Sally Kohn: One of the invitations you make to us thinking about this in our own families is to have decisions grounded in values and aligning with a vision of thriving. And I'm wondering maybe if you could share an example of like, what would that look like? Maybe even we go back to where we started of your dad and the car and all that. She says she was not aware of things like how much tuition cost at her private school and how was that relative to how much my dad earned.Kohn: It would have made a big difference in my experience and also my financial education to have my dad sit down and for us to talk about budgets.
Kristin Keffeler: The Myth of the Silver Spoon
Kristin Keffeler is a thought leader and consultant at the forefront of a global shift in family wealth advising, known as Wealth 3.0. She guides affluent and enterprising families, the rising generation, and the professionals who support them in embracing the positive power of wealth, aligning their vision with their impact. As the founder of Illumination360, she specializes in human motivation and behavioral change, family dynamics, family governance, rising generation education and development, and intergenerational collaboration.
She is the Dean of Positive Psychology for the Purposeful Planning Institute, sits on the Board of Advisors for the Bailey Program for Family Enterprise at the University of Denver, is a faculty member with the Ultra-High Net Worth Institute, a certified trainer with 21/64, a national nonprofit for advancing multigenerational philanthropy, and is the co-founder of Beneficiary Bootcamp. She is the author of The Myth of the Silver Spoon: Navigating Family Wealth & Creating an Impactful Life*.
In this conversation, Kristin and I discuss a reality that’s true for almost every leader: whether we have wealth ourselves, almost all of us interact with wealthy people. We explore some of the myths of wealth to understand the psychological challenges that wealth often brings. Plus, we learn from what works (and doesn’t) for wealthy families so that we can have better conversations about wealth in our own families.
Key Points
While wealth brings resources, it also brings psychological challenges for many people with wealth.
More money doesn't equal happiness. Small inheritances can increase happiness, but large ones do not.
Many people with wealth find close relationships a bit of a struggle.
While our perception may be that the most wealthy are selfish and greedy, more often individuals (especially next generations) tend to under-identify with family wealth.
Ground decisions in values that align with a vision of thriving.
There’s a huge difference in the next generation having a little bit of ownership in a financial event vs. not having any ownership.
Resources Mentioned
The Myth of the Silver Spoon: Navigating Family Wealth & Creating an Impactful Life* by Kristin Keffeler
Interview Notes
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The Way to Build Wealth, with Chris Hogan (episode 502)
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