Fostering Wealth with Dr. Foster

Honored to have been invited to speak at the Justice HQ on the importance of de stigmatizing talking about mental health and how it impacts legal decision making within families.

Labor Day is an annual celebration of the social and economic achievements of American workers. The holiday is rooted in the late nineteenth century, when labor activists pushed for a federal holiday to recognize the many contributions workers have made to America’s strength, prosperity, and well-being.

Today we honor the hard workers of America who have fought for fair labor practices in the past and continue to secure it.

90% of American businesses are family-owned.

One main issue surrounding family owned businesses is boundaries and overlapping roles of family vs business. The way families communicate on a personal level may translate differently on the professional level, as well as the possible family dynamics crossing over into the workplace. Making it difficult to communicate as a functional unit.

The use of strategic planning, open communication and help from outside consultants is a key component for longevity, success, and generational wealth transfer.

Generational bias influences the belief and values of money. Research suggests that there is a vulnerability to specific behavioral biases toward investing and attitudes toward money that varies by age.

The Silent Generation takes up around 84% of HNW family companies. This generation tends to stay on the side of familiarity.
Baby Boomers are 75% of HNW family companies and tend to have a reference point for their wealth and money decisions.
Generation X make up 64% of the HNW family companies. Gen X leans in to current issues and news. Their money decisions center around what is important to them and the world.
Millennials account for 54% of HNW family companies. Millennials make money decisions based on how information is presented to them. Their money decisions can be trend based or social circle compliant.

"When we work to understand and identify on another's feelings, we find compromise. If you feel heard and validated, you are willing to give more."

Communication, trust, and understanding is a two-way street. Through romantic, family, and friend relationships these opportunities to be heard and to listen paves the way to compromise.

There's that "B" word again....

What feelings does that word conjure up inside?

I want to help you change that feeling, especially if it's a negative one. Keeping communication open while establishing boundaries created trust and opportunity to give way to new experiences.

Open those doors. Contact me if you need a knock on one of your closed doors.

In studio with Dr. Drew.

I will never get tired of seeing a sunset over the ocean.

Today is National Relaxation Day. What's your favorite way to relax?

Research has shown that 70% of high net worth families do not successfully transfer wealth beyond the 3rd generation?

To understand the role wealth plays in the development of a family system and the prevention of dysfunction it’s important to understand the factors that contribute to the problem.

I help you learn to foster wealth in your family, by teaching you the psychology of these family dynamics and by creating systems across generations that continue the legacy of not only your wealth but your family.

Looking to establish a legacy plan with considerations of the psychology of your family? Send me a DM and set a preliminary consultation to see if Fostering Wealth planning is the right fit for your family.

I love working with individuals where the goal is to help people with mental health struggles. I help them find the confidence to tackle their anxiety around family relationships and find healthy ways to go forward.

We all need a sense of belonging, love and companionship. Being together as a couple, family or friends secures a bond through trust, respect and acceptance.

"There are different routes that can be taken toward building wealth, and the path won’t look the same for everyone."

#2022

What is generational wealth and how do you build it?

Wishing you a safe and happy 4th of July Holiday.

those who served and lost their lives to their service so that we can remain free.

Managing wealth for family business? If you aren’t applying behavioral analysis to the management of your client portfolios, you may be missing the subconscious family patterns contributing to the struggles in business growth and wealth transfer.

With the Fostering Wealth Behavioral legacy series, I will help you understand the keys to creating for sustainability and success.

📣 We start with understanding communication within the family business.

💰 Moving on to education by creating a successful family business environment.

🧰 And leaving with developing proper governance within the business, assisting with decision making and responsibilities.

Reach out today!

Family businesses are good for the economy.

Family businesses account for 50 percent of the GDP, 60 percent of US employment, and 78 percent of new jobs created. 35% of family owned businesses are Fortune 500 companies.

With all that growth there is pros and cons to owning a family business. Making sure communication, expectations and understanding align is key to continuing the transfer of wealth through generations.

Thank you for the kind words Blaine!

"I've had the pleasure of directing Dr. Foster on multiple true crime television shows involving heavy psychoanalytical components. In addition to being a pleasure to work with, her vast wealth of knowledge and her ability to convey complex academic analysis in relatable, 'real world' language never ceases to amaze me. Not only is she an impressive professional and an incredibly rare talent, she's also a pleasure to be around." - Blaine Pate

Happy Easter to all who are celebrating this weekend. Wishing you peace from my family to yours.

I’m loving this article on the transfer of wealth. Why? Because they touch on the topic of the psychological unraveling required to create healthy wealth transfer!

