You Can't Always Get What You Want: Talking with Children About Wealth and Entitlement

Overview

Many wealth management clients often encounter the same issue—they want to know how to prevent their children from becoming entitled. Specifically, they’re concerned that their children will rely on family wealth instead of forging their own paths to success and will lack an understanding of money beyond how to spend it. Consulting with therapists, a parenting coach, and an early education specialist, we learn that there are five consistently identified principles to help parents create more self-reliant children and sidestep the entitlement trap. The most encouraging takeaway: it’s never too late to start this work with your children.

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