The word empowerment has become such a buzzword that it’s almost lost its meaning.
Let’s start by taking a look at the actual definition of empowerment: “To make someone stronger and more competent, especially in controlling their life and claiming their rights”. We think this is particularly important for the next generation of inheritors. Why? Because without the confidence and strength in the ability to control their own lives, they’re left with feelings of disempowerment.
The Challenges Inheritors Face
One of the challenges inheritors or beneficiaries often face is despite our desire to raise thriving children, the idea that generational wealth has already satisfied their need for financial independence means those children no longer have a massive driver that helps people move forward in life.
Similarly, despite their motivation to achieve something, inheritors worry that they can’t achieve more than those that have come before them. This is coupled with the fact that inheritors often receive mixed messages about what’s expected of them based on family obligations, etc.
Put simply, the pressures of a public profile, lack of freedom to explore personal dreams, high expectations, and feelings of guilt and shame can cause upcoming leaders to feel stuck.
What Empowerment Looks Like to Us
This is how we think inheritors can truly achieve empowerment.
1. Develop the confidence and clear sense of independence to navigate and redefine the future for yourself in a way that feels aligned.
You won’t feel empowered until you feel like you’re making your own authentic choices in a way that’s right for you. For example, let’s say you’re from a family that runs a financial firm but you would rather build your own lifestyle as a tattoo artist; how do you develop the competence, motivation, clarity, and dedication in order to go to your family and say, “I want to run my own tattoo shop”?
2. Master how to articulate your goals and needs so your family and the Family Office team or advisors will listen.
Many beneficiaries or inheritors that we talk to consistently say, “It doesn’t feel like anyone really listens to what I have to say”. What we help our clients do is figure out how to set their own goals—goals that are aligned from above—and then be able to speak in a way that makes others listen.
3. Rewrite the money story you’re telling yourself so you have the confidence to steward your family’s wealth for future generations.
Rewriting your money story is so important—particularly for inheritors. This is not only because your money story impacts the way that you’re going to relate to what wealth means to you for the rest of your life, but it’s also going to impact anyone you choose to be your future partner. Therefore, it’s important that you get clear on what money means to you and what you want to do to make it benefit you and—more importantly—others.
4. Develop a clearer understanding of how to navigate dating and relationships, prenups, and fiscally diverse couples so that you can enter new relationships with ease.
The first step in figuring out how to navigate dating and relationships is to be able to articulate your needs. Remember, when exploring your money story, the lessons you learn about money as a child impact the way you show up and discuss money in relationships. This can help you avoid arguments about money in those relationships—as almost a third of adults with partners (31 percent) report that money is a major source of conflict in their relationships.
Furthermore, all of this is complicated by the idea that people aren’t allowed to talk about wealth, but end up arguing about different approaches to wealth. This is why we need to have better communication skills and better awareness on the topic.
5. Set firm boundaries with intention and purpose without coming across as pushy, unyielding, or uncompromising.
Setting boundaries is something that we don’t learn from a formal education. It’s something that we might eventually learn with good role models and training, but without practice and guidance it’s also something that continues to feel hard to do—particularly in our family settings. That’s why we really need to work on honing our ability to say no and developing the confidence to do so.
6. Develop an authentic and aligned support system so you can powerfully create the level of impact you want to have in the world.
As motivational speaker Jim Rohn famously said, you are the average of the five people you spend the most time with. Therefore, if you don’t know how the people surrounding you are supporting you to be the person that you want to be, you might want to take a look around and start to re-engage your support system. This way, you can be and become the person you’ve always wanted to be and become.
7. Move past the self-sabotaging behaviors that keep you stuck, not wanting to ask for help, and being unsure how to move forward in any direction.
We know that everyone has self-sabotaging behaviors; our work together is going to help you unearth those and figure out how to ask for help so that you can get ahead.
The best education systems don’t address or prepare young leaders for the unique responsibilities and challenges of wealth. The Ascend Program addresses this gap directly. We mentor women from families of significant wealth who are grappling with future responsibilities and finding their own path to give them confidence and clarity about their future and to feel empowered about stewarding their family legacy + responsibilities. If you know someone who would be a great candidate for the Ascend Program, we have three spots available. Reach out to me for more information.