The way to think about it is, what can you do with kids before they even understand the idea of wealth or money? That's really where the opportunity is. As an example, i recently worked with a couple who made an investment of a couple of hundred thousand dollars, and it turned to over a hundred million. They grew up working class, and they reached out to me because they wanted to make sure that they didn't have the experience many families do when kids grow up in wealth. I said, could your three and a half year old put a plate at each setting, or put a fork on each napkin, or maybe a glass of water in front of each plate? And
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It is a common saying that wealth in families is built and lost in three generations.
However, this “shirtsleeves to shirtsleeves” phenomenon is on the minds of most wealthy families. There is constant demand for advice from families of wealth on how to raise productive and kind children. However, there is also a sentiment that the education and preparation of wealthy kids solely stays within the realm of money discussions OR that the interactions should only happen when older.
That may not be the case-
JEFF SAVLOV is here to talk about the benefits of having these discussions – many times earlier than people think is possible.
Jeff is the Founder of Blum & Savlov, LLP He consults with business families, legacy wealth families and the advisors who serve them.
He brings more than 30 years of unique experience in sales and marketing, business ownership including business succession within his own family, and family dynamics/psychological training.
We will get into what he sees as the benefits of deep early involvement with kids and the establishment of a productive culture to help kids become productive, thoughtful and community oriented.
Outline
• Jeff’s Background • So, raising kids in the context of family wealth is an area of particular interest? 5:25 • Is your work about talking to kids about money at really young ages? • How has communication about family wealth changed over time? • I’ve often heard you talk about proactive and reactive in this context. Can you say more about these ideas? • How young can you start? 10:50 • What are some practical tips for parents in this context? 14:00 • Can you describe an ideal proactive situation you were involved in? 23:00 • Do these ideas apply to poor and working-class folks? • Is it ever too late? 27:45
