Abbot Downing had the opportunity to sit down with several members of the rising generation, including Nathaniel Foster of Foster Holdings, Dana Mortenson of World Savvy, and Elizabeth Rees of Chasing Paper, to discuss their personal journeys navigating a family business and the impact of wealth. This handout summarizes their insights.
- Money can often be a taboo subject, but it is helpful when parents start talking to children about money at a young age.
- It is important for parents to give their children the opportunity to fail and learn from those failures.
- Connecting wealth to family history can be a special way of understanding what went into building the wealth and keep the rising generation connected and engaged.
- Cross-generational communication is critical and parents are encouraged to listen and be open to the rising generation’s ideas.