Growing up in a family business environment often rubs off on the younger generations, with some making the decision to start their own business instead of joining the family enterprise. Toward that end, getting help while staying true to their own ideas requires balance. Here are four steps that will help launch their independent business venture while continuing their family’s entrepreneurial legacy.
Resource Search
You know the value of encouraging children to learn and practice the basics of money management. And at age 11 or 12, it may be the right time to start a conversation about investing, including how it’s different from saving. Creating opportunities to teach your kids these basic investing principles, and then helping put those principles into practice, can be an important step toward their eventual financial independence.
We all have family stories around money, some fun and harmless, others serious and impactful. They are the money stories that shape your financial personality. Knowing how to recognize your money story and its influence on your behavior is vital to your overall financial health and success. It is also key to building and maintaining financial harmony within families. When you know your money story and how it came about, it can empower you to better manage and control your personal finances.
Though being (or becoming) “rich" would seem to be a universal quest, the mixed experiences of those born into, married into, or suddenly rich undermine the fantasy that “rich equals “happy.” Sometimes the guilt, shame, and the complexity of growing up with abundance can create unwanted family dynamics that strain family relationships. In this special educational webinar, Joline Godfrey (author of Raising Financially Fit Kids) joins Robin Petty at Hawthorn and dives deeper into the topic.
“The sooner you begin having conversations with your kids about money and where it comes from, how to budget it, and about the financial system, the better.” In this podcast episode of The Intersection, Dan Simon, CEO and co-founder of Vested, discusses the importance of incorporating financial literacy into adolescent curriculum and family conversations.
Understanding the development of family leaders plays an important role as new generations emerge. In this episode, Richard Joyner discusses the path it takes to become a family leader and how to develop the skills and experiences needed for success.
College graduation marks the start of a career with new responsibilities and decisions. It's an exciting time but can be filled with uncertainty. Having a game plan can help the transition from college to the "real world.” This piece provides a handy checklist—including tips on budgeting, establishing credit, and online security—for the recent college graduate.
Philanthropy is embedded in the fabric of wealth management. Whether it's the Silent Generation or Generation Z, each generation wants to make an impact through charitable giving. With each generation having its own set of beliefs and perspectives, it's important to bridge that gap and ensure that, as wealth passes through generations, the family values and legacies are not left behind.
Building children’s resilience requires lifelong learning. In this webcast, Alexandre Monnier and Joline Godfrey discuss the opportunities—and challenges—of financial parenting in complex times, and how capturing teachable moments and leveraging the financial, intellectual, social, and human capital (F.I.S.H) can help create meaningful moments on the parenting journey.
While April may be the official month of financial literacy, investors should commit to staying informed all year round. Whether dealing with terms like meme stocks (stocks that typically trade on hype instead of fundamentals) or older ones like tracking error, there can be plenty of confusion around the language of investing. For both new and experienced investors, knowing the language can make a world of difference to the success of a long-term investment plan.