“Specifically, Cole, whose new book “More than Money”, says he believes that about 60% of the wealth disintegration is due to a lack of communication and trust, 25% to a lack of preparation for how to handle the money; and about 10% to a lack of a shared vision about family goals around money. Bad investment and financial decisions tie into all of these too, of course.”

I can’t wait to check out Michael A. Cole book. Read the full article here:
https://www.marketwatch.com/story/heres-why-90-of-rich-people-squander-their-fortunes-2017-04-23

What Is A Family Business? Put your definitions in the comments. 👇

The structure and support required to keep a family business successful is different from any other business model.

Company community and culture can depend on harmony within the family that runs the business. For family members, knowing what roles and responsibilities belong to whom, is important for harmony to remain within the company and the family.

If the company founder is still active and living, it is easy for them to have control over and decide how roles and resources will be allocated. Once the second generation begins to participate in the business, it is important that the roles of each of those involved are defined and redefined.

But, this is logistics and organization. With Fostering Wealth, we apply my behavioral analysis programs for Family Business and uncover the generational patterns and breakdowns in communication that contribute to the failure of the family business after the second and third generations.

A deeper understanding of the psychology of families and the impact of wealth oftentimes bridges the gaps in generational conditions and power struggles.

Do you have a family business or consult those running one? I’m always here to help. Reach out!

Every family has issues, wealthy or not. Studies have found that the higher the net worth of a family, the higher the chance of communication, trust, and goals through generations breaking down.

Families must learn to have uncomfortable conversations around how to address difficult personal issues to remove impediments to financial prosperity. To accomplish this goal, we must look at common problems and pitfalls that families face, not only in relation to financial planning but as a result of psychological woes and interpersonal dysfunction.

I’m here to help. Through years of expert knowledge working with organizations, family offices, and financial institutions, Dr. Foster has a knack for creating a process of education and success to keep your wealth prosper through the generations.

90% of American businesses are family-owned.

Many issues surround family owned or family-controlled businesses - the main one being boundaries and overlapping roles of family vs business. The way families communicate on a personal level may translate differently on the professional level, as well as the possible family dynamics crossing over into the workplace. Making it difficult to communicate as a functional unit.

The use of strategic planning, open communication and help from outside consultants is a key component for longevity, success, and generational wealth transfer.

90% of affluent families lose their wealth by the third generation. This may stem from trust issues to generational trauma to not having the right foundations in place.

Forbes lays out ways to be proactive and purposeful in building to sustain wealth through family business generations. Read more here: https://www.forbes.com/sites/francoisbotha/2019/12/06/multigenerational-wealth-preservation-what-you-need-to-know/?sh=68a727f875d8

I try to do a lot of reading to ensure I can help my clients to the fullest of my ability. I 100% recommend my clients read to understand and to utilize the tips I give in sessions.

I’m adding this one to my list “Passing the Torch” by Ilze Alberts.

Passing the Torch teaches high net-worth families how to foster a strong family dynamic to be truly generational. First generation wealth creators learn how to earn and sustain wealth while second generation and beyond learn how to receive and grow for future generational wealth.

Have you read it? I’d love to hear your thoughts.

Find it on amazon or at your favorite book reseller. https://www.amazon.com/Passing-Torch-Preserving-Generation-Bloomberg/dp/1119486440/

"Dr. Foster facilitated a personality assessment and in-person activities for my company. It was a fun and enlightening experience learning more about myself as well as my teammates. After learning about the different personality types on my team, Dr. Foster offered guidance on how to best work with and communicate with differing personality types. She made what would’ve been another mundane activity into something fun and interactive." - Cheryl

Dr. Foster helps your communication through generations surrounding topics of wealth that require active listening, validating feelings, accountability, and other behavioral assessments.

This keeps your family safe, secure and successful.

“Bringing up a family should be an adventure, not an anxious discipline in which everybody is constantly graded for performance.” Milton R. Saperstein

Generational bias influences the belief and values of money. Research suggests that there is a vulnerability to specific behavioral biases toward investing and attitudes toward money that varies by age.

The Silent Generation takes up around 84% of HNW family companies. This generation tends to stay on the side of familiarity.
Baby Boomers are 75% of HNW family companies and tend to have a reference point for their wealth and money decisions.
Generation X make up 64% of the HNW family companies. Gen X leans in to current issues and news. Their money decisions center around what is important to them and the world.
Millennials account for 54% of HNW family companies. Millennials make money decisions based on how information is presented to them. Their money decisions can be trend based or social circle compliant.