Sharing Daily Discoveries About Personal Finance And Business Topics

Too Much Money When It Comes To Family Inheritance

financial literacy

I was reading that story today on how various billionaires have pledged to giveaway about half of their wealth in an act of philanthropy. There is a site about it too at http://www.givingpledge.org/ . It was interesting reading the reasons on why they have decided to giveaway their money. One comment that kind of stuck out was that leaving your family with too much money could wreck their lives as you want them to accomplish things on their own.

It was funny when I read that as so many times people just want money by say winning the lottery. But when you think about it, if you never had to truly work for your wealth you won’t have that experience and discipline on how to manage that much money in the first place. Hence, it is not surprising why you see so many instant millionaires just crash and burn so quick.

For things like an inheritance I have personally only seen a small fraction of people use the “don’t want to spoil” factor in regards to how much money they leave people. Usually it’s more about wanting to divide things equally amongst a select few. Interesting thing to think about though if you are someone that has the ability to completely change a person’s financial situation. Especially if it is a family member.




Leave a Comment

Your email address will not be published. Required fields are marked *

Menu Title
Loading...