Money is both basic and complicated. It enables us to get the things we want, yet people are often reluctant to talk about how much they make, how much they have or how much they pay for things — even to their own family.
In fact, according a recent survey of affluent investors:
- 62% said they do not plan to tell their children about their net worth — ever
- The lower their net worth, the less likely they are to tell their children
- 75% of business owners said they do not tell their kids about their financial situation
- Of the 38% of investors who did tell their children about their net worth:
– 61% said they did so in case something happened them
– 56% said they wanted their children to understand the implications of major financial decisions, such as their college choice
– More than 50% said they spoke to their children about the family’s net worth once they reached age 21 or older
[CLICK HERE to read the article, “Over half of wealthy people don’t tell their kids what the family is worth,” from Business Insider, March 4, 2015.]
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Source: Woods Blog Old