Several years ago, Jay Hughes, a prominent leader in the field of Family Wealth Counseling strongly suggested that instead of referring to the next generation in a family as, “Next Gens” we needed to think of them and relate to them as the “Rising Generation”. He went on to postulate that particularly in a family of wealth, the founder’s dream is often so large that it overwhelms the dreams and aspirations of the rising generation. This leaves the next generation with two classic options; succumb to the founder’s dream as their own, or completely reject the dream often by getting rid of the family money through overspending or disengaging from the family entirely. Neither option allows for the rising generation to consciously define their own passions and purpose.
In my next few posts, I’ll begin a conversation aimed at supporting the rising generation. The intent is to help them find their voice and to facilitate their development as consciously responsible inheritors.
Today I would like to leave you with two questions:
- For the senior generation, how do you evaluate your success in investing in and supporting the individual dreams of your children? Specifically, their dreams, not your dream for them.
- For the generation that is rising up—how do you evaluate your success in being on your own path of finding a true purpose? Have you been on your journey in such a way that you are still able to maintain a healthy connection to your family?