TITLE

A Psychotherapist Looks at Incentive Trusts

AUTHOR(S)
Gallo, Eileen
PUB. DATE
December 2004
SOURCE
Journal of Financial Planning;Dec2004, Vol. 17 Issue 12, p26
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This article examines the use of incentive trusts to motivate children to engage in responsible behavior. When parents use money to motivate their children, they are creating external motivation rather than relying on their own enthusiasms and passions. As psychologist Ed Hallowell points out in The Childhood Roots of Adult Happiness, it is best for children's motivation to come from the inside and not to be supplied from the outside. Using money as a motivator simply makes people want even more. Social psychologists call this the hedonic treadmill. The hedonic treadmill ensures that very few people can be very happy for very long if what motivates them is getting more. Material aspirations change over the life cycle roughly in proportion to income. Money and material goods are external but happiness is internal. Helping children learn to work for a passionate sense of accomplishment more than for money keeps kids off the hedonic treadmill. If the client is a successful entrepreneur, way too often an incentive trust will de designed to motivate the child to follow in his or her parents' footsteps. Instead of asking clients to identify the goals they want their children to accomplish, ask them to think about what would be in the best interests of their children.
ACCESSION #
15309238

 

Related Articles

  • EdTrust hits $1 million milestone. Dewar, Kim // ATA News;6/11/2013, Vol. 47 Issue 19, preceding p2 

    The article reports on more than one million U.S. dollars in grants and bursaries provided by the Alberta Teachers Educational Trust to support Alberta's teachers in 2013.

  • Ousted Trustee Offers $5 Million to U of SC.  // Women in Higher Education (10608303);May2011, Vol. 20 Issue 5, p4 

    An excerpt from the periodical "Diverse Education" is presented.

  • How the Karmapa probe unfolded.  // India Today;2/14/2011, p30 

    The article reports on enquiry into fraudulent land transaction and stacks of money found in the offices of the Karma Garchen Trust in Delhi, India.

  • As risk-free as an investment gets.  // Finweek;9/2/2010, p40 

    The article offers information on the classification of money market funds according to the underlying assets like all unit trust funds.

  • 'Not terribly sexy - but good value.'. Pudelek, Jenna // Third Sector;1/22/2013, Issue 737, p18 

    The article offers information on the Earnest Cook Trust, which provides educational grants to charities and no-for-profit organizations that work with children and young people.

  • The subjective intuition. Hawkins, Jennifer // Philosophical Studies;Mar2010, Vol. 148 Issue 1, p61 

    Theories of well-being are typically divided into subjective and objective. Subjective theories are those which make facts about a person’s welfare depend on facts about her actual or hypothetical mental states. I am interested in what motivates this approach to the theory of welfare. The...

  • Achievement-related motives and work-related attitudes of Japanese and Chinese students. Yamauchi, Hirotsugu; Li, Yan // Psychological Reports;Dec93, Vol. 73 Issue 3, p755 

    Provides data for comparisons of achievement-related motives and work-related attitudes for Japanese and Chinese students. Stronger motives and attitudes by the Chinese; Similarities in factorial structures of achievement-related motives except one based on avoiding failure; Relationship between...

  • The Human Side of Trusteeship. PLUM, STEPHEN // Independent School;Winter2014, Vol. 73 Issue 2, p104 

    The author looks at the human elements in relation to trustee board membership and service at U.S. independent schools, stating that all board members should understand the school's mission statement, accept responsibility for financial oversight, and support the head of the school. Topics...

  • Trust for Mutual Understanding.  // GrantStation International Insider;Sep2011, p3 

    The article announces that the Trust for Mutual Understanding (TMU) is supporting travel institutions of cultural and environmental exchanges by providing grants to U.S. nonprofit organizations and that the TMU website has all the guidelines and requirements.

Share

Read the Article

Courtesy of VIRGINIA BEACH PUBLIC LIBRARY AND SYSTEM

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics