A malaise, no an epidemic, is spreading across the nation. The contagion….money. There are plenty of young (and some not so young) people who have had a great life, all thanks to the hard work and good fortune of prior generations. Many do not appreciate how fortunate they are and take the wealth for granted.

We have enjoyed some of the greatest prosperity in the last 20 years that may never be repeated. We have been lucky. However to maintain the lifestyle and grow the family wealth will take careful and strategic conversations in the family.

Some possible antidotes to affluenza

– improve financial literacy: teach your children about finances and more importantly financial responsibility
– share values: to enable the next generation to emulate or to understand your views on wealth and responsibility
– say NO: you do not have to buy everything for your children. Sometimes they would rather have your time than your money

Having said all this, certainly enjoy the fruits of your labour, just let your children in on your values and thought processes around wealth….communicate.

Learn, think, apply!!