Help Your Clients Avoid Affluenza

Help Your Clients Avoid Affluenza

Wealth is a double-edged sword.

While it can be deployed for the benefit of society and the family, it can also befoul the character and destroy the work ethic of children raised in affluent homes. Every parent wants to raise children who will be upstanding, contributing members of society. There are many suggestions you can make to help your clients raise children who are prepared to handle their wealth wisely.

Discipline is critical. Children must be given responsibilities and bear the consequences when they don’t follow through. By enforcing rules and discipline, parents teach children that all actions have consequences and they are accountable regardless of their wealth. If parents establish personal responsibility early on, children will enjoy a sense of accomplishment when they carry out their duties.

Children should also learn that much is expected from those who are given a great deal, and involving children in philanthropic activities is a great way to teach them that most people are far less fortunate. The hope is that they will appreciate the enormous opportunities they are afforded, and understand the power of their wealth to help others.

Involving children in family activities that aren’t dependent on spending vast amounts of money will help stress the value of relationships and personal achievement. They need to spend time and personal effort rather than money in order to learn that amassing wealth is not life’s most important goal.

Significantly, children must learn to postpone gratification, working and saving for things that they want. This builds character and discipline, as well as fortitude.

For more on keeping wealthy children from becoming spoiled, entitled brats, see:
Ten Ways to Prevent Affluenza | Wealth Management

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