Preparing Your Children To The Realities Of Wealth Transfer
How to prepare the next generation for wealth transfer & wellbeing
When wealth is lost matter is lost, when health is lost something is lost, when character is lost, all is lost.” – Billy Graham
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 parenting.
Research show that 95% of wealth loss is due to unprepared heirs, and only 5% of it is lost due to poor financial planning.
Therefore Dr. Lami developed her Pillars for Wealth Parenting ©. An educational process based on her PhD research findings that equip parents with the necessary knowledge and tools to facilitate a successful wealth transfer.
Teaching financial literacy to the next generation should be a top priority to prepare them for wealth transfer. From a young age, they should be introduced to concepts like sustainable investing, prudent budgeting, and strategic estate planning. These tools will enable them to effectively manage and grow their wealth while also navigating potential risks.