Wealth and Relationships: How to Talk About the Family Money

Talking to the kids about the family money is often a conversation that gets “kicked down the road” until it is too late. Left unaddressed, these “pending conversations” result in increasing dissonance in family relationships. Get the conversations started with your next generation by exploring possibilities as a way to hear their perspective and generate ideas you may not have considered. Questions like “What do you see is the purpose of our family wealth and how could it possibly be used by the family?” “What possibilities do you see for your own life or your children’s lives?” “What are the possible ways you could be better prepared to manage wealth?” “Do you see possibilities that would allow you to be a contribution to the family wealth?” Exploring possibilities creates a mood of curiosity and openness that sets a productive tone for the conversation. It also keeps the conversation focused on the present and the future as opposed to the past. Perhaps most importantly, it is a safe way for you to hear your next generation's perspectives.

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