In chapter five of my book Legacy, I address the question that is on the hearts and minds of parents, especially parents of financially successful families, and that is: How do I prepare my children for the opportunity and responsibility of wealth? Here are four of the ten tips provided in my book. Principle #
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In the recent past I had the opportunity to attend multi-generational family meetings with financially successful families. Prior to ever attending a family meeting, I had discussed with the Legacy Capitals team what happens at the meetings; however, experiencing it for myself was eye-opening. To draw a parallel, it was like listening to someone talk
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Can Wealth Buy You Happiness? Or ensure that values pass to the next generation? According to Legacy Capitals, the answer is not necessarily. Wealth, though a unique privilege and a blessing for many, is only the beginning. Legacy CEO Richard Orlando’s mantra “Money serving families not people serving money.” It is the larger family questions and answers
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When people have infant children at home, they tell themselves that the next stage of parenting will be easier—more sleep, less worry. They, of course, are wrong (but we should probably wait a few years to break the bad news to them). When parents of school-aged children run taxi service to afternoon activities, offer assistance
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One of the greatest challenges financially successful families have is how to talk about their wealth with their children. More specifically, we at Legacy Capitals are commonly asked by parents (aka, wealth holders), “Should we talk about our family wealth with our children?” “If so, at what age do we start talking about the money?”
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Recently my wife and I experienced a lovely getaway to Newport, Rhode Island. In addition to enjoying the restaurants, shops and boats, we spent much of our time at the International Tennis Hall of Fame Club (ITHF) playing tennis. While talking to the ITHF Director of Tennis, I began to learn about the mission of the
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When my wife and I married, she brought to our marriage her daughter from a prior marriage. Since then we have had two additional children (three if you count our dog). In modern nomenclature, we are a blended family. I wasn’t raised in a blended family so it has been a new, enriching, and at
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Recently I met with a family that instituted a family philanthropy practice based on the business book, The Go-Giver. If you haven’t read The Go-Giver, it is based on the “trade secret” of ”The Law of Value – your true worth is determined by how much more you give in value than you take in payment.”
Read moreI was driving with my son to go see a local NBA team play the Cleveland Cavaliers, as part of his birthday celebration. As we were approaching the city (of the NBA stadium) my son, who was sitting in the back seat, began to spontaneously call out the following: “Dad, look how big those buildings
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“If your organization can adopt the concept of intelligent failure, it will become more agile, better at risk taking, and more adept at organizational learning” (Rita McGrath, Failing by design. HBR (2011):89.4, 76-83) Because of fear of failure and lack of know-how, many parents create the outcomes in their children that they
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As I have served families over the years, I have been fortunate to work with people with inspirational life stories. For example, individuals who have overcome great odds, built very successful companies, and/or generously share their time, talent, and treasure to bless others. Many, if not all, of these individuals say to me that they want
Read moreWhether I am presenting, writing, or coaching, I point out that our legacies are really created by how we choose to live each day of our lives, and our legacies are only cemented when we pass on. This past weekend the NYTimes published an article titled, Jon Stewart Cements His Legacy in ‘Daily Show’ Finale. Although Jon
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