We were thrilled to have recently hosted Stephanie Dean, Manager of Financial Literacy at RBC Wealth Management to discuss the ins and outs of talking to your family about wealth. With her extensive experience working with families across the wealth spectrum, Stephanie shared valuable insights and best practices to help you navigate these sometimes difficult and tricky conversations.

Here are some of the key takeaways:

Start soon, start small: Begin the conversation early and gradually build up to more in-depth discussions.

Create economic necessity: Encourage kids to take an interest in wealth management by introducing financial responsibilities.

Respect differing values: Be mindful of the different values and perspectives within your family.

Hold family meetings: Use regular meetings to discuss wealth and family planning in a collaborative and educational setting.

 

For a deeper dive, Stephanie recommends the following books:

For kids: "Rock, Brock and the Savings Shock", "Alexander Who Used to be Rich Last Sunday", and "From Piggy Banks to Stocks"

For teens: "A Rich Future" and "Seventeen to Millionaire"

For adults: "Money Like You Mean It", "The Wealthy Barber", and "The Psychology of Money"

For parents: "The Wisest Investment"

For HNW/UHNW individuals: "Wealth of Wisdom"

Stay tuned for more valuable insights from our conversation with Stephanie Dean!