"First you have to find out: What do I actually have? How much can i access? “Says 31-year-old Willa Conway, who currently has $ 3 million and will eventually inherit millions more from a sand mine. Don't ignore the feeling that you have more than you need. When Conway was in her mid-twenties, a Resource Generation graduate school counselor told her that helps young and wealthy people redistribute their wealth. At a four-day retreat that Conway attended, a moderator said, "Spend your money on social justice organization led by people most affected by oppression." After Michael Brown Jr. in Ferguson, Missouri, shot by the police helped Conway lead a campaign that raised $ 1.4 million for more than 100 African-American organization groups.
Over the next few decades, up to $ 68 trillion will be passed on – mostly from baby boomers to their heirs – which some characterize as the greatest wealth transfer in history. Honest, open communication is ideal for cross-generational exchange. Conway is in constant conversation with her parents and brother to get earlier access to the legacy. For Conway's grandparents, building wealth was driven by a desire for wellbeing and security. Conway says, "My generation, we like, O.K., that didn't work. We're all going to die from the effects of climate change anyway. Capitalism hasn't protected us, and now we have to find different mechanisms to protect each other."
Resource generation provides guidelines for different levels, ranging from redistributing all capital gains (“say no to make wealth out of wealth”), giving away 10 percent of your wealth annually, to redistributing all inherited wealth or income beyond a moderate standard of living , Conway gives about 17 percent annually (around $ 500,000). Find financial advisors you trust to help you.
Conway felt ashamed for years when even her closest friends didn't know she had a trust fund. Talk to wealthy and blue-collar workers about money, equality, and hardship (Conway calls these "cross-class discussions"). "When you are in a church, you find that you don't need that much money," says Conway. "I don't want my children to have a trust fund."