How Much Is Too Much? Reflections from "Next Generation Philanthropy"

At SJS Investment Services, we’re always looking for fresh perspectives on wealth and how it impacts families, communities, and future generations. On March 11, we attended an event at the Toledo Museum of Art’s Glass Pavilion, Next Generation Philanthropy: Purpose, Not Privilege, featuring a conversation between Kristin Keffeler, author of The Myth of the Silver Spoon and Aly Sterling Philanthropy.

Kristin’s viewpoint challenged common narratives around inherited wealth and offered valuable insights on how the next generation—often receiving resources they didn’t earn—can redefine their relationship with money. She highlighted the emotional complexities that come with affluence, from identity struggles to the pressures of navigating financial privilege.

Kristin’s insights sparked a powerful conversation for us at SJS: How much is too much? People’s relationships with money exist on a spectrum. Some cling to it, always wanting more, yet never feeling like they have enough. Others see money as impermanent, freeing themselves from its grip. Most of us fall somewhere in between, navigating wealth with both ambition and uncertainty.

So how do we redefine wealth in a way that feels balanced and meaningful? A few takeaways from the event stood out:
💡 Money vs. wealth – Money is a tool, but real wealth is about purpose, connection, and values.
💡 The power of mindset – Shifting from fear to creativity and generosity can transform our relationship with wealth.
💡 Family conversations matter – Talking openly about money, privilege, and responsibility can help the next generation navigate wealth in a healthy way.

Kristin’s book, The Myth of the Silver Spoon, explores these themes further—offering a guide for families, advisors, and the rising generation looking to navigate the complexities of wealth with confidence and purpose. Whether you’re building a financial legacy or supporting clients in their journey, we recommend this book as a powerful resource for redefining what wealth really means.

At SJS Investment Services, we believe in fostering open, thoughtful conversations about wealth and legacy. If these ideas resonate with you, let’s start the conversation.

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Disclosures: Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide legal or tax advice. Please consult your legal or tax professionals for specific advice.

Statements contained in this report that are not statements of historical fact are intended to be and are forward looking statements. Forward looking statements include expressed expectations of future events and the assumptions on which the expressed expectations are based. All forward looking statements are inherently uncertain as they are based on various expectations and assumptions concerning future events and they are subject to numerous known and unknown risks and uncertainties which could cause actual events or results to differ materially from those projected.

SJS Outlook: Q1 2023

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Your Legacy

By Founder & CEO Scott J. Savage.

Estate Planning, Multi-Generational Planning, Legacy Planning, Gifting Strategies, and Philanthropy Planning. Have you checked these boxes yet in your financial plan? If you are lying awake asking yourself in the quiet of the night, “What should we do with our wealth when we die?”, please read on because in this article you will find potential answers, next steps, and resources.

It's natural to have this nagging question appear out of the blue and then fade for a time, only to resurface when you least expect it. Often it’s the part of the financial plan that you will “get to later.” With this article, my hope is that “later” turns into today once you see how approachable and meaningful this process can be. Here is some encouragement to get you started:

1. Be intentional – As you tackle the question of your legacy, take time to contemplate what is important to you and your family. Thinking in terms of purpose instead of people first is often very clarifying and exciting.

2. Create a legacy plan – The best answers to the question of legacy come in the form of a plan, not a single answer. You have options. Consider them and decide which ones are best for you. I believe in the saying, “Failing to plan is planning to fail.”

3. It’s not one-and-done – This can be a very freeing reality. The plan you create today does not have to be your forever plan. In fact, it likely will not be your forever plan. Revisit your plan every few years and adjust it as your life changes.

4. Procrastination is the enemy – Now that you know your plan can and will shift over time, it takes the pressure off of the need for life-long perfection. Waiting only makes the task loom larger. There’s peace of mind in knowing that you have set forth guidance for heirs and beneficiaries.

