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Value Creation Blog

You Are On That Committee….

Posted by Josh Patrick

You_Are_On_That_Committee.pngMy sister has a saying, “I’m not on that committee.” In my opinion, that’s something you should never say when you’re talking about your family.

For me, the truth is I’ll be on that committee with my kids for my entire life. You see, I’ve lived a lot longer than they have and there is a certain amount of wisdom that I think I can pass on to them.

I bet you’re in the exact same position as I am.

You can help mistakes from happening.

Way too often I see parents observe their children making huge mistakes that they don’t have to make. When I ask these parents why they don’t speak up they tell me they don’t think they should be involved in decisions their children make. This is especially true with their adult children.

I think this is a copout. If you see your children making a big mistake doesn’t it make sense for you to be willing to have the tough conversation and help them learn from the wisdom you’ve gained through your life?

Sometimes these conversations are hard to have.

These conversations are really difficult to have. If you’re not willing to have it that means you’re not willing to help your children avoid mistakes that you can clearly see.

Family and more specifically parents are in a position to help their adult children make wise decisions. Often, this means having a tough conversation that your children might not want to have.

It’s okay to start the conversation by saying, “This is something you probably don’t want to talk about.” Then you have to launch into your conversation and tell your children what you really think, why it’s important that they consider your opinion and how your suggestion might make for a better life for them.

I want you to ask yourself a question.

If you don’t have this conversation and your children make a huge mistake that you could’ve helped them avoid how are you going to feel? If the answer is crummy, not very good, or really bad don’t you think you have a responsibility to speak up and help your adult children avoid mistakes they are about to make?

You see, in my opinion being a parent doesn’t stop when your children reach 18, 21 or even 25 years old. It stays with you forever. That’s why I think you have a responsibility to always have the tough conversations when it’s needed with your children no matter what age they are.

I’ve written in the past about your spouse being the only person who will really tell you the truth. The same is true with you and your children. If there’s something you need to say, be brave and say it.

Are you willing to be brave? Are you willing to speak up, even when it’s not very comfortable to do so?

Here’s my question to you, “Are you willing to have a tough conversation with your children when you’re seeing them make a big mistake, not a little mistake that’s easily recovered?”

At the end of the day managing wealth is just as much about managing and sharing your wisdom as it is about managing your money.

Why don’t you click here and let me know what you think about having an open and honest conversation with your children even when it’s hard to do so.

 

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Topics: wealth management, Children, honest conversation

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