- “If you already have money without the necessity of working, it becomes easy not to develop the discipline and focus that lead to competency. Children who are raised in an impoverished environment are forced to become independent and competent because there is nobody providing for them. Whatever they desire must come through their own effort. What happens to a wealthy child surrounded by people who do things for the child: tutors, nannies, and a strong parents-a whole world of people whose main function is to service the child? The critical issue is the lack of work experience. If you read autobiographies of great achievers, most of them struggled and had significant work experience. They sold newspapers, they worked on the docks, they worked in a store. They really worked hard, and this type of work is one of the important competency experiences. Contrast this to the world of wealthy children. If they’re not in school, they’re often in summer camp or traveling in Europe. Not only do they often miss the opportunity of working, but in families of generational wealth, they don’t even see the model of work in their families. The source of the family’s financial support is a trust fund. In these situations, how are they going to get an idea about what it means to work? Work is important because it is a method of validating oneself. Additionally, it gives the individual the opportunity to experience the “high” of achievement. When a child becomes addicted to the excitement of achievement, then money will not impair their productivity.” Wealth in Families Third Edition (Charles W. Collier) Page 44-45
- “How do parents provide financial security, yet create opportunities for meaningful work that leads to self-actualization? Parents have to give their children opportunities to be competent as often as possible. This means that from the time your children are able to do anything for themselves, they do it. In spite of the consideration that your family may employ full-time help, children need to be assigned specific chores for which they are responsible. These might include setting the table, cleaning their rooms, and feeding pets. Additionally, I think you must stimulate them intellectually. Talk to your children and ask for their opinions.” Wealth in Families Third Edition (Charles W. Collier) Page 45-46