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The Next Generation and the Pursuit of Happiness

The author first observes that dealing with next-generation issues cannot be done from the perspective of a sort of “top down” teaching, but rather that advisers can encourage members of the next generation to become confident owners (and managers) of their own wealth, so they can proceed with their personal pursuit of a happy life. Thus, once a younger family member has accepted the wealth, he or she needs to develop wealth-related skills that can be grouped into four core categories: basic accounting skills, investment skills, legal skills and skills related to philanthropy. The author suggests that family members can begin with individual “needs analysis” inventory so that the focus can be on the weaker skills.