Fiscal Education

It can be challenging for children of affluence to handle money in a responsible manner. As a result of our long-term client relationships, JDJ often works with multiple generations of a family, and in the case of the Grays, JDJ stepped in to help educate one of their children.

Ms. Gray seemed to have it all; substantial wealth, excellent health and a partnership with JDJ that allowed her to enjoy the prosperity she had earned. Her son Sam, however, was inexperienced with cash management, and had incurred significant debt from credit cards, refinancing, and personal loans. As she often did, Ms. Gray turned to JDJ. Not only were we her trusted advisors, we were also an objective party.

JDJ saw the problem as twofold. First, we set up and administered a strict budget, took over paying Sam’s bills, and negotiated with his creditors. The second task was more challenging: teach Sam to understand his finances and be fiscally responsible. We trained him on personal financial management software and stressed the importance of keeping the information up to date. We showed Sam how to create and manage a budget; and we demonstrated the long-term value of not spending beyond his means, but instead saving and planning for the future.

JDJ provided insight and expertise that a family member would have had difficulty delivering as impartially or as patiently. As a result, Sam is well on his way to financial independence.