I previously wrote an article on how we don’t have to be alone and how we can rely on our money to help us along the way of our financial life.
Now I’d like to highlight the power of family – later on I will write on the dangers as well.
My family consists of 3, my Mom and my brother (my Dad passed away when I was 3).
We love each other, also there’s a very high level of trust.
This is something very valuable which is undervalued in many families.
When you ruin family relationships, you are ruining your business opportunities too.
We can be in 3 different places, representing the same interest – that’s powerful!
We can lend one another with 0% interest rates with no risk!
We can share our financial experience and knowledge, combine the knowledge of various subjects and prosper further.
The reason why this topic came to my mind is because we recently bought an apartment to give for renting for tourists coming to Budapest.
My brother and I didn’t have money to buy such. My mom did.
My mother is getting old and it is very hard for her to move around downtown. I have moved downtown a year ago and speak English (hope you can support me on this fact 🙂 ).
I am not much of a technical guy, wouldn’t know how to fix stuff around a house. My brother is superb in solving such issues.
Here you go. I think this is a perfect example, when 3 people can increase the size of the cake and by doing so get a much larger portion of cake, then if they would do things on their own.
The power of family. (If you are interested, we decided to split the profit 50% my Mom -25%-25%).
We are however different. My mom is ultra conservative on finances. My brother burned himself once by starting a company and took him 5 years to end that nightmare – starting a business is very hard here. Now he spends much money on his car, which he loves. I’m into NYSE now and wish to educate myself.
An additional asset my family has is real-estate. I won’t go into details but the point is that we have excess that we don’t use now. Once the apartment is making money and we have proven that we can handle it, then we would consider to invest further into this business, by selling and buying new properties that fit the purpose.
We are able to do so because of the excess real-estate we have. Why and how do we have such?
Because of family.
My family has an unwritten advice/rule. Always add to what you inherit, never loose from that. It’s not yours, but your children’s, even if they are unborn. You can be free to invest with what you make, but stay very cautious and conservative when handling assets and wealth what you inherited.
So I truly feel blessed coming from such a family and I hope and wish that I will be able to pass on the wealth and knowledge.