Buzz
If you’re planning on passing your wealth to your kids out of love, think again. Many of the wealthiest individuals in the world withhold most of their inheritance from their children, using it as a tool to foster resilience and build character. You can choose this path as well.
Now that's real love. Still not persuaded? Here’s something else to consider...
Life is fleeting and mundane
You’ve put in years of hard work—enduring long hours, tough bosses, harassment, failures, and stress. Your kids will never experience the grind of work in the days before the internet. You’ve earned that money, and now it’s time to enjoy it. Spend it on what brings you joy, whether it’s travel or fine dining.
When is spending money a chance to teach a lesson? To demonstrate the rewards of a lifetime of frugality, show your kids the new hot tub you splurged on, then solemnly declare: “The less we work for something, the less we seem to value it,” as if you were Warren Buffet. If they ask questions, simply walk away. (You’re now a wise oracle—they’ll understand).
Your kids will squander the money anyway
One in three Americans will spend their inheritance within two years of receiving it (it’s unclear how much of that goes toward Fortnite in-game purchases). If your kids gripe about needing help with bills, healthcare, or college funds, just repeat that last line and tell them it’s science.
Enhance your kids' values, or whatever
As millionaire baby boomer Sting so articulately expressed to the Daily Mail:
I explained to my children that there won’t be much left for them because we are using it all. They all understand this, and they rarely ask me for anything, which I truly respect and appreciate.
