Raising Balanced Children

Thursday, April 25, 2013
9:30 a.m. to 2:00 p.m.

The University Club of Chicago

Parents and grandparents want their wealth to be a means of opportunity that enhances the lives of their children as opposed to being a source of complexity or harm. But how can parents translate that desire in to actions that help their children be appreciative of the advantages they have and also driven to define and seek their own goals in life? In this session, each panelist will share their experiences and perspectives on different parenting choices and approaches that promote a balanced upbringing.

In today’s world of economic uncertainty where kids moving home after college (and even later) has become more and more common, it can be hard for parents and grandparents to determine when their financial assistance is helping the young adults in their life versus inhibiting their financial independence. Developmental psychologist, family therapist, and expert in family business dynamics, Ken Kaye, brings decades of experience to teaching parents how to prudently use their wealth to provide their children with the best resources and opportunities without creating expectations of passive entitlement. Ultimately, there is nothing wrong with subsidizing a young adult as long as it is done in a manner that establishes accountability on both sides. The secret to navigating these tricky situations successfully? Understanding the process of trusting.

Many parents struggle with decisions on how to talk with their children about money and inheritance. It is difficult to determine how and when to raise these issues and parents fear sharing too much information at the wrong time will lead to unintended consequences. Without some guidance on what information and details are appropriate at which ages, it can be hard to start an effective family conversation. In this session, well known authors Rich Morris and Jayne Pearl will share guidelines and recommendations for creating an open and honest dialogue that helps parents and children set expectations for the future.