606: The Way Into Better Conversations About Wealth, with Kristin Keffeler

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Nov 28, 2022

Kristin Keffeler, a thought leader in family wealth advising and founder of Illumination360, shares her insights on the complexities of wealth and its psychological effects. She discusses the myths surrounding affluence, including the emotional burdens that often accompany inherited wealth. Kristin emphasizes the importance of family values in shaping financial choices and advocates for empowering conversations about wealth. Listeners gain practical advice for fostering intergenerational collaboration and developing resilient mindsets in the face of wealth.

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ANECDOTE

The Sports Car

Kristin Keffeler received a new sports car from her dad after high school.
She felt guilt and shame parking it at school, realizing it was nicer than the teachers' cars.

INSIGHT

The Myth of the Silver Spoon

The “silver spoon” myth suggests wealth solves all problems, but it creates psychological challenges.
Money improves basic needs, but more money doesn't equate to more happiness.

INSIGHT

The Double Bind of Wealth

Many wealthy individuals struggle to form close relationships due to a “double bind.”
They question the authenticity of friendships, unsure if people are attracted to them or their wealth.

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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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