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Legacy and Lineage: Generational Wealth Building

G.R.O.W.

Author

Michael Morgan
June 11, 2024

Welcome Back and G.R.O.W. Together!

It's a pleasure to be back with you for another edition of the G.R.O.W. newsletter! As you know, G.R.O.W. stands for Guidance Redefines Our Way, and that's the spirit we strive to cultivate here – a community of learning, growth, and positive impact.

We're incredibly grateful for your continued support and engagement. Your presence makes this journey all the more rewarding.

On a quick note, we'll be taking a well-deserved vacation for the next few weeks. But don't worry; we'll be back soon with even more insightful content and resources to help you on your personal growth journey. You can find more information about our break and return date below.

In the meantime, we encourage you to take this opportunity to reflect on your own goals and aspirations. What are you learning? How are you growing? Remember, growth is a continuous process; we're all in this together.

So let's continue to G.R.O.W. – one insightful piece at a time!

Warmly,

Michael R. Morgan

Editor, G.R.O.W. Newsletter and President/Founder A Few Good MENtors, Inc.

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GROWTH GATEWAY

Family Finance Talks: Ensuring Financial Literacy from Young Ages

How can financial literacy be instilled early to shape a future of capable, confident money managers?

Understanding personal finance is crucial for long-term success and stability in today's economy. Financial expert and radio personality Jean Chatzky emphasizes, "The earlier we introduce financial concepts to children, the more empowered they become to make sound financial decisions throughout their lives."

Building a Strong Foundation: Expert Insights

Carmen Wong Ulrich, a child development specialist, highlights the importance of tailoring financial education to a child's age and understanding. "Preschoolers can grasp basic concepts like saving through piggy banks, while teenagers can delve deeper into budgeting and responsible credit card use."

Dave Ramsey, a well-known personal finance guru, strongly advocates eliminating debt. "Debt can be a significant burden," he says. My 'Seven Baby Steps' help individuals build an emergency fund, tackle debt, and invest for the future." While Ramsey's approach emphasizes minimizing debt, it's important to acknowledge that responsible debt management, like mortgages with good interest rates, can be a tool for building wealth.

Creating Financially Literate Families

Here are some practical tips families can implement to cultivate a foundation of financial literacy:

  • Start with the Basics: Before diving into complex concepts, focus on saving, budgeting, and the value of money. Use real-world examples like saving for a toy or budgeting for a family outing.

  • Open a Savings Account: Involve children in opening a savings account. This practical experience teaches about banking, interest, and saving. Consider using a clear jar for younger children to track their progress visually.

  • Regular Family Finance Meetings: Monthly discussions about budgeting, savings goals, and financial planning educate children and involve them in decision-making, fostering responsibility. Adapt these meetings for age groups. Younger children might participate in simplified discussions about saving for a family vacation, while teenagers can be involved in setting realistic budgeting goals.

  • Lead by Example: Children learn by observation. Manage finances responsibly and discuss your financial decisions with them in an age-appropriate way. Explain why and how you manage your budget, savings, and investments.

  • Use Educational Games and Apps: Several engaging games and apps, such as "Bankaroo" or "The Game of Life," can teach financial concepts in a fun and interactive way.

Grow Your Financial Knowledge

Empowering yourself and your children with financial knowledge is a lifelong journey. Here are some resources to get you started:

Families can start early and incorporate these tips to equip children with the knowledge and skills necessary to build a solid financial future. Let's empower the next generation to become financially confident and capable money managers!

Unleash the joy of learning with The Fidget Game, as featured on Shark Tank, and dive into a world of educational games designed to transform how children read and learn, one fun step at a time.

INSIGHT EXCHANGE

Estate Planning - Building a Legacy for Future Generations

As the President and Founder of A Few Good MENtors, Inc., I've witnessed firsthand the transformative power of financial literacy. We equip young men with the skills to navigate the complexities of money management, and estate planning is a crucial piece of that puzzle. It's not just about numbers; it's about leaving a legacy for your loved ones and ensuring your values are carried forward.

Imagine this: John, a dedicated mentor in our program, tragically passed away unexpectedly. Sadly, John hadn't gotten around to creating an estate plan. This resulted in confusion and conflict among his family members regarding his assets. The situation could have been avoided if John had taken the time to plan for the future.

Estate planning isn't about predicting the future; it's about protecting your wishes and loved ones. Estate planning expert and attorney Michelle Singletary, a nationally recognized personal finance columnist for The Washington Post, emphasizes, "Think of estate planning as the ultimate gift you can give your family. It provides peace of mind knowing they'll be taken care of when you're gone, and it minimizes the emotional and financial burden during a difficult time." While Ms. Singletary doesn't offer legal advice directly to the public, her syndicated column, "The Color of Money," tackles a wide range of personal finance issues and is a wealth of knowledge on the topic.

Creating a Solid Foundation:

While estate planning can seem overwhelming, it doesn't have to be. Here are some key components to get you started:

  • Write a Will: A clear and up-to-date will outlines how you want your assets distributed. This prevents unnecessary disputes and ensures your wishes are respected.

  • Establish Trusts: Trusts offer greater flexibility in managing your assets. Depending on your needs, a trust can provide financial security for minor children, manage assets for beneficiaries with special needs, or even reduce estate taxes.

