Our clients at Kaiser Law Group have achieved their success in a variety of different ways coming from varied backgrounds. Some of our clients scratched and clawed their way to success from humble beginnings, while others got a leg up from their parents and used those building blocks to achieve even greater success. I’m a passionate student and observer of ideas and techniques to help our clients avoid the “shirtsleeves to shirtsleeves” parable. That “curse” holds that wealth tends to get built up by the first generation, maintained by the second generation and squandered by the third generation.
The below article from the Wall Street Journal starts with the challenging balancing act many affluent families feel: they don’t want to share details of their success because they think it risks creating entitlement in their children – yet wise families know that they must share some information in order for their beneficiaries to be emotionally and intellectually prepared for the inheritance they receive someday.
Wall Street Journal Article: The Best Way for Wealthy Parents to Talk to Children About Family Money
The article shares some perspectives – which I agree with – that the key to success begins with sharing big picture information at age-appropriate levels.
Kaiser Law Group is planning a workshop in May of 2018 to address these concerns and opportunities with our clients who are interested in exploring this topic more deeply.
Some of my favorite books on this topic:
Family Wealth— Keeping It in the Family
Image Source: Amazon
Raising Financially Fit Kids
Image Source: Goodreads