Four Ways to Teach Young Adults How to Manage Great Wealth

Wealthy families can use these planning strategies to help their children learn the importance of responsibly managing their wealth.

A young woman looks down at her phone while cash rains down around her.
(Image credit: Getty Images)

Editor’s note: This is part three of a three-part series about helping the younger generation with financial planning and wealth building. Part one is Four Ways Parents Can Help Kids Be First-Time Home Buyers. Part two is Three Ways Parents Can Transfer Wealth to Help Their Kids.

They say it takes a village to raise a child, and when it comes to teaching the next generation about managing great wealth, it likely takes more than a village. It requires the right strategy, thoughtful intent and sometimes difficult conversations, all preferably done way before the actual asset transfers happen.

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Alvina Lo
Chief Wealth Strategist, Wilmington Trust

Alvina Lo is responsible for family office and strategic wealth planning at Wilmington Trust, part of M&T Bank. Alvina was previously with Citi Private Bank, Credit Suisse Private Wealth and a practicing attorney at Milbank, Tweed, Hadley & McCloy, LLC. She holds a B.S. in civil engineering from the University of Virginia and a JD from the University of Pennsylvania.  She is a published author, frequent lecturer and has been quoted in major outlets such as "The New York Times."