It’s been all over the news this morning. Gordon Ramsay says he doesn’t want to leave his fortune to his children. He says that it will ruin them.
And it seems that a lot of people feel that sudden inheritance is more of a curse than a blessing.
Ramsay says that he gives his children an allowance to pay for their bus fares and cell phone usage. They shouldn’t expect to sit in first-class on flights until they have worked hard enough to afford these types of luxuries.
I agree with giving children responsibilities. He is teaching them to budget by giving them enough money to pay for their own transportation and cell phones. Children do not need to be in first-class seats on a plane. I honestly think my children would disturb everyone who is there to relax on the plane. They wouldn’t appreciate it anyway.
However, I do believe that parents should leave an inheritance to their children and their children’s children. It’s biblical (see Proverbs 13:22).
I strongly believe in this because for generations my ancestors were not able to leave a proper inheritance to their children. They were not able to leave enough money for their burial either. I cannot express the heartbreak I and my family experienced when there was not enough money to give my granny a funeral. There was no plan in place. My grandfather hid money which caused financial hardship for his children during his death.
Teaching your children responsibility and helping them to become a good person will keep them from ruining themselves by spending too much money.
This is one of the reasons why estate planning is necessary. This report has caused me to look into how to properly leave an inheritance to my children as estate planning is not my area of expertise. I can’t take anything with me when I leave this earth.
Forbes has some great suggestions on how you can leave an inheritance to your children and help them be responsible.
What are your thoughts on this? Them in the comments below.