Posted on December 01, 2017
From time to time, we come across helpful articles by others that help to explain a best practice in family wealth. We think it is important to share these ideas and best practices among the families we serve.
One of the topics we focus strongly on is providing next-generation education and helping families preserve their family legacy. WealthManagement.com recently published an article outlining some best practices wealthy families can follow to prepare their children for the responsibilities of a life with wealth. While every family is unique, these tips center around building an appreciation for wealth, developing a strong work ethic, establishing financial literacy and cultivating a spirit of philanthropy.
The top 10 best practices include:
The article concluded with one of our favorite quotes from Warren Buffet: “A very rich person should leave his kids enough to do anything, but not enough to do nothing.”
To read more in depth about these tips, see the full WealthManagment.com article by John McManus here.see the full article