The Inheritance Speculation
Inheritance in any form, be it money, name or fame could turn out to be a curse, rather than a blessing for you. Let’s talk about the perils of inheriting wealth. When wealthy people, mindlessly pass on their wealth to the next generation and everything is given on a platter, it’s seldom appreciated. Most people don’t realize the inherent value of inheritance, effort taken to build wealth, name, and respect.
Excessive inheritance cripples people. Heirs just become gatekeepers of wealth and are not real keepers, if you know what I mean. Well, on the good side, inheritance could open great possibilities and give heirs a head start, considering they’re smart enough to discard the baggage, and appreciate the privilege of financial leverage. When Jackie Chan was asked on why he intends to donate his $370 million fortune and not give it to his son, he said “If he is capable, he can make his own money. If he is not, then he will just be wasting my money.”
Did you know that several top billionaires in the world are not entirely passing their wealth to their kith and kin. They are giving-pledge for global causes that matter to them. Not everyone can build an exemplary life like Ratan Tata or an Anand Mahindra who are fortunate to have inherited great wealth, legacy and values from their family. They have taken their companies and life 100X, ahead. If you study these people, you’ll find them inherently good with a strong character, great education, driven by values, and are visionaries themselves. The family inheritance is a catalyst for exponential success.
When parents teach children the value of money, they teach them discipline and shape their character.
Anyone can pass on wealth. What you need to pass on to your children is values, experiences, life lessons, respect, character and of course the last thing is a little money, which could give them a good head start in life. Well, you never know, your child might turn out to be more successful than you ever imagined, without access to your wealth and accompanied baggage. By passing all your inheritance, you could actually be, robbing them of their golden opportunity to true potential. How can you ever know, if you don’t allow them this one opportunity to build a life on their own?
Sometimes life can come across as unfair, when others inherit wealth and gain a significant financial advantage over you. However it's not. It's somebody else's hard work that has been passed on to the next generation. If the next generation is not smart enough, nothing matters. All I'm saying is teach your children the value of your wealth, don't just give it.
Inheritance needs to be wholesome and purposeful.
Excessive inheritance cripples people. Heirs just become gatekeepers of wealth and are not real keepers, if you know what I mean. Well, on the good side, inheritance could open great possibilities and give heirs a head start, considering they’re smart enough to discard the baggage, and appreciate the privilege of financial leverage. When Jackie Chan was asked on why he intends to donate his $370 million fortune and not give it to his son, he said “If he is capable, he can make his own money. If he is not, then he will just be wasting my money.”
Did you know that several top billionaires in the world are not entirely passing their wealth to their kith and kin. They are giving-pledge for global causes that matter to them. Not everyone can build an exemplary life like Ratan Tata or an Anand Mahindra who are fortunate to have inherited great wealth, legacy and values from their family. They have taken their companies and life 100X, ahead. If you study these people, you’ll find them inherently good with a strong character, great education, driven by values, and are visionaries themselves. The family inheritance is a catalyst for exponential success.
When parents teach children the value of money, they teach them discipline and shape their character.
Anyone can pass on wealth. What you need to pass on to your children is values, experiences, life lessons, respect, character and of course the last thing is a little money, which could give them a good head start in life. Well, you never know, your child might turn out to be more successful than you ever imagined, without access to your wealth and accompanied baggage. By passing all your inheritance, you could actually be, robbing them of their golden opportunity to true potential. How can you ever know, if you don’t allow them this one opportunity to build a life on their own?
Sometimes life can come across as unfair, when others inherit wealth and gain a significant financial advantage over you. However it's not. It's somebody else's hard work that has been passed on to the next generation. If the next generation is not smart enough, nothing matters. All I'm saying is teach your children the value of your wealth, don't just give it.
Inheritance needs to be wholesome and purposeful.
Here's my other question.
