Quote from: redsun114 on August 10, 2024, 07:22:40 PM

This is why parents need to make sure that their children are learning everything along the way when they are still alive and around so that if they aren't around anymore, the children don't waste all the wealth because when someone doesn't know anything about how finances and businesses are managed, they will end up wasting everything and end up having nothing after some time. We have seen this happening to a lot of people around the globe.

Also not a few parents who succeed in giving moral responsibility to their children how to live. Every parent will definitely try to give their best to their children but sometimes they are wrong in educating. Children must be given freedom but cannot be separated from the control of parents as responsible people. Usually the morals of a child are not much different from parents so they can enter to provide the best education in life, especially those that are directly related to financial.

Quote from: redsun114 on August 10, 2024, 07:22:40 PM

Some people get a lot of wealth and resources as inheritance from their late parents or grandparents but they can't manage the wealth and eventually end up losing it all because they don't know anything about money management. If there are businesses inherited, they ruin them, if there is land, they sell them.

It's disastrous if someone doesn't have any financial knowledge. So, people who are rich and have children who are given everything they ask for, they need to make them learn before it's too late.

It is certain that this happens because parents do not educate their children properly so they do not have any skills to continue the wealth inherited. How can they be able to run a parent's business while they are not taught anything and this is a common case where a child fails to develop his parents' business. Why did the previous person teach responsibility in advance to children because parents think to shape their character must have responsibility for themselves.

But parenting now changes because parents spoil children more than allowing them to be responsible for their lives. When given the responsibility of running a parent's business they have difficulty developing because there is no knowledge whatever they learned before.