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Episode 049: The Hidden Challenges of Wealth and the Path to Thrive as a NextGen with Kristin Keffeler

October 31, 2018

Kristin Keffeler is the founder and owner of illumination360.  She is an advisor and certified professional coach with specializations in business design, leadership, human motivation and behavioral change, family dynamics, and the ‘inner work’ of money.

In this episode, we dive into Kristin’s research and subsequent Master’s thesis titled, Becoming the Rising Generation: Uncovering the Path to Thriving for the Next Generation in Ultrahigh Net Worth Families. We explore her findings and why they matter. Kristin shares four key challenges of growing up in wealth and what we can all be doing to move from helplessness to learned mastery. This piece is especially important for parents of younger children. As Kristin said, “Small doses of adversity at the right times and in the right ways help us overcome helplessness.”

Sponsored by: 2019 Financial Wellness Coaching and Master Mind

This episode is sponsored by Successful Generations 2019 Financial Wellness Coaching and Master Mind Group. Ready to meet you money goals in the new year? Join us! We are now accepting members of our beta group. Email ellie@successfulgenerations.com to learn more.

In this episode:

  • Meet Kristin Keffeler (3:53)
  • How did you chose the topic of your thesis?  (10:02)
  • Why does this topic matter? (19:00)
  • Rising Generation vs. Next Generation (23:19)
  • The hypothesis (27:03)
  • The hidden challenges of growing up with wealth (35:03)
  • The journey from helplessness to learned mastery (42:54)
  • Surprises in the research (53:16)
  • How to find Kristin (58:50)
  • Bonus questions (59:26)

Notable & Quotable:

I help develop the leadership, communication and beneficiary skills for the next generation to have a place and a voice at the table. —Kristin Keffeler #successfulgenerations 


The psychology and the way people operate with unearned wealth, or inherited wealth, is different than earned wealth. —Kristin Keffeler #successfulgenerations 


Those who are part of the next generation are humans, in a position that they didn’t pick, and dealing with a lot of issues that often aren’t acknowledged. —Kristin Keffeler #successfulgenerations 


The model of the Giving Pledge illustrates the power of concentrated financial capital being deployed in very intentional ways. —Kristin Keffeler #successfulgenerations 


People in the rising generation can be any age. It’s the psychology you’ve decided to adopt relative to your life and the contributions you want to create with the capital you have. —Kristin Keffeler #successfulgenerations 


People on the path towards mastery are willing to learn, grow and accept feedback. They recognize that as they stretch and fall short it’s because they have more to learn, not because they are not capable.  —Kristin Keffeler #successfulgenerations 


Resources:

illumination360

The Giving Pledge

Book: Learned Optimism: How to Change Your Mind and Your Life by Martin E.P. Seligman,

Book: Flourish: A Visionary New Understanding of Happiness and Well-being by Martin E.P. Seligman

Book: Mindset: The New Psychology of Success  by Carol S. Dweck, Ph.D.

Book: Grit: The Power of Passion and Perseverance by Angela Duckworth

Guest Bio

Kristin Keffeler (MSM, MAPP) is the founder and owner of Illumination360.  She is an advisor and certified professional coach with specializations in business design, leadership, human motivation and behavioral change, family dynamics, and the ‘inner work’ of money.

Kristin is the fourth child and only daughter of a highly successful entrepreneurial father and a mother who is a gifted writer.  Both modeled for Kristin the roadmap of turning vision-to-action through innovative thinking, big ideas, courageous leaps of faith and daily tenacity.

As an entrepreneur, a Next Gen Leader, and a raving fan of her own family of origin, she stands in the shoes of all three niche markets she serves.  She started her firm in 2005 and it has become her ‘living laboratory’ for uncovering her own Big Idea and living into a life of bigger impact.

Kristin’s undergraduate focus was in human biology and chemistry, with an emphasis on human peak performance.  She also has a Masters of Science in Management with a concentration in Public Health from the University of Denver, and a Masters in Applied Positive Psychology from the University of Pennsylvania.

