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Better to give with a warm hand than with a cold one

As Christmas approaches and we all have time together, we have the rare opportunity to spend time together with Family and in so doing, receive an insight into their lives, needs and wants.

This brings me back to a discussion last week discussion with a long term client and as we talked about her children and her grandchildren and how much fun it is to watch them grow up and have a life of their own. I smiled when she commented, ‘If I had known how wonderful grandchildren were, I would have had them first!’ Later in the discussion, she commented about how it felt better for her to give when she was alive and could see the benefit of the gift.

This brings me to this week’s topic – better to give with a warm hand than a cold one. We all face two choices – the ‘warm hand’ of giving while you are still living versus the ‘cold hand’ of a legal will. And as my Mother has always said, ‘there are no pockets in shrouds’ meaning you can’t take it with you.

The Baby Boomer generation and I fall into that, are especially the most cashed-up and ‘assetted up’ generation ever.  While there is nothing wrong with leaving behind an inheritance, I have seen firsthand and experienced the joy myself of seeing the benefits of giving. This firsthand experience extends to my daughter Dominica where together with her fiancé Tom they were struggling to buy in Auckland (one of the most expensive places for residential real estate in the world). I knew that they were both hard workers and that a helping hand would get them into a location and position such that with hard work and application, they could build a life and a family. Five years on, you cannot put a price on the happiness of that decision.

In our role, we witness the joy of people receiving an inheritance, and conversely, we witness the joy of giving. I have to say in my experience, the benefits of ‘giving’ far outweighs the receiving.

While we encourage the virtues of thrift, investing and creating wealth, there has to be a reason – a ‘why’. Personally, where clients have built their wealth or are on the process of building their wealth and a margin of safety, I encourage passing wealth to others earlier.

There is no greater feeling I believe than helping a loved one on their journey. Sadly in Australia, 80% of superannuation funds’ assets are still intact when the members have passed away. Giving with a warm hand would help correct this.

We wish you and your Family a Merry Christmas from the entire team at Future Gen Solutions. May the year ahead bring with it peace, well-being, prosperity and happiness.

Our office will be closed on the 23rd December 2021 and will re-open on 10th January 2022.

Speak to one of our financial adviser