Are we raising a generation of entitled young people? It seems to me that a number of young people (how do I define young? under 40?), do not feel that they have to work hard because they will be rewarded with their family wealth upon the passing of their parents. This is a sad and judgmental perspective but in the worst of cases, true.

Just because you have worked hard and reached your level of success, does that mean that your children must inherit all of what you have made? Whether or not your children have this attitude is entirely up to you. Some points for consideration, something like W5 (who, what, where, when and why):

1. when do you let your children know the level of success financially that you have achieved?
2. do you provide specifics of the family wealth?
3. how do you tell your children about the family wealth
4. most importantly, do you express to your children that with wealth, comes responsibility?

 

Every family is different so that way that you go about communicating the family wealth is really up to you.

A knowledgeable writer in this area, Franco Lombardo, has written a book about this topic, “The Great White Elephant”, which is explained in more detail here, Details on the “Great White Elephant” . This is a page turner, yet thought provoking read.

I hope this has helped you give some pause for thought on this important issue.

Learn, think, apply!