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| Image Source: silverspoonbabyplanners.com |
The moral and emotional hazards of growing up rich have not disappeared. Neither have the neglectful nor controlling parents nor substance-abusing nor overindulged kids. But in high-income, high-net-worth circles, the conversation about the next generation no longer focuses on estate planning and wealth management. Today, people are talking about how to raise their sons and daughters to be wealthy, wise, and kind-hearted.
In the most affluent suburbs, parents are becoming increasingly worried about their children’s apparent good fortune. In fact, parental anxiety has become powerful enough that wealth advisors and wealth management bank offices have hired psychologists as consultants. This apprehension reflects something new - the growing concern of the rich on how money can affect behavior of the silver spoon kids, and more importantly on how money can be tied with philanthropy.
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| Image Source: news.com.au |
Warren Buffet once said that “I want to give my kids just enough so that they would feel that they could do anything, but not so much that they would feel like they can do nothing.” This reflects a more contemporary approach on wealth and giving. Today, money-makers are forming philanthropists in their children. Warren Buffet created three philanthropic children – Howard, Susie, and Peter. All have been involved in reducing hunger, strengthening education, and women empowerment. The von Furstenbergs through children Alexandra and Alex von Furstenberghave also been actively involved in the causes of their mother Diane.
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| Image Source: living.msn.com |
Preparing privileged heirs to be different, reflective, and philosophical can be difficult but it can be done. Philanthropy is a public expression of values. So in a way is raising children.
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