In her book Raised Healthy, Wealthy and Wise, author Coventry Edwards-Pitt demonstrates how the "wealthy" aspect of this trio can make it difficult for children to develop into purpose-driven, independent and successful individuals.
The book compiles case studies of children from wealthy families who became successful inheritors and chronicles the choices parents made and messages shared that influenced their children's transition into adulthood. Touching on early childhood practices from allowance to who pays for college, the book shares strategies so parents can allow their children to struggle, fail and recover from missteps and challenges. Recognizing parents are hardwired to help their kids, she shows readers the difference between a helping hand and a hindrance that prevents growth and learning.
Philanthropy has emerged as an excellent avenue to introduce concepts of wealth, community and responsibility to children. Such opportunities create space for families to reflect on their shared story, values and desired legacy.
Learn more about ways to invest in the community at Seattle Foundation.