and financial wisdom; all that was lost when they passed. It left the next generation who inherited the estate a boat without a rudder; or an architect on how to continue building the family wealth.
That is the reason why mapping your family story can be valuable. It is your story for the next generation. It can be valuable to your next generation on how to manage money; and a guidepost for the trajectory of your wealth.