I hear a lot of young people wishing they can build generational wealth for their kids. The kids of their kids and the kids of their kids' kids. But is it really up to us? We can build wealth now and leave all our assets to our kids but how can be sure they can protect the wealth and make it grow even more?
This is a very important question, and many people who want or wish to transfer wealth to their next generation need to ask themselves before giving it a second thought. We can see in the society today that a lot of children has lavished all their assets passed to them as inheritance due to lack of financial management. And this should be put into consideration. A wealth without a good plan for who next to succeed it, is equal to a waste effort or waste wealth. I watched a movie recently where a rich man told his children that his going to will all his property to the orphanage home, Simply because his children don't know the worth or value of money due to the way they spend his hard earn money. He told them that until they begin to work for their money and know what it feels like to make money for themselves without his wealth, only can he change his mind to will his property to them. So there is a lot of kids without proper knowledge of how to manage finance. and they go broke too quickly because they are not rich in mindset.
Honestly the best thing we can do is to teach our kids and hope that all the things we got to accomplish for them won't be put into waste.
Honestly I think this is the best thing to do for them, otherwise you will train bollars that will blew up all your investment that took you lifetime to secure.