Parents want what’s best for their children, and they also want to support each child’s growth into a successful, independent adult. For families with significant wealth, those two goals might come into conflict if the desire and ability to provide leads to a sense of entitlement or dependency in the younger generation.

In the latest edition of our podcast, I’ve Been Meaning To Do That, Truist Wealth Co-Chief Investment Officer and host Oscarlyn Elder welcomes Drew Egan, managing director of family education at the Truist Center for Family Legacy, to talk about strategies for instilling a sense of self-reliance and independence in children, teens and young adults. Both Oscarlyn and Drew are parents themselves, so they share their own experiences, and offer practical tips and tools to use in your own family.

They discuss:

• Allowing for choice and agency by children
• The value of failure
• Setting boundaries, both for children and for parents
• Communicating the reasons we say “no”
• Recognizing when dependency is settling in
• Budgeting as a tool to promote independence

This episode comes with two downloadable supplements: first, the budget spreadsheet that Drew and Oscarlyn discuss; and second, a template for taking notes on each episode.

Super Budget Spreadsheet

Podcast Worksheet

Have a question for Oscarlyn or her guests? Email [email protected]