From WealthCounsel:
King Solomon warned, “An inheritance quickly gained at the beginning will not be blessed at the end.” Heirs given money typically have a strong inclination toward spending the money on possessions, pleasures, or other purposes without lasting significance. Psychologists specializing in “sudden wealth syndrome” acknowledge that heirs, like lottery winners, tend to blow their windfall.
The availability of money tends to undermine the pursuit of higher purpose. Andrew Carnegie, the 19th-century steel magnate stated, “The parent who leaves his son enormous wealth generally deadens the talents and energies of the son, and tempts him to lead a less worthy life.”
When heirs receive money without prior coaching on the purpose of money, they will seldom take the time to understand the values that helped accumulate the value of the inheritance. Inheritors do not understand the blood, sweat and tears invested in accumulating the wealth. Nor do heirs with money have much motivation to develop the bias toward diligence, delayed gratification, thrift, and other values needed to maintain healthy relationships with people who contribute to wealth accumulation. Please continue to review this article by following this link:
- Jeremy