“Few families are able to pass along wealth successfully to the next generation. The barriers to keeping money in the family are much more formidable than the barriers to making it in the first place.”
Why should this be?
This great book deals with this issue. You can also look out for my article in Monday’s @businessdayng “Will your family wealth last to the 3rd generation?”
“I don't want them to suffer as I did;” This is the reason many parents give for over-indulging children. Sadly by doing this they make it almost impossible for their children to thrive and reach their full potential.
Easy money can make children lack the drive most people need to achieve goals. In general, it is human nature to take the path of least resistance; children are deprived of the opportunity to be self reliant, they develop a sense of entitlement that shields them from the need for sheer hard work and motivation.
If children constantly have their parents’ largesse at their disposal, sadly they may never reach their potential, as the loss of self-sufficiency comes from never having to take care of your own basic needs.
By all means, give your children gifts and experiences, but be careful not to jeopardise plans for independent, responsible, hardworking adults.
OPUNIMI AKINKUGBE
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