In this episode of Financial Planning for Canadian Business Owners, Jason Pereira, award–winning financial planner, university lecturer, and writer, interviews Preet Banerjee, a Canadian financial guru who coaches the children of the affluent on how to deal with their money!
Episode Highlights:
- 1:49 – Preet Banerjee introduces himself and what he does.
- 3:29 – What is the common motivation of the families that reach out to Preet for his financial workshop?
- 5:25 – Jason and Preet discuss the wide range of characteristics amongst the children of the wealthy.
- 6:28 – Preet breaks down what his workshops look like from the inside.
- 10:35 – Jason and Preet discuss intergenerational family wealth.
- 13:41 – How does Preet teach individual families to determine their best course of action?
- 17:27 – Is there a difference in children’s ability to understand financial concepts based on when the family made their money?
- 19:54 – What information is and isn’t sticking with Preet’s students?
- 22:46 – Jason and Preet discuss the importance of financial advisors providing service to the next generation.
- 24:03 – What are the key areas that Preet focuses on in his classes?
- 25:39 – Preet and Jason discuss Hollywood’s influence on the tensions that surround money.
- 28:50 – What are the first pieces of advice that Preet gives to his students?
3 Key Points
- Preet holds workshops for the children of Canada’s wealthy, aging from 18–24, in which he teaches them the basics of financial literacy, the emotional aspects of their situation, and how to think about money.
- The Shirtsleeves to Shirtsleeves in 3 Generations dilemma says that one generation amasses the wealth, the next one wastes it, and the final generation has nothing. Also, it’s more of a warning than a truth.
- Many of the preconceptions and tensions surrounding the wealthy come from pop culture, such as pressure to spend money on certain things and how to accept partners into the family.
Tweetable Quotes:
- “Family lawyers and estate lawyers have the best and most tragic stories because they get involved into all the craziness and crazy family dynamics.” – Jason Pereira
- “A lot of people who came up with nothing want their kids never to suffer that...they realize that the reason they are successful was the struggle.” – Jason Pereira
- “To say that there’s any one path that works for everyone is naive...A much more gauged process is required to figure out what these individual families need.” – Preet Banerjee
- “There is a certain expectation being in certain circles how much you spend on things. So, we talk about how they feel about those competing tensions.” – Preet Banerjee
Resources Mentioned:
Transcript
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