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Want more of Successful Generations? Check out our other episodes: 

Episode 048: Family Champions with Joshua Nacht, Ph.D.
Episode 047: Power20—Combating Negative Self-Talk
Episode 046: Critical Conversations for Succession Planning with Rochelle Clarke
Episode 045: Exploring Donor-Advised Funds with Fund Holder Bob Roth
Episode 044: Philanthropic Due Diligence with Lynne Ferrell
Replay: A Legacy Lost with Douglas D. Box
Episode 043: Why Hire a Family Business Consultant with Drew Mendoza
Episode 042: Blending Passion, Family + Business with Anne Huntington
Episode 041: An Action Plan for Mental Health with Christy Buck
Episode 040: My Journey to Coaching with Ellie Frey Zagel
Episode 039: Selecting the Right Trustee with Attorney Mark Harder
Episode 038: Standing Up in a Male-Dominated Industry with René Banglesdorf
Replay: Answering the Question I’m Always Asked About Philanthropy
Replay: How My Parents Raised Us to Be Business Smart with Paige Cornetet
Episode 037: Making Your Mark on the Family Business with Cara Mackay
Episode 036: Financial Literacy, Leadership and Entrepreneurship for Teens with Whitney Webb
Bonus Episode: Power20—My Reflect and Connect Challenge
Episode 035: Great Governance for Your Investment Committee with Becky Wood
Episode 034: Trapped in the Family Business with Dr. Michael Klein, Part 2
Episode 033: Trapped in the Family Business with Dr. Michael Klein, Part 1
Episode 032: Spendthrift or Tightwad with Dr. Scott Rick
Episode 031: Impact Investing with Jennifer Oertel
Episode 030: Holistic Weight Management with Cynthia Damaskos
Episode 029: Giving Back Through Giving Circles with Dr. Jason Franklin
Episode 028: The Family Business Podcast with Russ Haworth
Episode 027: The Power of Mindset with Dr. Nancy Jonker
Episode 026: Reflections from Four Decades in Philanthropy with Rob Collier
Episode 025: Power20—10 Ways to Set Your NextGen Up for Success in the Family Enterprise
Episode 024: Pump it Up! Strength Training and Leadership Development
Episode 023: Leadership Development and Agility with Greg McCann
Episode 022: Getting Started in Philanthropy with Colleen Mitchell
Episode 021: Taking Over the Family Business with Mitchell Kaneff
Episode 020: Women and Wealth w/ Adrienne Penta
Episode 019: The Allyn Family 2.0, Part 2
Episode 018: The Welch Allyn Family Business Story with Eric Allyn (4th Gen), Part 1
Episode 017: Achieving Your Goals through MasterMind and Peer Groups
Episode 016: Reframing Limiting Beliefs with Ellie Frey Zagel
Episode 015: Beyond the Piggy Bank with Father, Author, and Entrepreneur Clint Greenleaf
Episode 014: More Awareness and Less Stress through Yoga
Episode 013: Raising Children to be Amazing Business Owners with Paige Cornetet
Episode 012: Generous Genes with Susan Crites Price
Episode 011: Digging into the Family Business Landscape with Daniel Van Der Vliet
Episode 010: 10 Things My Family Did to Engage us in Family Philanthropy
Episode 009: Stress Management and Holistic Health with Cynthia Damaskos
Episode 008: Family, Fights and Ferry Tales with Chris Shepler
Episode 007: Raising Financially Responsible Kids Through the Holidays (and Beyond)
Episode 006: Join the Philanthropic Revolution with Michael Moody
Episode 005: Estate Planning 101 aka Estate Planning is Not Optional with Susan Gell Meyers 
Episode 004: Ginny Esposito – Engaging your Family in Family Philanthropy
Episode 003: Leadership, Wellness, and Concierge Medicine with Dr. Bill Baer
Episode 002: Douglas D Box, Texas Patriarch – A Legacy Lost
Episode 001: About Your Host Ellie Frey Zagel

Learn more about Successful Generations:

FB: @SuccessfulGenerations
Twitter: @EllieFreyZagel
Email: ellie@successfulgenerations.com
Instagram: SuccessfulGenerations


Have a topic suggestion?

If you are the next generation of family business, philanthropy and wealth, and have a topic you think we should discuss, let us know at Ellie@successfulgenerations.com.

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Leadership Development

Ellie Frey Zagel

Ellie Frey Zagel is 3rd Generation, Vice Chair and Trustee of her family’s foundation the Frey Foundation based in Grand Rapids, MI. For nearly a decade she has been deeply involved in working with the next generation of family business, family philanthropy, and family wealth, first as Director of the Family Business Alliance and now as President of Successful Generations, a company she recently founded.

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