Monthly Archives: October 2013
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