Tips to Create Your Own Identity Separate From Your Family’s Wealth

Tips to Create Your Own Identity Separate From Your Family’s Wealth
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Finding your own purpose when raised in a wealthy family is doable.


1. Understand your family wealth

Communicate with your parents about their plans for the wealth, even if it’s at a very high level. If a family business is involved, find out about potential succession plans. The more knowledge you have of your family’s wealth, the less overwhelming it can be for you to achieve a purposeful life.

2. Manage the impact of your family wealth

Identify your educational plans, career goals, and personal strengths. Focus on these areas to effectively manage the impact of your family wealth, learning how to adjust to the ways it limits and builds your reputation.

3. Explore your interests and hobbies

Experiment with different interests and hobbies to see what skills and passions you have. This can give you a greater picture of who you are, shedding light on your strengths and weaknesses, and likes and dislikes.

4. Earn your own income

For many, earning a living is a rite of passage into adulthood. Not doing so can make it difficult to relate to peers and form a sense of independence.

5. Be mindful of your possessions

Try to be noticed for who you are, not what you have. For example, if your car will attract attention, park it farther from the office building or consider a more modest car. You might avoid wearing clothes or accessories that will make others question how you can afford such luxurious items as you pursue your own career.

6. Developing your social network

Surround yourself with like-minded people who share similar goals and ideals. That way, you’ll be in an environment that will motivate you to pursue your ambitions and grow into the person you want to become.

Creating an identity separate from your family’s name and wealth is largely connected to how you define your own success. The good news is you’re in control of both.

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This information is general in nature and is not intended to be legal, tax, or financial advice. Although Regions believes this information to be accurate, it cannot ensure that it will remain up to date. Statements or opinions of individuals referenced herein are their own—not Regions'. Consult an appropriate professional concerning your specific situation and irs.gov for current tax rules. Regions, the Regions logo, and the LifeGreen bike are registered trademarks of Regions Bank. The LifeGreen color is a trademark of Regions Bank.