Julie Kern, CPA, CFP®, CDFA®, Certified Dream Manager®
Ready to turn your dreams into action? Contact us today.
How to prevent your kids from burning through the family cash
You’re likely familiar with Andrew Carnegie’s famous quip about “shirtsleeves to shirtsleeves in three generations.” He was alluding to the first generation that creates wealth from scratch… then hands it to the second generation which grows it… which hands it to the third generation, which squanders it.
Uggh.
Wealth can be a blessing or a curse. You’re the second-of-the-three generations cited by Carnegie. You’ve witnessed your parents create generational wealth. You’ve worked to preserve and grow it. And I think I’m safe in saying that you shudder at the thought of your kids burning through it someday.
It’s a justified fear. I’ve seen it too many times. I know the wealthy widowed woman who is scared of being socially cut off by her grown “kid” if she even suggests the prospect of work. I’ve seen young adults inherit money and “live large” for a few short years before making themselves penniless. It’s tragic.
You certainly want better for your kids. You’re likely more concerned that they’ll end up “helpless” rather than “reckless.” But still that’s a fate that they, and you, can avoid. And I can help. I’m not just a CPA and a CERTIFIED FINANCIAL PLANNER® professional. I’m also a Certified Dream Manager®. This is part of my job.
You’re already doing your best to ensure that your kids grow up to be well-rounded adults. I can help ease them into the financial side of life, engaging them gradually and intentionally at the exact level of your comfort.
Once your kids approach high-school age, it’s time for them to start learning basics: like budgeting, and the value of an education. We needn’t assign dollar amounts to anything. Not yet. We just want to set them up to be good stewards of generational wealth. So that they realize, “This isn’t something that’s just going to be handed to me. Rather, this is a responsibility that I’m growing into.” So when they reach the age of maturity, and are ready to take a seat at the family board of directors, they’ll be ready. And you’ll be relieved. Comforted. Proud.
This isn’t the result of just one meeting. It’s an intentional plan that I help you to craft, and implement, over time.
Contact me today and let’s work together, to keep your family’s future bright.