10 Things Rich People Should Leave Their Kids - Besides Money
When it comes to understanding the dysfunctions of wealthy families, Peter White is among the wisest. He's spent more than 20 years counseling wealthy parents and privileged children about how to better understand the adverse effects of wealth and to search for more meaningful lives. He's plied his trade at his own firm, as well as at Citi Private Bank and U.S. Trust.
I met up with Peter at a wealth retreat in California last week. During his speech, he casually mentioned a list he created of the 10 things parents should provide for their children, which he called "The 10 Elements of Care." The audience - mainly wealthy investors -- wanted to know more, so Peter ticked off the list.
The list isn't just for rich parents. But as Peter told me, it's helpful for wealthy parents to learn that "the first thing to be concerned with is loving children in a way that enables them to take charge of their lives as adults, so they can use wealth to enhance, not diminish, their lives."
He acknowledges that, like all such lists, it's both "incomplete and overly inclusive." But since I found it illuminating, I present it here:
THE 10 ELEMENTS OF CARE by Peter White
1. Necessaries -- food, clothing, shelter, medical attention, basic education.
2. Affection -- This involves "the great big person who takes care of me opening him or herself to me, making him or herself vulnerable and human in a way, connecting with me physically and in spirit, and thus affirms my significance as a person."
Loading comments…
Wall Street Journal | Robert Frank | May 12, 2008 02:56 PM