Spend All the Wealth You Have Set Aside on Your Children
If you are thinking of passing on your wealth to your children because you love them, think again . Some of the world’s most financially successful people deny most of their inheritance to their children to develop character, and so can you.
What do Bill Gates, Warren Buffett, Nigella Lawson, Michael Bloomberg and Lauren Powell Jobs have in common? Educational skills . They all refused to give most of their fortune to their children. As Mark Zuckerberg and Priscilla Chan noted in a Facebook post to their daughter when she was born: “We will do our best to make this happen, not only because we love you, but also because we have a moral responsibility. in front of all children. in the next generation. “
This is love. Not convinced? How about this …
Life is short and boring
You have worked your entire life, after long hours, with difficult bosses, harassment, bullying, setbacks and stress. And your kids will never learn how tiring working before the Internet came along . You have worked hard and this money is yours. Now you can finally spend it on what you love, like travel or fine dining.
And how often is spending money an educational moment? As a lesson on what frugality can pay off for, show your kids the new hot tub you spent your money on and then seriously declare, “The less we work for something, the less we value it,” as if you were Warren. Buffett. If your kids ask you questions, leave. (Now you are a dwarf sage – they will take the hint).
Your kids will waste money anyway
One in three Americans will lose their inheritance within two years of receiving it (it is not known how much of this was spent on Fortnite in-game purchases). If your kids are trying to complain that they need help paying bills, covering health care costs, or raising college funds, simply repeat the last sentence and tell them this is science .
Develop your children’s values or something else
Young people on Twitter love to talk about the generational “wealth transfer divide”, but this is just a millennial code that means “my parents are not dead yet.” As a parent, you can neutralize these ghoulish conversations by stating in advance that you are leaving nothing behind. The less they can talk about potential surprises, the more likely they are to become productive members of society. Feel free to donate all of this to charity if it helps you understand the essence of the matter.
As baby boomer millionaire Sting eloquently told the Daily Mail :
“I told my children that they will not have much money because we are spending it. All my children know about this and rarely ask me for anything, which I respect and appreciate. “