A colleague sent me a link to an article by Thayer Willis in Forbes in April titled, “Why Family Wealth is a Curse.” It was a general warning of how too much wealth might lead to a “less meaningful life” but I found that Thayer’s story offered little guidance of how families could improve the situation. When Willis wrote her follow-up post last month in Forbes, “Why Family Wealth is a Blessing,” I was glad that readers got a more balanced perspective.
My biggest take-away from Willis’ most recent article was that she mentioned some “ways” that families can use their wealth to create “choices”. She also inferred that without families of wealth being deliberate about setting aside time to work together and communicate, that families won’t achieve as much. At Relative Solutions, we have been thinking and writing about this for a long time. Our framework has addressed the need for families to be deliberate, and we have outlined four central elements. Learn more about our Family Wealth Sustainability Toolkit, which guides families to think about just how much they want to sustain all their family capital; social, intellectual and financial.