Kiplinger

One of the Toughest Questions for Wealthy People to Answer

"Dad -- are we wealthy?" That's the exact question a seventh-grader recently asked of a client of mine. In the moment, poor Dad didn't know how to respond.

When we later chatted about the situation, our dialogue went something like this:

Me: Tell me more ... why did that conversation make you uncomfortable? Client: Well, I just didn't know what to say. It is obvious that we have wealth compared to some of my child's friends, but I wasn't clear on how to address that. I worry about what I share with my children because I don't want them to feel entitled. Me: How does the wealth currently show up in the child's eyes? Client: Well, one thing my children have noticed is that we travel a lot as a family Me: Interesting. Why do you put an emphasis on travel as a family? Client: We believe it's important to expose them to different cultures, beliefs and ways of thinking to help them become well-rounded adults. We also believe it is a key part of their education and allows us to instill some of our values around giving back to others as we often participate in relief efforts during our travels. Me: So, how could you shift your framing of what being wealthy means with your children to line up with your beliefs? Client: Oh, I hadn't really thought of it that way before. Me: That's quite normal. Let's talk through what it might sound like ...

Stai leggendo un'anteprima, registrati per continuare a leggere.

Altro da Kiplinger

Kiplinger3 min letti
Should You Inform Your Insurance Agent about a Burglary?
You may have heard this advice from your insurance agent: "If you ever have a burglary or your property is vandalized, please report this to me at once." But is this always good advice? Southern California longtime reader "Anne" had that very ques
Kiplinger3 min letti
Financially Supporting Your Adult Children? Don't Let It Jeopardize Your Retirement
Would you delay your retirement to help pay for your child's college education? Surprisingly, 1 in 3 parents say they have or would be willing to do so, according to a recent study from Ameriprise Financial. What's more, these days many moms and dad
Kiplinger9 min letti
7 ‘Strong Buy’ Oil Stocks to Buy Now
Oil stocks have been put through the volatility wringer of late. On Sept. 14, drones attacked a key processing facility in Abqaiq as well as an oil field in Khurais, temporarily knocking out about 5.7 million barrels of Saudi daily production. That r