No family is perfect, but those who are happiest and most fulfilled are committed to something greater than themselves.
Why it Matters:
Success as a family is knowing who you are, what you stand for, and where you're going. Being about more than yourselves frees you to do and be more than what you own.
Top 10 Practices of Successful Families:
(from Collier, Wealth in Families, 3rd Edition)
They focus on the human, intellectual, and social capital of their family.
They stress the priority of each family member's individual pursuit of happiness.
They work on enhancing intrafamily communication.
Their time frame for determining success is long-term.
They tell and retell the family's most important stories.
They create mentor-like relationships when establishing family trusts.
They have collaboratively defined a family vision statement.
They teach children and grandchildren the competencies and responsibilities that come with financial wealth.
They work at getting to really know each family member.
They give their younger family members as much responsibility as they can manage as soon as possible.
The Bottom Line:
"In the end, what we really care about is much deeper than financial wealth. The desire for meaning and genuine connection will always transcend wealth." - Charles Collier