Each generation wants the next one to develop a healthy relationship to money, where it can be appreciated but not depended upon for self-worth. While parents want to develop responsible and caring children, the actions they take to make that happen may be irrelevant or actually produce the opposite result. Too often, they initiate a few well intentioned, but very limited actions, that don’t really respond to the deep challenge of raising children amid wealth.
In most cases, the parents have created the wealth, but their children are growing up in a world where the wealth is a given, which poses unique and significant dangers for personal development. It may act as a double-edged sword to a family: they want to give their children the best they can, yet they fear its power to corrupt. The founder of a large biotech company noted at a family seminar, “I came from a family with little means, my children always had more than they needed, but I am concerned about how their good fortune will affect their motivation and direction in life.”
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