I visited a senior friend of mine recently and met him having a conversation with his son, and in the process made the following comments, “the reason I am putting myself through all these is so that you can have a better life and not go through what I went through in life.” I look at this man and he is obviously very rich, and he has some of the things I desire in life but what struck me through out that day was the comment he made to his son.
Many people share similar ideas and beliefs too; they work really hard to provide for their children and also protect them from the experiences they had. But my question is what is really more important for the child, your money or your experiences? I believe that such philosophy is quite a twisted one. If you were born poor, or had to face some challenges before you became successful, you will definitely have acquired much valuable experiences and development along your way. So why deny or shield your children away from these important life lessons?
Agreed the bible says a good man leaves inheritance for his children’s children, but most of these kids who inherited wealth without experiences are causing a lot of havoc around. In my country I see a lot of rich folks kids. They drive cars recklessly and spend money in a day in bars and clubs that may amount to someone else’s 3-6 months pay simply because they don’t understand the processes and education involved in making the money. Daddy and Mummy didn’t teach them how to earn the money.
What legacies are you leaving for your kids? A good legacy shouldn’t just be your net-worth, but helping kids develop strong values and self-worth and probably make their own money. What’s your opinion on this?