A quick take from a Harvard psychologist on how the obscenely rich can think about passing on a work ethic
Larry Stybel strips it down to neglected and seemingly banal details such as the time parents spend in automobiles with kids
I like this topic a lot. I think there needs to be much more discussion of the broader topic of what is wealth and how/why to invest in the non-financial aspects of wealth. Also, there should be more about how to invest financially for greater happiness, which could mean investing to meet goals v. beating the market, and lowering stress, etc.
I also think psychologists can help a lot in this area of wealth management. And I do think it is time that they become a part of wealth management teams.
Even though we raised our kids in Palm Beach, we didn’t “outsource”. We maintained a sit-down dinner together every evening. We were amazed at the number of their classmates who loved the experience and had no idea about “what their father did”. Their parents were “out” at night and they ate in the kitchen with “the Help” or on trays in front of the TV. I feel sorry for many of those children of privilege, as many of them developed substance abuse problems. Fortunately our kids grew up frugal and caring of others.