Wealthy parents: “When ‘no’ is the most important word privileged kids hear”

In an article in the Investment section of December 14 Globe and Mail, Thane Stenner, Director of wealth management at Richardson GMP in Canada, wrote:

“Most successful high-net-worth parents I know have thought carefully about the message they’re sending when they give their kids money. While they are generous with their children when it comes to giving them an education, life-enriching experiences, family vacations and the like, these parents are cautious with allowances and major gifts, trust funds, and other direct financial assistance. They tell their kids early and often that they expect them to be full, productive members of society and financially independent from the family.” Stenner gives examples of times when wealthy parents did not follow this path, and the unfortunate consequences that ensued.

Read the article:  http://www.theglobeandmail.com/globe-investor/investment-ideas/experts-podium/why-no-is-the-most-valuable-word-privileged-kids-hear/article1836301/print/