When Should You Have the "Money Conversation" with Your Kids?
Jonathan Treussard, Ph.D.
I Help High-Net-Worth Investors Align Their Wealth Seamlessly With Personal Goals & Aspirations ?? | Wealth Management ?? | Ex $150B Global Asset Partner | ?? Economics Ph.D.
Here is some solid wisdom:
“Many problems can’t be solved forward” –Charlie Munger.
You know this from experience...
It helps to have a plan.
That means:
→??knowing what you want
→??mapping the steps to get it done
→??starting the work today
This is true of nearly all things in life...
But if you have significant wealth, here is one:
Waiting to get them engaged in this conversation?
Maybe that's the obvious default mode.
Maybe it feels "safe."
It's certainly "convenient."
My friend Joline Godfrey is a pro at helping kids of wealth make sense of the world they are growing up in.
She's got experience that I would put against anyone else's.
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She recently told me that kids tend to be ready to have "the money conversation" TEN YEARS before you - the parents - are ready.
10 years...
That's 10 years of wisdom..
10 years of practical experience
10 years of of dealing with all the "money yuck" that could be put to good use.
Starting small and getting larger over time.
So that THEY ARE ready.
So that's YOU KNOW they've got it under control.
I'm just saying...
You can wait forever.
"Forever" can easily end up being too late.
Hope this helps and talk soon.
Jonathan
?? PS. I help people regain understanding, control, and agency over their own wealth. Follow me Jonathan Treussard, Ph.D. for more content like this.
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I Help High-Net-Worth Investors Align Their Wealth Seamlessly With Personal Goals & Aspirations ?? | Wealth Management ?? | Ex $150B Global Asset Partner | ?? Economics Ph.D.
1 个月?? FOLLOW me here Jonathan Treussard, Ph.D. → More insights on investing, markets, and your wealth
Creator of the Art as a Derivative concept. Uniquely, I make art about the people and structures shaping financial markets.
1 个月This is a very good question Jonathan Treussard, Ph.D.. Importantly, you raise the matter of talking about 'money' (this has moral baggage too) and not 'finances' (confined to practicalities) as others do when discussing this theme. This chimes in with my seventh Art as a Derivative series of paintings focusing on the people and structures underpinning the world of finance – 'Financial Paintings for Parent and Child'. Two narrative themes work together the reflections of twenty-one CEOs/Founders on their childhood aspirations and educational ambitions and now, at the summit of their careers, their views on what constitutes good leadership. The other narrative thread is a classic children's fairy tale that I have rewritten and adapted and the two interweave across the painting's surface, creating the opportunity for discussion, something to share between parent and child. https://larrymcginity.com/parent-and-child/
CEO at Paracelsus Recovery
1 个月An essential topic, especially for families with significant wealth. Starting these conversations early not only prepares children practically but also helps them navigate the emotional complexities tied to wealth. Without this preparation, challenges like Succession Syndrome—where wealth becomes a source of pressure and identity struggles—can emerge.?
Family wealth consultant/educator/thought leader
1 个月Great tip, Jonathan Treussard, Ph.D. and Joline Godfrey. I would add that it isn't "the" money conversation but a long series of money conversations, discussions, check-ins, and general openness that can begin at around age 9.
CEO, CMO & EVP | Executive Coach | Author | Inspiring others to “unlearn to relearn”
1 个月?It’s never too soon to prepare them for the future.