5. Benefit society sooner than later – Why wait until you’re gone to put your wealth to use in a meaningful cause? Many people take great joy in seeing the impact their wealth is making while they are living. Well-conceived and well-executed philanthropic advice can make an astounding impact right now as well as later.

6. Prepare for the transfer of wealth – Ideally, the capital that you pass on to the next generation grows, surpassing your own impact on society. On the other hand, it can be a minefield if inheritors aren’t prepared for the responsibility. You can help prepare them now for the potential bias against “silver spoon” wealth, or the guilt and shame that can come from unearned riches.

When you’re ready to begin the journey of a well-conceived legacy plan, please let us know if we may be of help. In the meantime, here are some books and references to prepare you for what you’ll encounter. These are not hypothetical situations. We see the stories in these books play out often.

Worthy Reading:

Engaged Healthy, Wealthy & Wise by Coventry Edwards-Pitt

This book imparts lessons from inheritors and their significant others on how to navigate love, family wealth, and forging their own paths. Edwards-Pitt writes about experiences I have encountered advising many SJS clients through the years. Parents and grandparents instinctively want to help their kids and grandkids, and unwittingly “rob” them of the need to “figure it out” on their own. Emerging adults gain a sense of identity by getting a job, paying their bills, renting an apartment, and often, falling in love. When these emerging adults are shielded from these experiences, they never build their own identities. They aren’t prepared, often lack the tools, and therefore hide from the burden of responsibility. Edwards-Pitt also heroically challenges the status quo in most planning circles that prenuptial agreements are a necessary risk management box that those with inherited wealth must check. Through her experience, she concludes that the human risks of prenuptial agreements outweigh the legal risks. Based on my experience, I agree with her conclusion.

The Myth of the Silver Spoon by Kristin Keffeler

In her book, Keffeler tackles the emotional realities of inherited wealth. Better still, she offers up tactics to transcend negative thinking and behaviors that can come from wealth and money. These include putting words to difficult feelings and gaining a healthy sense of identity. She also delivers experiences and insight into how affluent parents can raise children to avoid entitlement and helplessness while helping them discover and sustain their own personal vision for a fulfilling, impactful life. If you are at the child-rearing or grandchild-enjoying stage of life, this book is a must-read because it not only provides identifiable stories that teach, it gives you methods that, as a family, you can talk about and practice. It’s an ounce of prevention that is worth a pound of cure.

I’d like to say that I "followed all of the parenting rules," and did all this right. But as a parent of four grown children and two young grandchildren, I admit to violating some of the advice offered by these two authors. But their guidance to establish a plan and prepare a vision for “when I’m gone,” that I have done. It can be an amazing journey when done with the right advisor. I’d love to help you and guide you and make it a positive, rewarding experience in your life. If you are open to the offer, let’s get started by understanding your unique circumstances, and having an open, honest discussion. That’s the backdrop, and from it can come the best advice.

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Important Disclosure Information:

There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against a loss in a declining market.

Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide legal or tax advice. Please consult your legal or tax professionals for specific advice.

Statements contained in this article that are not statements of historical fact are intended to be and are forward looking statements. Forward looking statements include expressed expectations of future events and the assumptions on which the expressed expectations are based. All forward looking statements are inherently uncertain as they are based on various expectations and assumptions concerning future events and they are subject to numerous known and unknown risks and uncertainties which could cause actual events or results to differ materially from those projected.

Hyperlinks to third-party information are provided as a convenience.

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Generation To Generation - Financial Planning Questions As You Get Older

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By SJS Managing Director & Senior Advisor Jennifer Smiljanich, CFP®.

Sometimes we are lucky to find silver linings in times of adversity. As I reflect on all the change that has occurred in 2020, I take away an appreciation of being a part of our SJS clients’ lives. I began working in the planning and investment management profession more than 20 years ago, with the desire to help young people who didn’t understand much about money and investing. Over the years, I have gotten to know and work on behalf of some exceptionally wonderful individuals and families with diverse backgrounds and interests, ranging in age from 20 to 100.