  • Life Insurance: A life insurance policy can be a powerful tool. It provides financial security for your dependents, covering living expenses and education costs or serving as a nest egg for future generations.

  • Healthcare Directives: These documents outline your medical wishes in case you're unable to make decisions yourself. They ensure your preferences are respected and alleviate stress for your loved ones during a difficult time.

  • Financial Power of Attorney: If you become incapacitated, a trusted individual should manage your finances. This will ensure that your bills are paid and your financial affairs are handled smoothly.

Remember, estate planning is an ongoing process. As your life circumstances evolve, it is crucial to review and update your plan regularly.

Taking Action:

Don't let estate planning become a source of worry or procrastination. Schedule a consultation with a qualified estate planning attorney today. Investing in your family's future will provide peace of mind and protect your legacy.

Through financial literacy and responsible planning, we can empower future generations to build a brighter future.

Our main sponsor, A Few Good MENtors, Inc., is lighting the way for the next generation, providing the mentorship and guidance young people need to confidently navigate their paths to success.

BRIDGE BUILDERS

Sustainable Investments: Building Wealth with a Positive Impact

Have you ever considered aligning your investment goals with positively impacting the world? Sustainable investing, also known as green investing, is a growing trend that allows you to do just that.

Investing expert and financial strategist Tom Steyer emphasizes, "Sustainable investing isn't just about feeling good; it's about smart financial planning for the future. By considering environmental, social, and governance (ESG) factors alongside traditional financial metrics, we can create a win-win situation for investors and the planet."

Strategies for Sustainable Investing:

Sustainable investing offers a variety of options to align your portfolio with your values. Here's a closer look at some popular strategies:

  • Impact Investing: This approach targets companies or projects that address social and environmental challenges and generate financial returns. Imagine investing in a company developing clean water solutions for developing countries or a fund focused on renewable energy initiatives.

  • ESG Funds: Environmental, Social, and Governance (ESG) funds consider these factors alongside traditional financial metrics when selecting investment companies. This ensures your portfolio is invested in companies with strong environmental practices, ethical labor standards, and good corporate governance.

  • Green Bonds: Green bonds are fixed-income securities issued by governments, companies, or international organizations to fund environmental projects. Purchasing these bonds provides capital for initiatives like clean energy infrastructure or sustainable agriculture.

  • Socially Responsible Mutual Funds: These mutual funds focus on companies with strong social and environmental responsibility records. They typically exclude companies involved in activities like fossil fuels, weapons, or tobacco.

Profitability and Impact:

While creating a positive impact is a key driver of sustainable investing, financial performance is also crucial. Studies by MSCI, a leading investment research firm, show that sustainable investment strategies can deliver competitive long-term returns on par with traditional investments.

Taking Action:

Ready to explore sustainable investing? Here are some resources to get you started:

By incorporating sustainable practices into your investment strategy, you can contribute to a brighter future while generating wealth for yourself and future generations. Let's invest in a world where financial success goes hand in hand with positive environmental and social impact.

Weekly Challenge

Discuss financial aspirations and lessons with a family member. Use this opportunity to set goals and share experiences that foster better financial understanding and planning.

QUOTE FOR THE WEEK

"Wealth consists not in having great possessions, but in having few wants." - Epictetus

This quote reminds us that true wealth is achieved not through accumulation but through appreciation and mindful management of resources. As we continue building legacy and lineage, let’s focus on the values that promote sustainability and prudence in wealth creation.

WRAPPING UP and LOOKING AHEAD

We're incredibly grateful for your continued support of A Few Good MENtors, Inc.! Your contributions empower young men and guide them toward fulfilling futures.

Looking to make a lasting impact? We accept donations of all sizes to support our mission and establish the A Few Good MENtors Mercer & Margaret Morgan Education Fund. This new fund honors my parents, who believed in lifelong learning that extends far beyond traditional classrooms. They saw education as a continuous pursuit of wisdom fostered through diverse experiences and a dedication to lifelong curiosity.

The A Few Good MENtors Mercer & Margaret Morgan Education Fund will provide scholarships for graduating mentees to pursue higher education or vocational training, empowering them to continue their journeys of learning and growth.

Click the image below to learn more and contribute. Every donation, big or small, brings us closer to honoring my parents' legacy and helping young men achieve their full potential.

AFGM Education Fund

Don't miss out on the 2024 AFGM Summer Reading Challenge! We're still accepting applications for K-12 students. With only 50 spots available, we encourage you to sign up at www.afgmentoring.org by June 14th, 2024.

A Message of Gratitude:

As we take a well-deserved break for the next few weeks, we want to thank our sponsors, CEO Brandi Dugal of The Fidget Game and AFGM Board Member Jennifer Roberts, founder of Conversations In The Community, for their unwavering support.

We're always looking to improve and expand our outreach. How's the newsletter serving you? Would you be interested in a GROW Podcast? Your feedback is invaluable to us, so please don't hesitate to email your thoughts and suggestions to [email protected]. For more information on participating in the A Few Good MENtors Mercer & Margaret Morgan Education Fund scholarship program, you can also reach out to us at this email address.

Thank you for being part of our journey. We're looking forward to what we can achieve together in the future!

We'll be back with more insightful information on July 16th, 2024. In the meantime, check out our YouTube channel at @afgmTV.