I'm lucky. Every day I have the opportunity to work with a wide range of people - family members, advisors, consultants, etc. And together, we tackle a wide range of topics. But no topic comes up quite as much as the challenge of raising well rounded children amidst wealth. Particularly for those families who had a liquidity event, greatly enhancing the family wealth in G2 or G3. Parents (and advisors) are always concerned that their children will become entitled, lack the value of hard work, and spend with no sense of budget.
In a prior post I discussed how I believe you should begin to tackle this very important question. In this post, I'm going to discuss what I believe is one of, if not the most important element. Model good behavior. Yes. It's that simple. Model the behavior you want to see in your children. Observational learning begins at birth. That means what you're doing from the moment your child is born is noticed and catalogued. Many parents note that around age one, their children start imitating the people around them. By 15mo, most kids have the motor skills to literally mock their parent's behavior patterns.
So what can you do about it? Be mindful. If you're sitting around all day on your computer, buying things on Amazon - guess who's gonna notice? Do you help others consistently by lending a helping hand and volunteering? Great! Bring your kids, even when their young.
But what about the observable message you're sending about money? How do you model that behavior? A great first step is understanding how you yourself view money? Do you think of money as a means to material ends? Is it a taboo and hush hush topic? Is money something that is used to help others? Is money meant to be spent, or kept? The questions are seemingly endless, but understanding your own relationship to money is key to passing along that message to your children. Consider beginning by exploring your own Money Message by using the tool of the same name by 21/64 (or hiring a 21/64 trainer, ME!), then be strategic about how you want to shift your message for your children.
Children of all ages are more likely to do as you do, rather than simply as you say. Make sure those two are in tune with just a few tweaks, and seek assistance when it seems out of your own scope.