I'm successful, but can't talk to my children about money! Help!
The International Family Offices Journal
Vol. 4 - Iss. 3 pp. 24–28
We return to the perennial question ?Mommy, are we rich??. In ?I'm successful, but can't talk to my children about money! Help!? Maya Prabhu, JPMorgan London, offers very practical advice and includes helpful family examples. She begins with the acknowledgement that conversations about money are often difficult, especially when clients are concerned about how their children will adapt to a sudden increase in family wealth. The special challenges are many: How do we raise children without sapping their ambition to work? What is the best time to reveal the magnitude of the family's assets? When should children take a seat at the family governance table? How do we teach them about philanthropy? Young people who may eventually manage substantial assets also need to be particularly financially literate. In an invaluable table broken into six age groups, from ages three to 22, she offers examples of how the teaching can take place. For example, activities in the group of six- to eight-year-olds includes ?first allowance? and ?online safety?. The educational activities get complex at older ages.