Internationally respected bilingual family financial planner and author Elaine King recently presented at the VIII International Pension Forum. King presented among other international experts such as columnist and editor of El Economista, Jose Manuel Valiñas, and CEO of Fibra Educa, Raúl Ramírez.
The conference focuses on helping Mexicans achieve a dignified retirement. In her presentation, King, expert in family finances, focused on how the family and money are intricately connected. The basic ideas of what money is and how it works are learned within the family. But, how can you build healthy finances in the family?
King recommends that families take the following steps:
Use SMART planning techniques and a 3-year plan that’s reviewed at a round table discussion.
Save with Purpose
Create an emergency fund and identify what other savings are for such as vacation, investment, or retirement.
Build Net Worth According to Your Values
Identify common family values such as education, the environment, or something else! Then, make investments accordingly.
Share in a Way that Creates a Legacy
Plan for the future with a succession and family government plan. Create a financial education plan for future generations.
With these strategies, families can work through everything from succession planning to improving the community. By proactively working on the connection between family and money, families and their businesses can thrive!