We tend to work with first generation entrepreneurs who create wealth. A byproduct of their professional success is the complexity created in their personal life. Our role is to develop bespoke solutions to address that complexity. Top of mind to many of these first generation wealth creators is a major concern—I don’t want to mess up or harm my family as a result of this success. Affluenza. First coined in 1973, it’s the term being used more and more to describe the negative—sometimes horrific—actions of over-privileged children in affluent families. Never mind that it’s not an official medical diagnosis. The label unfortunately fits some kids today growing up surrounded by sizable family wealth and privilege.
Imagine being given everything you could ever want from a young age. The best education, holidays and homes, then told you never really need to work because your family has more than enough money. A dreamy scenario for some. But there is normally a side effect: wealth robs children of motivation. The more money that is given to children from a young age, the less passion and motivation they have, say wealth advisors. Her work often involves meeting with these disenfranchised children and trying to find their purpose and vision. “Each individual needs a purpose, a reason to get up in the morning”.
