Do you have the responsibility to raise children (could now be adults) so that they are prepared to inherit wealth? A mere $ 42 trillion will be passing to the next generation in the next 20-30 years. If you do not take active steps to get them ready for the responsibility that wealth brings, then how will these children otherwise get prepared?  Many parents try to raise their children and share their values.  Do you as parents also talk about financial literacy?  and share your perspective and some of the basic financial concepts such as “spend less than you earn”, “pay yourself first”, and the power of 72 for compounding?  See here: The Power of 72 to double your money.

First, it is never too late to begin the discussion and education around wealth.

Second, the concepts about wealth and spending and savings are relatively simple.

Third, the aspirational goal should be to convey and share yours and your family’s values around wealth with the hope that your heirs will then understand and hopefully emulate those values. The question for your consideration: what are your values around wealth?

How to go about this preparatory work? Here is an interesting article for reference. Teaching inheritors article

What have you done to begin this process? or will you give away the lion’s share of your family’s wealth which is what some billionaires plan to do?

Learn, think, apply!