For families engaging in strategic planning, the proverbial questions remain the same… What does the rising generation need to know? How do we deliver that? What should we expect from them? Intentional families consider these questions for years.
By fostering the idea of giving from a young age, children can learn the value and joy in helping, sharing, and giving to those who have less than them. Instilling the core ideals of philanthropy in your children's lives can also help them develop a sense of purpose and self.
The most problematic challenge faced by wealthy families is not how to make more money, but how to ensure that it lasts. This requires focusing on something other than money. Successful families, whose wealth lasts for many generations, follow five key practices.
The most successful enterprises, whether they’re companies or families, make a concerted effort to capture and articulate what is at their core. Taking the time to discover what drives you and your family is an investment worth making.
Nothing says, “I'm not sure our marriage will last,” like asking your new fiancé for a prenuptial agreement. This situation can be made even more touchy if the parents of the bride or groom are the ones insisting on the agreement.
All parents have reasons for why they do or do not share their wealth with their children, and neither option is without challenges. So, how do you bring your children up the curve with regard to preparing them for living fulfilled, happy, healthy, accomplished lives in the presence of wealth?