Family Offices aren’t just for the wealthy.

Have you heard of a Family Office? For the last couple of years, I’ve been deepdiving into them. So what is it? 

A family office is a private company whose employees help manage a family's assets and needs. It’s a family business that has ultra high net worth and assets. It could be a portfolio of real estate, businesses, and other assets. It’s a pathway to sustaining wealth and ensuring they are passed down through generations. 

Financial education is more than just learning about paying yourself first, creating budgets, making your first investment accounts, it’s about sustaining that wealth for future generations.

I came across the following article written by Madeline Berg. https://www.businessinsider.com/biggest-mistakes-raising-kids-money-millions-how-to-fix-transparency-2026-1

A centimillionaire (that's 8 zeroes) family who was on a not so good path of teaching (or not teaching) their children about financial literacy. They went from high school dropouts to nine-figure earners. But they were about to be among the 70% of wealthy families lose their wealth by the second generation.From appearing on My Super Sweet 16, to buying their daughter a brand new Mercedes Benx, the Castro family was on a path of losing their wealth and leaving their children with nothing. 

They were like most parents, giving their children everything they never had. 

Until they found out how to properly educate their family and encourage their children to learn to work. They started having real conversations and becoming transparent with their children. They also created a 100 year legacy plan and a family constitution. They started to real about their finances. 

You don’t have to wait to become a centimillionaire to start talking to your children about money. You don’t even have to be a millionaire. 

While your children are still in your household, it’s critical that you have healthy money conversations early and often. Be real about money mistakes. Read books about money (The Wealth Playground has a good selection) and start finding ways to sustain the wealth you build. 

If you want to learn more information, visit thewealthplayground.com