Anyone watching the series, Succession?  Do you think that the children were ever properly taught about financial literacy.  Part of the dysfunction in this family stems from its lack of discussion around the responsibility of wealth and the challenges and simple hard work needed to achieve that.  One of the family members, to be provocative , said at some point in the series that they knew their dad was rich but did not know what he did or how he made his wealth. Sad really. That poor child/adult will likely inherit great wealth and their children could see that wealth dissipate in their generation, or sooner. They seem to have no appreciation nor understanding of the work that went into accumulating wealth.

The parents likely did not share the knowledge and benefits of financial literacy with this child; most importantly the responsibility that wealth can bring. Why is financial literacy important and what is it?

Financial literacy is simply the study of money = wealth and understanding it. You have worked diligently to earn your wealth, so the next goal can be how to ensure that your family’s wealth becomes generational – lasting into your grandchildrens’ generation; think like a Rockefeller.

How early should you commence this educational process? If your child can understand, then I suggest you start early. The goal is to help your children build a healthy relationship with and understanding about money and wealth to avoid attitudes like the young woman described above possesses.

Is it ever too late to start? I do not think so. Sharing your family’s values and views on wealth and helping your generations better understand what it took to make what you have is important. One day, you will not be here and what will remain are the values that you have instilled and of course, the wealth that you have garnered.

What to do and where? Resources abound, and generally are available for free on the internet.

Start there and start the conversation soon.

Learn think apply!!