Is inherited wealth a powerful tool or a destructive influence?
David York thinks it can be both, depending on how you define and use it. In this thought-provoking talk, he argues that we need to stop envisioning intergenerational wealth transfers in purely financial terms and start thinking about them as opportunities to share values and connections to the next generation.
Most of us don’t like to spend too much time thinking about when we might pass away. If your health is in good shape, you may feel like there may be no urgency. However, getting your financial affairs in order with time on your side can make good sense.
Your money beliefs can be protective or liberating ideas, thoughts, or opinions that you hold about money—often shaped by your life experiences, education and relationships (and your interpretation of these things).
Importantly, these beliefs can influence your financial attitudes and behaviours, which can, in turn, influence the prospect of accumulating more money (and creating wealth), now and in the future.
However, a key point is that these beliefs are ideas, thoughts, or opinions—not necessarily truths. By identifying and replacing these beliefs, you can develop a healthier relationship with money.
With this in mind, in this animation, we illustrate five common money misconceptions—one of which is ‘More money = More happiness’.