Parents can influence their children’s lifelong attitudes toward work and money by establishing good practices during childhood and adolescence.
Kids typically don’t pick up basic life skills through osmosis. They have to be taught how to clean a bathroom, check the oil in their car, and manage their money. Often what they have learned about money is “ask and ye shall receive.” As you can probably guess, this bit of wisdom doesn’t lead to financial independence. A good financial education can provide a wonderful foundation for your child as he learns to manage wealth on his own.
Extremely wealthy people have their own set of concerns: anxiety about their children, social isolation, and the burden of great responsibility finds researcher Robert Kenny Center on Wealth and Philanthropy at Boston College.
A friend sent me a link to a craigslist’s ad for a unique employment opportunity that she described as fascinating, sad, and perturbing. A family was advertising for a mental health professional to serve as a full-time “companion, guide, life coach, mentor, governess type for their 16 year old child… to help with her school-work, social skills, etiquette and protocol. Help guide her to the next level in life by creating gentle but firm ground rules.”
Decisions about money are intimately tied to your life. Align your financial and life goals by working through these seven issues before seeing your financial advisor.
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