The Red Corvette Story

Putting significant wealth into the hands of a young person who hasn’t been adequately coached or trained reminds me of the metaphor of the Red Corvette:


Can you imagine any parent who on his/her son’s or daughter’s sixteenth birthday would announce: 

“Happy Birthday sweetheart!!!  There is a brand new, bright red Corvette in the driveway.  I want you to have as much fun and excitement in life as you can.  I don’t have time to get you over to Driver’s Ed nor to get the car insured.  Here are the keys.  Invite your friends to go with you for the ride of their lives.  Take that red Corvette out on the freeway and see how fast you can get that ‘Vette up to.”

In a sense putting together a training and educational program for next generation family members is all about making sure that before the keys of trusteeship and control get handed over to the beneficiaries they have been prepared for that responsibility and opportunity. 

What form will that training and educational program take?  Will it be purely a text book curriculum where the beneficiary reads books, white papers, etc. and then engages in a dialogue with the trainer?  Could it also include the simulator version where the next generation family member has the opportunity for experiential learning with examples that pose potential “real-life” challenges they might face someday in the future?  Will it also involve an apprenticeship as a “shadow trustee” or “co-trustee?”

What would you recommend to your client or what are you as a parent inclined to include in your customized training and educational program for next generation family members?

Comments

[hartley goldstone]

Good morning John A. It's very early morning on a snowy day in Denver. During this quiet time, I have treated myself to re-reading your collected Seedling posts from one end to the other. What an inspiring body of work you have amassed in such a short period of time. Yes, I had read many, if not all, the blog posts before. Usually on the run while catching up on other e-mails and generally managing the rhythms of a busy life. I gently urge our collaborators to set aside time to read and contemplate your gifts to us in a thoughtful manner. And share our responses. With gratitude- Hartley

[John A Warnick]

Thanks Hartley.  I will hope it will snow more often in Colorado if it produces this response.  I really would like you and anyone else who follows this blog to know how much I appreciate your support and interest.  I would love to see more comments as I firmly believe there is a lot of experiential wisdom out there among the readers of this blog which is waiting to be shared as a gift to our community.  John A