Should you leave something for your children? Why/Why Not? I definitely say whatever you leave, it must be left in a way that makes your child work for it and not feel entitled to it. That cartoon is funny, but it is real. If my parents told me I have a company that I will inherit or a lumpsum waiting for me, I would definitely not be as driven as I am to succeed, why? Because my parents already did the work for me! All I would have to do is sit and wait to receive my inheritance. Someone else might react differently to that inheritance, but the important message is that inheritance can have positive or negative effects on our children.
Patience of course thought it is important to leave an inheritance to help our children. Such different parenting styles we have! Hahahah, but it makes the show even more fun with our different views
So how should one do it to make sure our children appreciate what we leave them?
Here are a few suggestions:
1. Link payouts to an achievement: You could link their inheritance to achieving a degree or starting a business for example
2. Monitor how your children handle small amounts: See how your children handle $1000 for example and then increase the amounts over the years. This reduces the 'shock' of receiving a large sum of money
3. Contribute to the payment of an asset: You could pay the deposit for a car or a house for your child, by doing this, they have an asset that they own
4. Buy them an asset as a loan: Loan out part of the inheritance to your child to teach them how to handle servicing debt. This teaches them a lesson of meeting your obligations. Should they wish for an expensive house/car they will learn how to budget or understand the cost of expensive things
These are just a few ideas to secure your hard work. We all work hard for our children, but let us not be blinded by that and not think how they will handle the inheritance. Help them manage it
Till next Monday...be happy
#beingaparent
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