There are people like Daniel Craig (millionaire actor) and Bill Gates (billionaire tech giant) who have stated in the news that they have no intention of leaving all of their wealth to their children.
It’s none of my business what they do with their money, but the topic of inheritance fascinates me.
Why aren’t our wealthiest people leaving their money behind for the next generation?
Because they know on some level the pressure that comes with a huge influx of cash all at once.
They get that a windfall of money when you’re not prepared to receive it can do more harm than good.
While it’s nice they recognize more money, more problems isn’t a myth, they’re overlooking the fact that inheritance of money is not the problem.
It’s the inheritance of ideals and beliefs about money that leads to ineffective or unhealthy use of those resources.
It’s the poor mindset around money and the poor relationship we have with it that gets passed down which is what makes those large lump sums unwieldy to manage and maintain.
Money is a mirror and the more money we have, the more it amplifies our reflection.
This is exactly why 70% of PowerBall winners end up blowing through their cash and end up in worse financial situations than before they hit the jackpot.
If we don’t resolve our emotional triggers around money, money will continue to evade us – no matter how much we have.
So if we know that it’s our ideas about money that actually break the bank, why don’t we focus more on setting up a system for success?
What if we put in place certain steps or parameters to transfer that money from generation to generation?
What if these next generations were taught how to handle the money relationship?
Wouldn’t our wealth and legacy actually last longer if we passed down not just the money itself but the way to relate to it, leverage it and make more of it?
Here’s the 3-2-1 on passing down your prosperity.
- Money is a mirror showing us what we don’t like about ourselves. When we amplify the money, we amplify the mirror. This is exactly why people who receive a windfall of cash often don’t know how to handle it.
- Inheritances aren’t only about the resource of money being passed down; beliefs and ideals are also passed down and these are what impact our emotions, and therefore, our actions with money.
- When we start to think about amassing our wealth and giving some of it away, we need to think about teaching our children how to continue our prosperity instead of assuming they can’t and won’t.
- Tune into the thoughts and feelings you have inside your head about money that you’re passing on to your next generation.
- Find one time this week to have a conversation with someone about your ideals around money.
- What do I really want to leave behind and who am I going to leave it to?
This money conversation continues on YouTube. Check out Why You Should Teach Your Posterity About Money and make sure to subscribe while you’re there.
To your impact and legacy,