606: The Way Into Better Conversations About Wealth, with Kristin Keffeler

Kristin Keffeler: The Myth of the Silver Spoon Kristin Keffeler is a thought leader and consultant at the forefront of a global shift in family wealth advising, known as Wealth 3.0. She guides affluent and enterprising families, the rising generation, and the professionals who support them in embracing the positive power of wealth, aligning their vision with their impact. As the founder of Illumination360, she specializes in human motivation and behavioral change, family dynamics, family governance, rising generation education and development, and intergenerational collaboration. She is the Dean of Positive Psychology for the Purposeful Planning Institute, sits on the Board of Advisors for the Bailey Program for Family Enterprise at the University of Denver, is a faculty member with the Ultra-High Net Worth Institute, a certified trainer with 21/64, a national nonprofit for advancing multigenerational philanthropy, and is the co-founder of Beneficiary Bootcamp. She is the author of The Myth of the Silver Spoon: Navigating Family Wealth & Creating an Impactful Life*. In this conversation, Kristin and I discuss a reality that’s true for almost every leader: whether we have wealth ourselves, almost all of us interact with wealthy people. We explore some of the myths of wealth to understand the psychological challenges that wealth often brings. Plus, we learn from what works (and doesn’t) for wealthy families so that we can have better conversations about wealth in our own families. Key Points While wealth brings resources, it also brings psychological challenges for many people with wealth. More money doesn’t equal happiness. Small inheritances can increase happiness, but large ones do not. Many people with wealth find close relationships a bit of a struggle. While our perception may be that the most wealthy are selfish and greedy, more often individuals (especially next generations) tend to under-identify with family wealth. Ground decisions in values that align with a vision of thriving. There’s a huge difference in the next generation having a little bit of ownership in a financial event vs. not having any ownership. Resources Mentioned The Myth of the Silver Spoon: Navigating Family Wealth & Creating an Impactful Life* by Kristin Keffeler Interview Notes Download my interview notes in PDF format (free membership required). Related Episodes How to Reduce Drama With Kids, with Tina Payne Bryson (episode 310) Dumb Things Smart People Do With Money, with Jill Schlesinger (episode 396) The Way to Build Wealth, with Chris Hogan (episode 502) Discover More Activate your free membership for full access to the entire library of interviews since 2011, searchable by topic.