Preparing the Next Generation: Working with Families to Raise Emotionally Strong, Sensible and Balanced Children and Adolescence
Preparing children for successful wealth transfer does not happen overnight, it’s an educational and emotional process that takes time, and should be an integral part of wealth parenting.
This is why Dr. Lami developed her Pillars for Wealth Parenting © program, which is based on her PhD research findings, and is designed to have parents and children/adolescents, develop the awareness, skills and capabilities, that allow the evolvement of values and attitudes that are necessary to raise and be emotionally strong, sensible and balanced person.
The development of the next generation is key to healthy succession, because as we all know, financial success presents both opportunities and challenges. The key is learning how to use money as an empowering tool for the next generation, so they are able to lead fulfilled, content and harmonious life. If they do that, they run their lives. If they don’t, money runs their lives.
Dr. Lami believes that we all have relationships with money, whether we know it or not. The problem starts when children develop an unhealthy relationship with it, which can sabotage their feeling of happiness, as true happiness can’t be bought with money. Instead, happiness comes from nurturing our inner being, or our ‘inner wealth’.
Families have the responsibility to develop the mental, emotional and intellectual aspects of the next generation. Without careful preparation, the next generation may feel incapable of handling the responsibilities they face. Their fortunate position may seem as burden and even feel, guilty, shame or uncomfortable about.
Next generation family members must learn how to be emotionally and mentally prepared for the responsibilities that ownership brings. As future custodians, they must acquire the financial knowledge and information, as well as develop the emotional intelligence to be responsible stewards of their wealth.
“When wealth is lost matter is lost, when health is lost something is lost, when character is lost, all is lost.” – Billy Graham