"Money conversations are often awkward, even (maybe especially) with the people closest to us. But putting them off — or never having them at all — isn’t the answer. Helping our children understand the responsibilities of wealth stewardship and keep the “long game” in mind is serious business."
Family business owners need to create a culture of responsible ownership and ensure that the next generation do not grow up 'over entitled' and not understanding the value of money.
Helping the next generation to appreciate what they have and to become responsible about it starts with a conversation. This article puts things into context and gives voice to something that is not readily discussed openly too.
Money is a tool, not a toy. Teaching kids to be stewards of family wealth helps them see beyond the material things they can obtain with money and understand the power of money to effect change in the world. Build a generosity muscle through acts of service or volunteering, and you’ll personally reap the dual benefits of making the world a better place and enjoying the feel-good effects of giving. Include your children in your philanthropic and volunteer efforts, and they will gain perspective on their own good fortune, as well as positive reinforcement for giving versus getting. Being a good steward of wealth also requires financial management skills like budgeting, which acknowledges the reality that neither time or money are limitless resources.