Host: Dave Specht, Family Dynamics National Development Manager, Wells Fargo Private Bank
What’s the secret to raising a child that is confident but humble, ambitious but patient, competitive but compassionate? No amount of money will achieve such a feat, but we can teach them through experience, time, and reflection with parents that love and respect them.
I’m Dave Specht, the Family Dynamics National Development Manager for Wells Fargo Private Bank, and I’m your host for “Your Financial Journey,” a podcast series that explores questions that families of wealth commonly face.
First, how do you instill confidence and humility?
Your child can gain confidence through hard work, practice, and by people believing in them. Encourage their passions for sports, music, education, or other pursuits, and remember their confidence is not only built through winning. Your children can benefit when they come up short by not giving up, seeking the next victory with a belief that they can succeed. In supporting them, no matter the outcome, you can instill humility. Humility is a realistic view of our strengths, while at the same time recognizing our weaknesses. A good mixture of confidence and humility also is just the recipe for people wanting to be around them.
How about teaching them to be ambitious but patient?
It is nearly impossible to achieve great outcomes without encouraging your child to set goals that stretch and test the limits of their abilities. Ambitious objectives typically stoke a competitive fire that is followed by work, commitment, and resilience. But encouraging your child to be both ambitious and patient may be more challenging. Patience is the ability to accept delays or setbacks without getting angry or upset. Encouraging them to persevere when things don’t happen on their timetable will go a long way to developing these skills.
Now let’s look at teaching competitive-but-compassionate traits
We live in a global economy with challenging and changing competitors every day. Equipping our children with the education, skills, and experiences to compete is the first step. If we succeed in teaching them to compete but we fail to show them how to be compassionate, however, we may not be proud of who they become. A healthy competitive attitude can be balanced by showing our children how to show others compassion through regular community service or charitable work.
What other steps can you take to develop a well-rounded, experience-rich child?
Ultimately each family has to assign value to the activities we want our children to experience. For some, travel and becoming familiar with different cultures is important. For others, encouraging your children to get jobs at an early age and to pay for their own things may be what you value. Some families value doing things together outdoors. The most important thing to consider is what you value and how you prioritize and give time to those activities and how they align with each child’s interests and strengths. These experiences coupled with the aforementioned traits can help develop a well-rounded, happy, and successful child.
To learn more about how Wells Fargo Private Bank’s Family Dynamics Team can help you develop a thriving next generation, contact your financial professional at Wells Fargo Private Bank.