How much inheritance is enough?

Give What Matters Most

“You give your children enough money to do something but not enough to do nothing.” A famous line from Oscar winner 2011 Hollywood flick, “The Descendants”. Based on a well-known quote from billionaire investor Warren Buffett in a 1986 Fortune magazine interview that 99% of his wealth will be donated to charity either within his life or by his death.

I don’t want them to grow up spoiled. I’m not rich enough for my children to afford services for the super-rich or swanky lifestyles in Meadow Lane, the so-called “Billionaires Lane” in the Hamptons. But I also know that if I left them my fortune, they would not appreciate the value of money.

The most important legacy that we can ultimately leave them is not money but the life lessons that we have imparted to them that will enable them to live their lives well.

In other words as the local idiom goes, a capable heir could earn everything on his own and an incompetent spoiled one looses everything he inherits. And in either case its completely useless to leave your fortune for your children.

 

Joseph Patrick Kennedy, had enough money to spoil his children, however his austere style of upbringing, gifted the world the most loved president of the United States, John F Kennedy. “You will either profit by or pay for what your children become. raise them properly.” will always remain an important parenting lesson.

 

Invariably, the most valuable inheritance could be the values that’s too when come by a live example. Unless we lead by example and set a very high standard for ourselves, all teachings to our children would be completely futile. Imagine, how would it feel to see your unruly children wasting your hard earned money and squabbling to claim their share. Money is never enough, if you want, give them good education.One last point, irrespective of your personal and professional successes, the right measure of your success lies in the fact that how much values you passed on to your children. Then you are as successful or failure as your own off-springs are, on the important parameters of human values.