Affluenza: “An Ounce of Prevention Is Better than a Pound of Cure”
According to American author Mignon McLaughlin, “There are a handful of people whom money won’t spoil….” Do you think your children are among them? From over 25 years working with wealthy families, we’ve learned that older generations must be intentional to guard against the development of affluenza in children of all ages. As with lottery winners and athletes who often squander significant sums of cash, children who see an influx of assets may mishandle what they have been given without proper preparation.
The term “affluenza”, also known as sudden wealth syndrome, is a portmanteau of the words “affluence” and “influenza.” It is typically characterized by a lack of motivation or a sense of entitlement among those who have inherited large amounts of money.
During a conference call with clients, McManus & Associates Founding Principal John O. McManus recently shared his thoughts on the 10 preventative measures against affluenza below.
1. Discipline Reality Check
2. Better to Give than Receive
3. Money Can’t Buy Happiness
4. Patience Is a Virtue
5. Knowledge Is Power
6. No Substitute for Hard Work
7. Word to the Wise
8. Failing to Plan Is Planning to Fail
9. Know when to Say No
10. Preparation Is the Key to Success