Picked this up in the NYTimes yesterday "How the wealthy talk to their children about money" and from the article, they don't do a good job at it. Questions over when it's a good time to talk about wealth transfer, when it should be transferred and whatnot. Even with those that use wealth management companies, it's still a big shock when a 21 year old gets that letter saying they now have a billion dollars. Sigh. First world problems indeed!
Interestingly, Jai and I have been having this discussion, No not about how to transfer a billion dollars 🙄(Baba God, help your boy), but the age old tradition of inheritance. My position is this: I will not leave one Naira for my kids. Don't get me wrong, I love them and I want them to succeed, and so I would give them the best education they deserve and nurture them to their talents. If they have an idea, and I believe in it, I would loan them, I repeat, loan them money. If I don't believe in it, then they would have to find the money elsewhere. All monies Jai and I make is for Jai and I and for all the charities we decide to support whilst on earth, and when we leave. There will be no bequeathing of properties or funds or monies to the 3 musketeers. The best I will give them will be access - access to pitch an idea that if found worthy, they can borrow from. .
I have seen reckless, irresponsible and disrespectful attitude to sudden wealth from inheritance, from some of the most responsible, well brought up and talented people, it is such a shame. I don't intend to do that to my kids. .
Like Mr Buffet said "If I did my job as a parent and she did really well in school, then she doesn't need my money cos she'll do well in life. If I didn't do my job as a parent and she didn't do well in school then she DEFINITELY doesn't need my money cos it will destroy her."
This is a personal opinion. @juyindemuren .