Why We Don't Want to Leave Our Children an Inheritance

The decision to leave an inheritance for your children is something that I think about quite a bit. After all, what are we saving all of this money up for anyway?

The more I think about it, the more I wonder if leaving an inheritance, or at least the promise of an inheritance, does more harm than good.

There are plenty of studies that show how generational wealth is squandered. Often the money you’ve worked for won’t make it past your children.

Generational Wealth

It’s the same philosophy with lottery winners and professional athletes that quickly come into money. Yet, repeatedly, we see that people who receive large sums of money don’t know how to handle it properly.

Instead of saving all of our money for later in life, our goal will be to do everything we can to ensure they are set up for a successful life.

So What Do We Plan to Do With Our Money?

For example, sending them to good schools as children and young adults, paying for their college, and providing money to start their lives.

My view is if they aren’t able to make it in life with that kind of head start, then the promise of more money later in life will likely do more harm than good.

As parents, we all think we are doing what’s best to raise our kids. At the same time, they are their people, and sometimes things don’t always turn out the way we hope.

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