Along the way, we have all added a few years to the bottom line, myself included. As we age and transition along generational positions, from child, to parent, to grandparent and beyond, our priorities and worries also tend to change. And in some ways, perhaps, so does our view of money and what we would like it to do for us and for our families.

As we move from young adulthood into careers and perhaps marriage and child-rearing, our priorities shift to try to answer questions like:

As we shift into retirement or semi-retirement, our priorities tend to shift again. Maintaining good health is more important, as is spending time with our loved ones, considerations of second or third careers, finding purpose in giving back to our communities, and perhaps enjoying activities that we left behind earlier in our lives. For many, thoughts also turn to legacy and what values, stories, and lessons are being shared with the next generations.

The questions that our team hears being asked, and helps to advise on, become increasingly personal and nuanced, as follows:

We are in a time, too, when the generational and financial makeup of the country is changing. The Silent Generation, those who were born between 1928 and 1945, have reached their 75th birthday or more (we won’t tell). And the large cohort of Baby Boomers following behind have reached their mid-50s, or as old as 74 this year. According to Visual Capitalist, these two generations combined hold 70% of American household assets in 2020.[1] As time goes on, there will be significant financial decisions to be made to provide for the well-being of our country’s oldest generations and to help the generations that follow.

We know that our financial decisions take on more meaning as we age, and there are often values and emotions that drive these decisions as we hit different generational milestones. Over the last 25 years, the SJS team has helped many families work through these questions and transitions. We are privileged to hear your stories, to be a part of your lives, to watch your families grow, and to be here for you when you need us. We are grateful for your trust, and we look forward to serving you and your families in the years to come.

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Important Disclosure Information and Sources:

[1] “Charting the Growing Generational Wealth Gap.” Omri Wallach, 02-Dec-2020, visualcapitalist.com.

Advisory services are provided by SJS Investment Services, a registered investment advisor with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide legal or tax advice. Please consult your legal or tax professionals for specific advice. This material has been prepared for informational purposes only.

Hyperlinks to third-party information are provided as a convenience and we disclaim any responsibility for information, services or products found on websites or other information linked hereto.

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How To Maintain Wealth For Generations

By SJS Founder & CEO Scott Savage.

Did you know that 70 percent of millionaire families lose their wealth by the second generation?[1] That generation would be only the grandchildren of the breadwinner. And did you know that 90 percent of families lose their wealth by the third generation, the great-grandchildren?[1] Those are scary statistics for people who have worked hard all their lives, built a business or other significant assets, and had dreams of that wealth providing the means for the people they love to live better lives of their own.

It’s really the “American Dream.” But wow! Who would have guessed the dream could end that way, and frequently does? We’re here to tell you – it doesn’t have to, once you know how to maintain wealth for future generations. This is something we do, day in and day out, helping to alleviate this concern for clients who view leaving an inheritance or a legacy as a priority. Please ask us, but until then, here’s what you need to know.

Talk to and educate your children about money

Most families don’t talk about money because many believe it’s not appropriate. That’s a big miss in terms of financial education.

Talk about the will

Everyone will find out who got what anyway, so why be secretive? It’s an opportunity to share your wishes for your legacy and for your family’s longevity.

Create a vision statement

Businesses have them. Why not families? Your vision statement serves as the grounding force that puts wealth into context. Money becomes more than money. It becomes a tool for something bigger. Create one together and share it.

These strategies are not a guarantee for successfully ensuring your legacy, but we have seen them work for many families. Give them a go, no matter how much money you currently have. Tomorrow is another day. Work hard, be deliberate about educating and communicating. You’ll create not just smarter children, but the legacy you always wanted.

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Important Disclosure Information and Sources:

[1]  “5 lies you’ve been told about generational wealth.” Pavithra Mohan, 18-Jul-2019, fastcompany.com.

There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against a loss in a declining market. Advisory services are provided by SJS Investment Services, a registered investment advisor with the SEC. Registration does not imply a certain level of skill or training. This material has been prepared for informational purposes only.

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