I guess you could say it’s a good problem to have, but several of my clients recently have mentioned that money earmarked for 2020 hasn’t been spent due to COVID-19 restrictions. These clients want to impact their families with the money, but many have grown children that are financially stable and don’t need the money. So, they want to do more than just write their grandchildren a check or wait until they pass to impact their families.
Transition from a saver to a spender
The first hurdle you have to cross is your mindset about saving. There's a psychological shift that has to happen around the time of retirement. Up until retirement you spend your whole life saving. Most people fear they're not going to have enough to retire. So, when someone actually does retire, it’s tough to go from saving your whole life to spending those funds.
Don’t wait to have the conversation
Not sure of the best to utilize those funds for your children and grandchildren? Then, simply ask them. Have the conversation. Ask them, “How do you want me to use this money?” or “How could this money add the most value to your lives?” More times than not, this will open the doors to ideas and benefits you might not have thought of beforehand.
Invest in relationships and experiences
If COVID-19 has taught us anything about life it is to cherish every moment and the people around us. So, invest in these relationships with the heart of the experience in mind. Sure, we can’t travel as much as well could, but these restrictions won’t last forever. In the meantime, rent a lake cabin for a week for the family, get an Airbnb, have the privilege of purchasing a family pet for your kids and/or grandkids. Don’t let COVID-19 steal any more opportunities to impact your family now.
If you need help finding ways to impact your family and legacy, give our office a call at 320-222-4236 to schedule a no-cost meeting.