Wealth manager Franco Lombardo has a new book out about the inter-generational struggles that the wealthiest families go through. The phrase Money Can’t Buy Happiness is often repeated but no one really believes it. We’ll see if the book changes your mind…
In the meantime, here are three reasons Lombardo cites for all the animosity between the children and parents of wealthy clans (via USA Today):
Wealthy kids hate their parents for three common reasons. First, wealthy parents don’t say “no” enough. “A child grows up with a sense that they get whatever they want,” Lombardo says. “When they go out into the world and the world tells them ‘no,” they’re angry. And they resent their parents.”
The second cause is time. Wealthy parents are often absent parents, and the kids feel abandoned. When the parents try to make up lost time with money, the kids get even angrier. “Money is the wrong currency to pay back lost time. You make up lost time with time.”
The third reason is society. The culture at large, Lombardo says, makes fun of rich kids. So parents tell their kids at an early age to hide their wealth. When the kids grow up, they feel that a big part of their identity has to remain hidden — and they blame their parents.
Interesting stuff, obviously in my career I come across this stuff but not all the time, I could give you examples of extremely happy well-off children as well (at least it appears that way to me, who know?).
By the way, as a fascinating aside, I’d love to send you somewhere you could buy the book (which has been out for a month) but it doesn’t exist on Amazon and I could not find any other site selling it. Even more bizarre is that he’s got a website loaded with book reviews and even a custom-made video for it – but not a single link to purchase it! His PR people should be fired and then slapped. I’m about to send 3000 of you there by placing this link:
Oh well, LOL