Wealth Transfer and the Next Generation

From time to time I enjoy hearing the advice offered to the general public by various wealth managers.  It is instructive to hear their views on the basics of wealth management, but further to hear their views on the values of the wealthy and how they handle their wealth in light of these values.

I must give credit where credit is due for getting me on this topic.  In my rapid perusal of current business news, I ran across an older video of an interview with wealth manager Stuart Lucas on the Business Week website.  Lucas is one of the heirs of the Stuart family, whose patriarch E.A. Stuart founded the Carnation Company.  Due to this connection, Lucas actively manages the wealth for at least 18 of the heirs and provides advice to many others.  He has written the book Wealth: Grow It, Protect It, Spend It, and Share It.

One of the issues that Lucas runs across in managing the wealth for this family fortune is teaching everyone to have a concern for their next generation of heirs. In particular, if the values of the family are not passed on along with the money there will be potential problems with the future value of this fortune.  Passing money on to the next generation without passing along sound values could cause adverse effects according to Lucas.

Let’s think together–how do we transmit values to the next generation? Is this not the number one question anyway? Many times among Believers we share a concern for passing along solid values to the next generation, but do we really focus on doing it?  It is a challenge that we must bolster up and address.

It would be interesting to poll some of the younger generation to see what their perspectives are on wealth. Perhaps that is what Jesus was doing when he encountered the rich young ruler as recorded in Matthew 19:16-22.  Through this interaction, Jesus got to the heart of the matter when He encouraged the rich young ruler to consider the poor, thereby laying up treasure in heaven. Then He simply ended by saying, “Come, follow me.”  This produced sorrow in the young man’s heart perhaps as he realized what values he held in his own heart and how he could not get a perspective on a future generation that could benefit from his fortune.

This angst is not the value I want to pass on to the next generation.  We must set ourselves free from the love of the world and its passing treasures, and to pass on eternal values as we teach stewardship principles to the next generation. Investing in eternity is part of God’s plan for us and the next generation.

Does God Want Me to be Rich?

I have wanted to comment on this for some time now, so now that we are mired deeper in this economic dilemma I have returned to an article on the ministry of Joel Osteen, “God Wants Me to Be Rich,” from the August issue of Conde Nast Portfolio.  Can everyone say, “prosperity gospel revisited?”

They are really packing them in at Lakewood Church in Houston.  Over 40,000 regular attendees swoon over the words of their “Reverend Feelgood” and why not?  Most of those regular congregants face high gas prices, swollen credit card balances, possible mortgage issues, and job insecurity.  We deserve to hear a great message of hope, to hear what we deserve, to hear an encouraging word on our situation.

But a closer look may reveal that Americans still look to Scripture for answers, especially to those large questions about their finances.  This is good—God wants us to look to Him for answers, for help, for trust, for mercy.  These represent those attributes of our Heavenly Father that make us run to Him over and over again through life.

Can one man soothe the suffering?  Does Osteen bring anything new to the plate that helps us understand the care of our Lord in these troubled times?  We might want to examine closely the words of all of our spiritual leaders as we move through this part of history together.  Do they invoke Scripture as support for their position?  Do they defer to the masses over tricky doctrinal issues that deserve closer attention?  Are they avoiding the issues in order to remain popular?

One thing for sure—many of our spiritual leaders today have perfected their “branding.”  Osteen made his brand the “inspiration brand.”   I am waiting to hear from someone who says he has been “branded by God.”

The next generation deserves better and we must encourage them to embrace a biblical perspective on the economy and their personal financial situation.  It seems easy to talk about what we deserve; it is harder to talk about what we should give up for the sake of the Kingdom.