Legacy Leaders Network

Tips of the week!

Trivia Question❓

What popular board game, originally created in the early 20th century, was designed to teach lessons about wealth accumulation and financial strategy?

Answer at the bottom of the newsletter

Strategies for Teaching Heirs About Wealth Management

Passing on wealth is more than a financial transaction—it’s an opportunity to pass on wisdom. Teaching heirs about managing wealth ensures they not only preserve what they inherit but also use it with purpose and clarity.

One effective strategy is starting the conversation early. Age-appropriate lessons can begin in childhood and evolve over time. For younger heirs, this might mean understanding the value of saving and spending wisely. As they mature, involve them in discussions about budgeting, investing, and philanthropy.

Transparency plays a key role. Rather than keeping finances behind closed doors, share the family’s financial values and goals. Consider hosting regular family meetings where you review the basics of the estate plan, explore financial principles, or invite professionals to answer questions.

Real-life experience is another valuable teacher. Create opportunities for heirs to participate in managing portions of the family wealth through donor-advised funds, mock investment portfolios, or small business ventures. These allow them to learn by doing, with guidance and support.

Finally, don’t overlook the power of mentorship. Connecting heirs with trusted advisors—whether financial planners, attorneys, or family elders—can reinforce lessons and provide a safety net as they grow in financial confidence.

Ultimately, the goal is not just financial literacy, but legacy literacy. When heirs understand both the mechanics and the meaning behind their inheritance, they are better prepared to honor it—and grow it—for generations to come. Teaching wealth management is, at its core, teaching stewardship. And that starts with intentional guidance.

💡 Answer to Trivia Question:

Monopoly. Originally based on "The Landlord’s Game" created by Lizzie Magie in 1904, it was intended to illustrate the consequences of land monopolies and financial decision-making.