What is a Family Office? Why You don’t Need to have one to start talking to your kids about money.

Have you heard of a Family Office? For the last couple of years, I’ve been deep-diving into them. 

So what is it? A family office is a private company that employs individuals to manage a family’s assets and needs. It’s a family business with ultra-high net worth and substantial assets. It could be a portfolio of real estate, businesses, and other assets. It’s a pathway to sustaining wealth and ensuring it is passed down through generations. 

Financial education is more than just learning about paying yourself first, creating budgets, and making your first investment accounts; it’s about sustaining that wealth for future generations. 

I came across the following article written by Madeline Berg. https://www.businessinsider.com/biggest-mistakes-raising-kids-money-millions-how-to-fix-transparency-2026-1

A centimillionaire (that’s 8 zeroes) family who was on a not-so-good path of teaching (or not teaching) their children about financial literacy. They went from high school dropouts to nine-figure earners. But they were about to be among the 70% of wealthy families that lose their wealth by the second generation.

From appearing on My Super Sweet 16, to buying their daughter a brand new Mercedes-Benz, the Castro family was on a path of losing their wealth and leaving their children with nothing. 

They were like most parents, giving their children everything they never had. 

Until they found out how to properly educate their family and encourage their children to learn to work. They started having real conversations and becoming transparent with their children. They also created a 100-year legacy plan and a family constitution. They started to realize their finances. 

You don’t have to wait to become a centimillionaire to start talking to your children about money. You don’t even have to be a millionaire. 

The window of opportunity to shape your children’s financial mindset is shorter than you think. Every dinner table conversation, every teachable moment at the grocery store, and every transparent discussion about household finances plants seeds that will grow into their future relationship with money.

If you want to learn more about building generational wealth and creating a lasting financial legacy for your family, visit thewealthplayground.com