When we work with philanthropic families in our multigenerational and next generation engagement practice at 21/64, family members share their values, their vision and their philanthropic passions and grantmaking. Grantmaking is many things to many people, but it is fundamentally about the transfer of money. In our work with families, it often makes us wonder about where money culture and wealth identity show up in a family and how it gets taught and shared. We have come to define money culture as the family’s values, beliefs, rules, customs, messages and practices around their money and finances. We often see how a family’s money culture plays a big role in the development of each family member’s wealth identity—who each family member is in relation to their wealth as a financial decision-maker and how they make money decisions.
TO READ MORE GO TO: https://www.ncfp.org/2019/09/19/addressing-the-taboo-talking-about-money-in-family-philanthropy/