Changing Your Family Tree

I recently lost my Nan who was a very special person in my life. Growing up, we spent a huge amount of time with my Nan and Pop who were very family orientated. They would take us away on amazing holidays and were always there to support the family emotionally and financially when it was needed.

Throughout their lives my Nan and Pop were able to build a very strong financial foundation. This foundation was built from a lot of hard work running a successful roof tiling business and making smart financial decisions.

Because of the financial position my Nan and Pop were in they were able to:

  • Help my Mum, Uncle & Aunty purchase their first properties
  • Help me pay for my University degree
  • Help me follow my big goal to start my own financial planning business
  • Help other members of my family
    • Travel the world
    • Purchase cars
    • Provide funds to support family members when they needed financial assistance

Now in death, my Nan (and Pop who has already passed away) will be able to significantly improve and change the financial situations of my Mum, Uncle and Aunty.

Losing my Nan hurts and is a terrible situation but what she and my Pop were able to achieve during their lives from a financial perspective has changed our family tree. The financial legacy they are leaving behind will give my Mum, Uncle and Aunty and all of their children, financial options in the future and the ability to build on the foundation they left us.

This concept of changing your family tree (from a financial perspective) is something that drives me as a person and something that we aim to do with and for all of the clients we serve at Catalyst. I have seen firsthand how a strong financial foundation and building wealth at the top of a family tree can completely change the prospects and options for all the family members who follow.

This is why with all of our clients we look to have the following in place:

  • A cash safety net of at least 3 to 6 months of their living expenses to provide short term financial security.
  • Debt reduction strategies to help them pay off their mortgages ASAP.
  • Education funding strategies for clients that want to send their children to private schools or help pay for their University expenses.
  • A savings or investment strategy to provide their children with a financial head start in life – this may be to help with a property deposit when they are older, provide funds to purchase cars, allow their kids to travel or maybe even start a business when they are old enough.
  • A plan for our clients to achieve financial freedom – putting them in the position to live life on their terms but also have options to help their kids and family financially like my Nan and Pop were able to.

We often tell clients that to give their children and family financial options in the future they need to be in a strong financial position. This is one of the emotional drivers that supports the plans we put in place with clients and the reason they are happy to sacrifice now and save and invest so much of their monthly incomes for their financial futures.

My family tree has been changed financially because of the hard work and financial foundation laid by my Nan and Pop. This outcome is something we are trying to help all our clients achieve and it is a goal that drives all our strategies and the work we do for our clients.

“You are the root of your financial success or failure. If you work on the roots, the ‘fruits’ will take care of themselves.”

Ryan Porter is a Wealth Coach at Catalyst Wealth Group. His mission is to help his clients achieve financial success and live their ideal life.

Any advice or information in this publication is of a general nature only and has not taken into account your personal circumstances, needs or objectives. Because of that, before acting on the advice, you should consider its appropriateness to you, having regard to your objectives, financial situation or needs.