It was serendipity that I bumped into the sons of a remarkable entrepreneur I have known for decades. Let’s call him James. He built his company to become a towering giant in the food industry, winning industry awards by the dozen, and had recently retired. James had mentioned his three sons and told me they worked in the family business but that they would go on to do their own thing. As I chatted with them at a Family Office event, it was evident that they were now in control of the wealth created by James. They were young Vikings, tall, confident, and with their father’s strong spirit and twinkling eyes. I was glad to see their confidence in taking over the family office because, for many “Rising Gens”, they do not get to this stage of independence. Rather, they get stuck in their father’s shadow and feel guilty and forced to live a pre-determined life.

Hello, future stewards of wealth! This isn't just another lecture on managing your inheritance; it's a conversation about empowerment, choice, and personal growth. As someone who has observed the dynamics of wealth across generations, I want to share insights that will encourage reflection and perhaps prompt action.

The Illusion of No Choice

One of the most pervasive myths in families of wealth is the notion that choices are predetermined by those who came before you. This can force a life lived under the shadow of expectations, similar to what we've observed in royal families like the British monarchy. Prince Charles, now King Charles III, has lived much of his life under the immense gaze of public and familial expectations, as have his sons, William and Harry.

In your own life, you might feel that your career, lifestyle, or even personal relationships have been influenced or decided by the wealth your family has accumulated. This can breed a sense of helplessness, making you feel like you're merely a custodian of wealth rather than a creator of your own destiny.

The Burden of Expectations

From my own family's experience, I've seen how the weight of expectations can stunt personal growth. I was shocked by some family members who at 40, were still grappling with issues they faced at 20, unable to move forward because they were too focused on living up to the legacy of the wealth creator. In comparison, James had asked his sons to figure out their own lives and how to manage the family wealth. The sons had agreed to do “family wealth” and had been given that choice. They also had made the decision not to be part of the family business but to pass it to professional management.

Inheriting great wealth sounds wonderful. It isn't just about money; it's about identity, self-worth, and autonomy. The real challenge isn't managing the financial assets but overcoming the belief in your capacity to forge your path.

Taking Action: Your Role in Shaping Your Future

Here's where the narrative shifts for you from passive acceptance to active engagement:

Understand the Commonality: Recognize that feeling trapped by wealth is not unique to you. Many in similar positions struggle with similar issues. This understanding can be liberating because it means there's a path forward, trodden by others.

• Embrace Your Agency: Wealth doesn't dictate your life unless you allow it to. You have the choice to innovate, to start ventures, to invest in what you believe in, or to use your resources for social good.

• Seek Knowledge and Guidance: Don't wait for the wealth creators in your life to hand you a manual on life. Educate yourself about finance, but also about psychology, leadership, and personal development. Engage with mentors who can guide you beyond just wealth management.

• Redefine Wealth: Look at wealth not just as money but as an opportunity for impact. How can you use what you have to create something meaningful? Whether it's through philanthropy, environmental initiatives, or cultural contributions, your wealth can be a tool for positive change.

• Build Your Own Legacy: What do you want to be known for? Not just as an inheritor but as an innovator or a leader managing your own direction, right? This thought should drive your daily actions. Wealth can be both a blessing and a curse, but the real curse is believing you have no control over it. You're not just the next generation of wealth; you're the next generation of thinkers, leaders, and changemakers. By choosing to engage actively with your circumstances, you can transform inherited wealth into a legacy that reflects your values and vision.

So, as you manage your family wealth, reflect on your current path, take action where you see fit, and remember, the greatest wealth you can accumulate is the richness of a life lived by your design, not by default. Here's to your journey in redefining wealth for you. Stay curious and as Steve Jobs said, stay humble.