Tag Archives: billionaire

The trouble with being rich is … family!

Of course, there’s really  no trouble with being rich, but … family is where issues arise because that’s what’s usually neglected.

If you made it you probably had to work hard which took you away from your family.  Whether you made or received it, you probably have responsibilities which you feel take you away from family.  Either way you might give your family the things they want because you want the best for them or just because they expect it.  So they live in a big house, ride in a fine car, jet off to hols and have the latest gear.  The trouble arises because what people need is you.

You might give your family the best schooling, clothing, holidays etc but you probably just don’t spend quality time together.  The “stuff” without the “touchy feely” invariably nurtures weak consciousness and a moral compass that spins easily.  The values that cement civilisation, like honesty underpinning trust and empathy underpinning care,  are weak so while everyone looks marvellous their happiness is compromised.  And probably yours too.

It is ironic that it is family that suffers most because relationships make human experience rich and wonderful.

familyownershipmanagementThe solution is simple, though difficult because it requires a change in perspective.  The solution is to give more time to family.  That is difficult because, as the entrepreneur or founder or guardian of the wealth,  you are busy and feel the need to work and fulfil responsibilities.   But if you spend time with family, playing as well as working, you help nurture a positive culture in which the sense of entitlement is replaced by one of duty and responsibility, greed is replaced by empathy and anger replaced with humour.

You don’t even have to be that rich for these issues to be pertinent.  Anyone with any prospect of succession will face family issues.  The best way to minimise problems is to admit they could be happening and try to separate ownership of assets from management of assets from family relationships.

BBC: The trouble with being a billionaire