Tom Brady worries about spoiling his kids; should you, too?
NFL Quarterback Tom Brady has concerns about raising his three kids with a sense of entitlement.
We have people that clean for us, we have people that make our food, we have people that drive us to the airport if we need that,” Brady said. “That’s my kids’ reality, which is the hard part, to say, ‘Guys, this is not the way reality really is.’
This is a common worry that many wealthy parents have. According to a Motley Fool survey, two thirds of high net worth parents are uncomfortable with the idea of leaving too much to their kids.
It’s an ironic problem to have.
From our work with families of wealth, here are what we would offer as tips for raising down-to-earth kids.
Give your kids the opportunity to earn a sense of self-respect and worth by establishing goals; revisit these in family meetings.
Make a conscious effort to instill a sense of purpose in them, and the ability to improve the lives of those around them.
Actively encourage them to achieve their own successes in life.
Broaden their life experiences past just traveling, consumption, and having people wait on them. Involving them in charities, sports, and community activities can help them relate to society at large.
Explain that they have a backstop, but that doesn’t mean that financial security is guaranteed forever. Teach them positive money habits and encourage financial literacy.
If you are seriously concerned about money being spent irresponsibly, consider putting “qualifying conditions” on your kids’ inheritance.
Having said all this, I’ll also acknowledge that this is no easy task. Every family has its financial challenges, and ultra wealthy families are no different.
if you ever want to discuss this or any other topics I cover in my newsletters, please feel free to send me a note.
Sauer, Megan. (2022, July 29th). CNBC. Tom Brady worries wealth will keep his kids from growing up grounded: ‘Guys, this is not … reality’. https://www.cnbc.com/2022/07/29/tom-brady-worries-wealth-will-spoil-his-kids-this-is-not-reality.html
Caporal, Jack. (2021, October 21st). The Motley Fool. Kevin O’Leary Is Concerned About Leaving Too Large an Inheritance — So Are Two-Thirds of High-Net-Worth Individuals. https://www.fool.com/research/high-net-worth-inheritance/
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