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The 5 Step Family Wealth Creation Plan

Looking to create wealth for your family but don’t know where to begin? This blog can help! Find out how to help your family achieve financial freedom.
March 30, 2022

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Nurturing your family’s wealth is important for securing their financial future. If done correctly, you’ll have enough money for goals like sending your child to an Ivy league college, buying a house or even long term generational wealth planning. 

Most of us know this and are broadly aware that saving and investing somehow plays a part in this. But the problem is, nobody tells us how to help our families achieve financial freedom in our early 20s or 30s. 

In fact, working professionals are known to discover the means to secure their family’s future in their late 40s or 50s. Lucky for you, we’ve compiled a 5-step family wealth creation plan that can help you get started early. 

How To Create Family Wealth For Financial Freedom?

First off, you’ll need to compartmentalize your family’s finances. Why? Because you need to know whether your family will be investing together as one unit or individually. 

Once you’ve had that talk with your family, it’s time to move on to the 5-step wealth creation plan and family finance management. We’ll start with the basics first. 

1. Understand Your Family’s Financial Needs

Each member of your family may have different financial goals. For example, you might want to buy a new house, your significant other may want to start a business, and your parents may want to travel the world. 

All of these financial needs need to be factored into when starting with family financial planning. Moreover, financial needs in this context also mean health insurance, outstanding loans, and others.  

Sitting down with your family to discuss their individual financial needs can help you understand crucial pointers like what assets to invest in, what buckets do you need to fill, and more. 

2. Consult A Family Financial Planning Expert

Managing wealth for your family is no easy task, especially if there are multiple working professionals in the household. There’s a lot of information about planning to be absorbed and you’ll have limited time.

That’s why it's best to consult a trained financial expert like a Cube Wealth Coach. They’ll have a conversation with you to understand your family’s wealth creation needs. 

As a matter of fact, Cube Wealth Coaches will help you create a curated portfolio of investments based on your family’s wealth creation goals for the next 1, 3, and 5+ years. 

This is, as you can tell, the opposite of what bank relationship managers are generally known to do - they sell you awful assets like bank FDs and underperforming mutual funds to boost their targets. 

3. Evaluate Your Family’s Risk Profile

Similar to financial needs and goals, each member of your family will have a different risk profile. There are multiple factors that go into determining the risk that an investor can absorb like: 

  • Age
  • Investment outlook
  • Spending power
  • Income frequency
  • Liabilities

For example, the spending power of individual members of a household may be low or high. But we’re talking about a family so liabilities also exist. On the flip side, a family of 6 can have 6 different earning members or 1. 

Either way, understanding the collective risk profile of your family along with the individual risk profiles can help you invest in the right assets for various wealth creation goals.  

4. Follow A Wealth Creation Plan

Goals ✅ Risk profile ✅ Now it's time to follow a wealth creation plan. It’s the game plan you’ll have to stick to in order to meet your financial goals (with the given caveat of risk profile). 

To start with, a wealth creation plan can help divide your family’s wealth creation goals across various terms like:

  • Short
  • Medium
  • Long

Next, a solid wealth creation plan can help you invest in the right assets based on the correct risk profile for various goals and terms. Cube, for example, has simplified wealth creation with the Perfect Portfolio feature.

Remember that it is also important to revisit your wealth creation plan and portfolio to ensure that it’s doing exactly what you expected. Regular portfolio analysis can help with this. 

5. Invest In SIPs For Your Family’s Financial Freedom

A Systematic Investment Plan (SIP) allows you to invest in mutual funds in a periodic manner, say monthly, quarterly, or bi-annually. SIPs aren’t assets themselves but are a way to invest in mutual funds. 

Top mutual fund SIPs are known to be suitable for the diverse wealth creation goals and risk profile of a family. Let’s explore the benefits of mutual fund SIPs in detail.

What Are The Benefits Of SIPs For Family Financial Planning?

1. Diverse

We’ve discussed the diversity of financial needs, wealth creation goals, and risk profiles within a family. That said, there’s a SIP mutual fund type for every wealth creation goal and risk profile.  

SIP Mutual Fund

Potential Risk

Liquid Funds


Debt Funds


Bluechip Funds


Large Cap Funds


Mid Cap Funds


Small Cap Funds


Flexi Cap Funds


International Funds


ELSS Funds


Click to read more about SIP mutual funds

2. Lucrative Returns

Mutual funds earn compound interest. That simply means your principal and interest will earn interest on top of them. This is known as the power of compounding that Albert Einstein called the 8th wonder of the world. 

Investing in the right SIP mutual funds can help your family achieve financial freedom because of the compound returns that they’re known to generate. However, not all mutual funds can generate lucrative returns. 

Only the top ones that have a tried and tested track record with solid management quality, reliable fund managers, and trustworthy investment philosophy are known to do well. 

Investment apps like Cube give you access to the best mutual funds in India that are selected only after being put to a rigorous 12+ factor test by Cube’s mutual fund advisor Wealth First. Here’s a snapshot of the returns. 

SIP Mutual Fund

Potential Returns (in %)

Liquid Funds


Debt Funds


Equity Funds


International Funds


ELSS Funds


Tap to know more about top SIP mutual funds 

3. Rupee Cost Averaging

A family financial management plan that includes SIPs stands to benefit from rupee cost averaging. It is a phenomenon where you invest consistently across market cycles to get:

  • More mutual fund units when the market is going down
  • Fewer mutual fund units when the market is going up

These two aspects average each other out eventually and help you avoid the hassle of timing the market. This can be crucial for your family’s medium and long term wealth creation goals.  

Best SIPs To Secure Your Family's Financial Future

Cube’s mutual fund advisor Wealth First handpicks and curates top-performing mutual funds in India. Here’s a sneak peek into some of the best SIPs that can help you help your family achieve financial freedom.

SIP Mutual Fund

3-Year Returns

5-Year Returns

Nippon India Liquid Fund



ICICI Prudential Corporate Bond Fund



Axis Focused 25 Fund



Franklin India Feeder - Franklin U.S. Opportunities Fund



Mirae Asset Tax Saver Fund



Explore top SIPs for family financial management

How Does Cube Wealth Help Families Achieve Financial Freedom?

Cube Wealth - The Financial Freedom App, helps your family create wealth with the Perfect Portfolio philosophy. Here’s how it works. 

1. You Answer A Few Questions

Cube’s Perfect Portfolio Quiz makes it easy to get the right information about your finances and goals.

2. We Find You The Best Investment Options

From mutual funds, to stocks, gold & alternative assets we suggest options with the help of proven expert advisors with decades of success under their belt.

3. You Get A Financial Freedom Plan

Cube gives you a phase by phase plan on how to invest for financial freedom by bucketing your emergency, short, medium and long term goals.

Note: Facts & figures are true as of 01-10-2021. None of the information shared here is to be construed as investment advice. Exercise caution when investing in assets like stocks, mutual funds, alternative investments, and others.

Priya Bansal
Curious about personal finance and all things money. Can either find me reading a book or dancing to a tune.

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