A common concern among the high-net-worth families who we work with is how to raise children with an understanding of the value of money. In some families, these lessons are taught out of necessity, but what happens when there are fewer imposed limitations? How can parents communicate the difference between being able to afford something and whether or not the item is worth the money?
In our extensive experience working with families, we have found that much success can be attributed to children learning and developing two life skills: delayed gratification and autonomy. Teaching children to strengthen their willpower and giving them age-appropriate autonomy can provide a foundation that allows them to grow into responsible, successful adults.