Tag Page FamilyWealth

#FamilyWealth
Tracy Spence

when my brother asked for “just a small loan”

Last year, my younger brother called me out of the blue. “Hey, I’m a little short this month… could you spot me $500?” It’s not the first time he’s asked. And every time, it starts with “just this once.” But here’s the thing — family money is tricky. Say yes, and you risk turning into the family bank. Say no, and you’re the heartless sibling. This time, I said: “I can’t give you the money, but I can help you figure out why you’re always short.” We went through his budget. The problem wasn’t his income — it was the way he spent before he earned. We set up an emergency fund for him, automatic transfers every payday, and cut three “harmless” subscriptions that were costing him $60 a month. Now, six months later, he hasn’t asked me for a dime. And honestly, that’s worth way more than the $500. If your family asks for money, consider giving them a tool instead of a check. Cash is a quick fix. Financial skills last a lifetime. #Finance #MakeMoney #FamilyWealth #MoneyTalks

when my brother asked for “just a small loan”
Tracy Spence

the inheritance talk nobody wants to have

Two weeks ago, I sat down with my parents to talk about their finances. Not because I’m nosy, but because I’ve seen what happens when families avoid this conversation — it gets messy, fast. Here’s the awkward truth: they don’t have a will. No clear plan for their house, their savings, or even how they want their medical care handled if something happens. And I get it — no one wants to think about the end. But avoiding it doesn’t make the problem disappear. I’ve watched friends lose half their inheritance to legal fees and taxes because “we’ll figure it out later” turned into “the state figured it out for us.” So we laid it all out: assets, debts, insurance, the house. We even agreed to bring in an estate planner. It wasn’t an easy conversation, but now there’s a plan. And you know what? That plan protects more than money — it protects relationships. If your parents are still healthy and sharp, talk to them now. Set up the paperwork. Save your family from future fights and unnecessary bills. The best gift you can give your kids isn’t cash — it’s clarity. #Finance #MakeMoney #FamilyWealth

the inheritance talk nobody wants to have
Tracy Spence

the day i realized my parents’ house could cost me money

When my parents said, “One day this house will be yours,” I thought they were giving me a gift. Turns out, they were also handing me a financial puzzle. Their home is fully paid off, but it’s 40 years old. The roof leaks in heavy rain. The heating system is older than I am. I did the math — just keeping it livable could cost $20k in the next 5 years.↳ That’s when I learned about inherited money traps. Not every asset is truly an asset if it drains more than it gives. So I sat down with my parents, and we made a plan: If I want to keep it, I start a “house fund” now. If I sell, we look at tax implications ahead of time. We document everything so there’s no drama later. The lesson? Don’t just accept an inheritance with a smile. Understand the costs, the taxes, and the maintenance before you decide it’s a blessing. Sometimes, making money starts with not losing it. #Finance #MakeMoney #FamilyWealth #SmartMoneyMoves

the day i realized my parents’ house could cost me money
David Hall

how my parents almost lost $50k to “safe” investments

When I was 12, I overheard my dad telling my mom, “The bank manager said this is 100% safe. We’ll just lock it in for 5 years.” Five years later, inflation had eaten a quarter of that money’s value. The “safe” choice wasn’t safe at all — it was slow financial death. Most middle-aged families in America still think like my parents did: keep money in savings, maybe CDs, because it feels secure. But if your return doesn’t beat inflation, you’re paying the “security tax” without realizing it. Here’s what I wish my parents knew back then: A balanced mix of index funds and TIPS could’ve kept up with inflation and grown their money. Even allocating 20% of savings to dividend-paying ETFs would’ve doubled their returns compared to that fixed deposit. The hardest part isn’t understanding the math — it’s breaking the family habit of playing it “safe.” If you don’t talk about money in your family, you’ll just pass the same slow-loss mindset to your kids. Don’t let “safe” cost you your future. #Finance #MakeMoney #FamilyWealth

how my parents almost lost $50k to “safe” investments
Tracy Spence

when we mixed family and business… and almost lost both

Three years ago, my cousin and I started a small landscaping business. We trusted each other completely. No contracts, no written agreements — just two guys hustling. At first, it was great. We split the work, we split the money. Then busy season hit. He wanted to reinvest everything into new equipment; I wanted to keep a portion as profit. Arguments started. Texts got tense. Thanksgiving was awkward. That’s when I realized the golden rule: If you mix family and money, you need to protect both. We sat down with a lawyer, made an LLC, and agreed on an operating agreement that spelled out how profits, losses, and decisions worked. Now, the business is steady. We still argue sometimes, but now it’s about marketing strategies, not whether I’m “greedy.” If you’re going to make money with family, treat it like a business from day one. Contracts aren’t cold — they keep the warmth in the relationship. #Finance #MakeMoney #FamilyWealth #BusinessWithFamily

when we mixed family and business… and almost lost both
You've reached the end!
Tag: FamilyWealth | zests.ai