Many parents go to great lengths to avoid the topic of money with their children, but that’s entirely the wrong approach, said Linda Davis Taylor, author of The Business of Family. ‘Families spend a great deal of time making money and thinking about the actual dollars, but our families don’t often understand our motivations and what led us to our dreams,’ said Taylor. ‘Ultimately it’s another job teaching the family about what it stands for.’ Taylor is also the CEO and Chairman of Pasadena California-based Clifford Swan Investment Counsel. Prior to her investment counsel career, Taylor held senior leadership positions at Emory University, Claremont McKenna College, Scripps College and Amherst College. Because of her experience in academia, Taylor said she knows all too well the failings of American students in the subject of personal finance. That is why, in her opinion, it must become the business of the parents to teach their kids about the responsibilities that come with wealth. ‘There is really not a place in our world where financial education takes place,’ said Taylor. ‘It’s not the job of our schools, so the job really falls squarely on the hands of families, but we don’t really think specifically about how to do that. As a result, kids don’t have an awareness of what dollars and cents really mean.’
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