You know how much hard work you had to exert to earn and accumulate your family’s wealth. How much do you “share” with your following generations and do you control how they spend what you do share with them? You do not wish to turn your following generations into entitled and unambitious inheritors? Do you?
How to avoid this entitlement risk?
Here are a few strategies to consider:
– share your story; this will illustrate how how you did work, not to make you seem superhuman so sharing some of the struggles that you overcame maybe better stories illustrative of your journey
– outline your values; try not to be too preached in how you share this. You would want to let them know what is important to you, and why
– start them young; learning about the management of money and that wealth has responsibility can take time. No need to wait until they reach adulthood
I hope you think about this because one day with or without your input your following generations will inherit (some or all) of your wealth.
Learn, think, apply!!