How to Prepare Your Children for the Future

The challenges that face wealthy families are many. To prepare children for leadership in the family business – and in life – requires quality parenting from the start. Your child is not a miniature adult. He or she does not have the cognitive development, or the life experiences yet to handle the complexities that comprise the world of most wealthy adults. If you want your child to grow up to be successful in life, then your focus from day one should be on building his or her self-esteem.

In order to build self esteem in your children, you must consider parenting a full-time job for both parents. This is true with all children, not just the wealthy, but wealthy children require even more attention. You must teach them the skills of independence, right from wrong, how to be a good person, how to choose friends wisely, how to dream, develop their talents and work to accomplish those dreams. But in addition to all of this, wealthy children must be taught how to handle the considerable responsibilities that wealth brings into their lives.

They have more resources and more opportunities than the average child. They are expected by others to know more and accomplish more, however unfair this may seem. These differences are not only statistical; they make the child feel different. And feeling different is a hardship for most children. If a child is unprepared for these differences or responsibilities their self-esteem can be severely shaken and they can sink into depression or at the very least be an underachiever.

I believe preparing your children for handling the responsibilities of wealth in a healthy manner is one of your primary tasks in your wealth preservation plan. Carrying out this responsibility is really quite simple. Your children should be part of the wealth management plan from the start. Give your child a chance to participate in the wealth management of your family estate. Perhaps they can contribute their own earnings to buying their own clothes or they can set up a savings account for college.

So, parents, take this responsibility seriously. Take 10-20 minutes each day for meditation or prayer to center and focus yourself on your most dearly held values and priorities…your family.

For more information, visit Entrepreneurial Life – Families in Business