Though many people might consider that making money is an individual matter, there’s something to be said for using your finances to keep your entire family together. For different people in different places at different times, family proximity means a wide range of things. But in the end, you can potentially use money to glue your family together over space and time.
A few of the ways that you can do this might include incorporating family into your business, utilizing immigration law to your advantage, borrowing and lending cash among family members, and taking out insurance policies when it makes sense to have security for your family.
The bottom line of a business is to make money. Sometimes this takes on the form of a meritocracy. Other times, it’s smart to keep business within a family. That way you can do things like keep family recipes secret, for example. Or, you know that your employees aren’t going to be late for work because they live with you! There are all sorts of benefits to paying your family members as employees as well. It keeps the financial bottom line of your nuclear tribe in a positive place.
Depending on your nationality or where you moved to or from, to keep your family together, you may have to utilize different aspects of immigration law. Immigration law can be extremely complicated, and that’s why contacting immigration lawyers should be one of the first things you do if you’re trying to get your family all the same place outside of your home country. This process can take many years and may potentially be expensive, but if you do all the paperwork correctly and take your time to handle the details as they come along, it should be a straightforward process in the long run.
Borrowing and Lending Cash
Then there’s the matter of borrowing and lending cash between family members. The best thing about doing this is the fact that you don’t have to worry as much about interest rates or legality over the long-term. As long as you trust your family members, you can loan the money understanding that it will equal out at some point. Particularly if you support the business ventures of family members, this method of money changing hands can be very effective.
And finally, one of the ways that you can help to keep your family together regarding financial security is if you buy life insurance for the heads of the household. If you want to make sure that your children are taken care of, making sure that there’s a financial stipulation in the event of an accidental death can go a long way into securing a reasonable financial future for your offspring.