BUSINESS FAMILY GOVERNANCE, SUCCESSION PLANNING & RELATED ISSUES
Raising Children in a Wealthy Household – Overview
Every parent wants to raise happy and successful children, but as any parent knows this not always easy. When parenting takes place in a high net worth environment there are some unique challenges in how the children will deal with this wealth.
All children need to learn core financial skills, however, when growing up in a high net worth household, parents may wonder how best to instill the right attitudes towards wealth so as to avoid adverse consequences.
In financially educating their children, parents need to teach the importance of financial responsibility and how to make good personal economic choices with limited resources as opposed to having access to unlimited funds so later in life they can adopt these skills to better manage financial wealth.
There are two leading books that deal with raising children in a high net worth household, Children of Paradise by Lee Hausner and The Financially Intelligent Parent by Eileen and Jon Gallo. In this section you will find a summary of the key strategies outlined in each book.
For more information on these books, please see: