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Sharing Wisdom, Building ValuesWealth, Trusts, and Stewardship

Sharing Wisdom, Building Values: Wealth, Trusts, and Stewardship [As families grow and advance through the generations, and as businesses grow in complexity and size, new family issues arise. First, as families grow wealthier, parents wonder how to educate their children about the family’s affluence. There are, of course, many ways, but general observation suggests that the earlier parents talk to their children about money issues, the better off the children will be in the long run. Not least, parents need to help their children understand that neither the business nor the wealth are guaranteed to last forever. They must put special emphasis on family values. It is also important for them to teach their children to be entrepreneurial, and to get involved in philanthropy and give. Parents need to be aware that inherited wealth can be a burden; not all prospective inheritors feel comfortable with it. By teaching their children at an early age how to handle wealth, parents might well be offering them the best chance at responsible, balanced adulthood.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Sharing Wisdom, Building ValuesWealth, Trusts, and Stewardship

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Publisher
Palgrave Macmillan US
Copyright
© Palgrave Macmillan, a division of Nature America Inc. 2011
ISBN
978-1-349-58468-0
Pages
81 –92
DOI
10.1057/9780230116207_6
Publisher site
See Chapter on Publisher Site

Abstract

[As families grow and advance through the generations, and as businesses grow in complexity and size, new family issues arise. First, as families grow wealthier, parents wonder how to educate their children about the family’s affluence. There are, of course, many ways, but general observation suggests that the earlier parents talk to their children about money issues, the better off the children will be in the long run. Not least, parents need to help their children understand that neither the business nor the wealth are guaranteed to last forever. They must put special emphasis on family values. It is also important for them to teach their children to be entrepreneurial, and to get involved in philanthropy and give. Parents need to be aware that inherited wealth can be a burden; not all prospective inheritors feel comfortable with it. By teaching their children at an early age how to handle wealth, parents might well be offering them the best chance at responsible, balanced adulthood.]

Published: Feb 17, 2016

Keywords: Family Business; Public Capital; Financial Independence; Profound Sense; Personal Asset

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