I am often asked by wealthy parents and grandparents the best ways to raise competent, compassionate, productive young people. They ask how to avoid raising entitled and dependent kids, and how to teach them fine lessons on investing and being fiscally responsible. These are all worthy questions and goals. And years ago, I had answers that included lessons on finance, and curriculum designed to enhance their skills in these areas. My colleagues and I designed and delivered dozens of wonderful programs to inheritors. I have come to believe, however, that there is just one problem. It didn’t work.
What these young people need are not teams of experts delivering customized programs to them 2 or 3 times a year. What they need is hands on, real life, day in and day out experience. So while we were teaching them personal finance, their parents or family offices were paying all their … Read More
As we usher in 2013 let me begin with expressing my gratitude to all the readers who have shared thoughts and feedback on the book with me. The most frequent comment I receive (besides the one that begins, “I have always dreamed of writing a book”) is that A Wealth of Possibilities is not just for the wealthy but for many. These readers share with me that they have bought copies for friends and family members who do not have great financial means, but who might find the ideas interesting and helpful for their families.
I am very curious about this and would love to hear more.