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We’ve covered the time and work and responsibility a jackpot often entails, the isolation, trust and security issues, and the reluctance of the superwealthy to engage with outsiders. Well, all of the above was shaping up to be a hurdle for Bob Kenny, who was eager to learn about the inner lives of America’s wealthiest citizens. We met Kenny before. He’s a developmental psychologist and cofounder of North Bridge Advisory Group, which helps superwealthy parents and their children “manage the unique opportunities, dilemmas, and challenges that can accompany family money.” Back in 2007, though, he was the newly minted associate director of Boston College’s Center on Wealth and Philanthropy. The center’s data guru, John Havens, had projected that the baby boomers and their successors would leave behind about $59 trillion in private wealth between 2007 and 2061. Some portion of that would go to charity, and so getting a handle on the mindset of America’s elite was of big interest to the philanthropic world. With a $250,000 grant from the Bill & Melinda Gates Foundation, Kenny and Havens set out to survey ultra-high-net-worth families. “If you’ve got kids and you got more money then you’re going to spend in your lifetime, you’ve got a dilemma,” Kenny explains. “And if you don’t think about it and plan it out a little bit, you’re going to cause a problem.… You gonna give it to them now, give it to them later, not going to give it to them at all? How do you talk about it? How do you think about it?
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Michael Mechanic (Jackpot: How the Super-Rich Really Live—and How Their Wealth Harms Us All)