Britney Spears is Pregnant
Tuesday April 12, 2005
Britney Spears announced today her pregnancy on her Official Site. Hopefully, she and husband Kevin Federline will be great parents and will realize the importance of keeping their relationship with one another as a top priority in their lives.
As affluent parents, they may need the counsel of Dr. Bruce Bickel who works with wealthy families. 'TEACHING VALUES IS A JOB THAT CAN'T BE OUTSOURCED' SAYS PNC ADVISORS EXPERT ON RAISING CHILDREN
National Survey Confirms Advisor's Conviction: Parents Must Show the Way
PITTSBURGH, April 11, 2005 - Dr. Bruce Bickel counsels wealthy families on raising their children. Experience has taught him that when it comes to responsibility for instilling values about money, the buck stops with the parents and should not be left to chance. His experience is backed by the results of a recent PNC Advisors survey that shows entitlement, a lack of work ethic and low self-esteem are top fears that American parents have for their children, particularly in families of wealth, but that many aren't doing anything about it.
"Raising responsible children is hard enough, but it's an even greater challenge for affluent parents," says Dr. Bickel. "Children need to learn that wealth is both a benefit and a burden. Parents have an obligation to educate their children early on about the responsibilities that come with affluence and help them avoid the pitfalls of overindulgence. If they do not, they risk raising a generation of kids who can quickly squander family money and grow up with a warped sense of entitlement - an ailment that can lead to emotional, social and financial problems later in life."
Bickel, an ordained minister and US Naval Academy graduate, heads the Private Foundation Management Group at PNC Advisors, the wealth management arm of The PNC Financial Services Group (NYSE: PNC). He works with affluent families across the country, helping parents to develop effective strategies for raising responsible, productive and charitable children. As part of his role, Dr. Bickel works with parents to identify their concerns early on, to address the thorny issue of passing on family wealth and how to engender a sense of responsibility in the children who are the beneficiaries of family wealth. Based on his experience Dr. Bickel offers some real solutions including:
About PNC Advisors:
PNC Advisors, a member of The PNC Financial Services Group, Inc., is one of the nation's largest wealth managers, providing services and advice to affluent individuals and families, including full-service brokerage through Hilliard Lyons. In addition, the Hawthorn division advises ultra high net worth families. The roots of PNC Advisors date back more than 150 years to two of the nation's oldest and largest investment management and trust companies.
As affluent parents, they may need the counsel of Dr. Bruce Bickel who works with wealthy families. 'TEACHING VALUES IS A JOB THAT CAN'T BE OUTSOURCED' SAYS PNC ADVISORS EXPERT ON RAISING CHILDREN
National Survey Confirms Advisor's Conviction: Parents Must Show the Way
PITTSBURGH, April 11, 2005 - Dr. Bruce Bickel counsels wealthy families on raising their children. Experience has taught him that when it comes to responsibility for instilling values about money, the buck stops with the parents and should not be left to chance. His experience is backed by the results of a recent PNC Advisors survey that shows entitlement, a lack of work ethic and low self-esteem are top fears that American parents have for their children, particularly in families of wealth, but that many aren't doing anything about it.
"Raising responsible children is hard enough, but it's an even greater challenge for affluent parents," says Dr. Bickel. "Children need to learn that wealth is both a benefit and a burden. Parents have an obligation to educate their children early on about the responsibilities that come with affluence and help them avoid the pitfalls of overindulgence. If they do not, they risk raising a generation of kids who can quickly squander family money and grow up with a warped sense of entitlement - an ailment that can lead to emotional, social and financial problems later in life."
Bickel, an ordained minister and US Naval Academy graduate, heads the Private Foundation Management Group at PNC Advisors, the wealth management arm of The PNC Financial Services Group (NYSE: PNC). He works with affluent families across the country, helping parents to develop effective strategies for raising responsible, productive and charitable children. As part of his role, Dr. Bickel works with parents to identify their concerns early on, to address the thorny issue of passing on family wealth and how to engender a sense of responsibility in the children who are the beneficiaries of family wealth. Based on his experience Dr. Bickel offers some real solutions including:
Bickel's solutions address some of the concerns raised by American parents in PNC Advisor's recent survey of 800 high net worth individuals. The survey found that:Parents should look at their own behavior first. Actions speak louder than words. Appropriate limit-setting is a challenge for all parents, but when money is a concern, parents must be even more vigilant about practicing restraint and articulating their own values.
Parents need to take time with their kids. It is crucial that parents take the time to talk with their kids about the role of money in their family, and to provide context for it. Kids should understand that money is the result of someone's hard work or good fortune and is a responsibility, not a right that constitutes a free ride through life.
Involve the children in basic family financial decisions and budget discussions. By involving children, they will learn. Let the kids see the household budget including how much money is spent on food, utilities and extras. Providing your children with understandable illustrations is key. "Many wealthy parents think they should be teaching their kids about what stocks to buy, but they really should be starting with basic topics of earning, giving, spending, saving and budgeting, as well as helping children learn the difference between need, want and desire," says Bickel.
Teach children early on about the importance of generosity. Children must be taught to share their good fortune with others. Advise kids to set aside a percentage of their allowance for a not-for-profit or charitable organization. This will enable them to understand the needs of others and will be useful later in life if they have a family foundation. "The allowance allocation to charity is a great way to teach the next generation. It is a value clarification issue." Family foundations or favorite charities can be a source for family projects for everyone to participate. Bickel believes children of wealthy families can learn the process of giving back by observing the operations of a foundation at an early age as part of succession planning.
Establish a series of "social contracts" with your children. In addition to including children on discussions of financial matters, parents should establish a series of "social contracts" with their children with firm guidelines to appropriate behavior with clear consequences for their choices.
"As a culture, we risk raising a generation of people who think they have rights and not responsibilities. Affluent parents need to teach children the difference between what is a privilege and a right. By having a solid foundation in place, you can teach your children that money and wealth are responsibilities," says Dr. Bickel.
About the Wealth and Values Survey PNC Advisors commissioned the Wealth and Values Survey to identify attitudes about wealth among high net worth individuals, how it affects their lives and their needs in managing wealth. The survey was conducted in November 2004 by HNW, Inc., a leading provider of wealth marketing software and solutions to financial services companies and intermediaries seeking to capture and serve the high net worth market. All respondents to the survey have at least $500,000 in investable assets, including retirement accounts.Nearly one in five parents have done nothing to educate their kids about the value of money.
Although nine out of 10 surveyed think it is important for children to learn the value of giving, less than one-third encourage their kids to give regularly to charity and only half provide their children with an allowance.
Although nine out of 10 respondents (86 percent) think it is important for children to learn about the value of money through hard work, only 29 percent of parents encourage their children to take after-school jobs.
Although more than half worried that their kids will grow up feeling "entitled" and nearly as many believe their children are spoiled, less than half encourage their kids to participate in community service activities.
About PNC Advisors:
PNC Advisors, a member of The PNC Financial Services Group, Inc., is one of the nation's largest wealth managers, providing services and advice to affluent individuals and families, including full-service brokerage through Hilliard Lyons. In addition, the Hawthorn division advises ultra high net worth families. The roots of PNC Advisors date back more than 150 years to two of the nation's oldest and largest investment management and trust companies.
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