For wealth inheritors, having access to a large sum of money they did not earn is a privilege, but often comes with mixed emotions and a deep sense of responsibility. Acknowledging and building a healthy and transparent relationship to wealth can help improve personal and family relationships, deepen connections in community, and ultimately promote greater, and more equitable redistribution of philanthropic dollars. NCFP Program Manager Britt Benavidez sat down with Iris Brilliant to learn more about her experiences and recommendations for next generation philanthropists. Brilliant leans on her own experiences as a wealth inheritor to coach other inheritors to develop a healthier relationship to wealth and break out of the “vicious cycle of inherited wealth.”

Can you tell me more about yourself and how you got into this coaching role?

I’m from the Bay Area in California and I’m the first person in my family lineage to really grow up wealthy. When I was first introduced to institutional philanthropy, I felt such a strong disconnect in those spaces because I noticed the loud absence of the communities that these institutions were funding and how all decisions were being made for other people behind closed doors. I started to put language to that discomfort. Once I inherited wealth, right after college, I realized I needed to put my money where my mouth is and begin to discover what it means to really align my wealth with my social justice values. I began to support wealthy people to take more courageous steps with their money, and to find more peace within themselves.

What are some of the challenges that you’re seeing these wealth inheritors face?

Most of my clientele are inheritors with social justice values. They often grapple with wanting material comforts while knowing they did not contribute to earning their wealth. This knowledge that they have inherited wealth that was not created by their own skills, talent, or effort often creates a deep insecurity.

They also have challenges in how they relate to their careers, especially if they have inherited enough money to not need to work. Many inheritors wait around for the perfect job and get stuck in this hamster wheel of waiting and overthinking, all the while not developing any work-related skills, and then becoming fundamentally disconnected from the rest of society and dissatisfied in their lives.

Many inheritors also struggle with a fear that others will exploit them for their wealth. Some are just friends with other wealthy people to ease that fear. Many fall in love with people who aren’t wealthy, but then must confront the incredibly uncomfortable stuff that comes up when you tell someone else that you have a trust fund or that you’ve inherited millions of dollars.

All of these challenges can lead to people feeling stuck and inadequate. It especially makes it harder to understand, “Why am I feeling depressed or anxious when I’ve had such a good life when I’ve been raised with so much privilege?”

Read the full article about inherited wealth by Britt Benavidez and Iris Brilliant at the National Center for Family Philanthropy.