Inheritance Syndrome
Posted on May 6, 2008 - Filed Under Philosophy, Rant |
<outloud voice>
Gas companies recorded a $14 googleplex billion dollar profit. You think the cheap bastards could afford to put soap in the damn squeegee buckets at the gas stations so I could clean my windshield.
</outloud voice>
First it was the Lottery Syndrome. Now it’s the Inheritance Syndrome.
The finance blog community is abuzz with talk about people taking into account their inheritance from their parents. Even though their parents aren’t even close to pushing daisies, their kids are being taught to start salivating for money that is not theirs.
But they treat it like it’s already their money.
Maybe my thoughts on this particular subject are a throw back to a generation long since passed. For my parents: they earned every dime and they should be able to spend every dime. My future plans do not call for a large windfall of money or a hidden bundle of cash from the mattress.
But apparently, others feel differently.
What is with this sense of entitlement that people believe their parents life-savings is rightfully theirs to do with what they will? As a parent, doesn’t it chill you to the bone that a growing social sentiment is your child deciding between your healthcare and their inheritance?
Bluehair Parent: Damnit! I stepped on another nail. Can I please have some shoes?
Child: C’mon dad. You don’t need shoes. Besides, you’ll be dead soon.
Bluehair: But it’s my money you ungrateful whipper-snapper.
Child: There you are being cranky again. Oh look dad, some stairs for you to fall go down.
Is it possible the parents might have something to do with this mentality? Do parents sit around, sacrifice that daily cup of coffee, and 50 years later have a million bucks? Then they turn to their child, proclaiming the money will soon be theirs?
From the perspective of a child, thinking of my parents passing onto the next world doesn’t sit very easily. But to attach a dollar figure with that is just not right.
It is possible that a child may be in my future. For the record: you won’t get a dime. I may not be able to take it with me but I sure can spend it and have a great time!
My last conversation:
Clifford (on death bed): How are we?
Accountant: Well, you’re now flat broke.
Clifford: Excellent. *gasp* (dies)
Doctor: Yeah, him dead.
Undertaker: Hey, his check bounced!
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5 Responses to “Inheritance Syndrome”
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That is pretty sad…
As a son, I don’t want anything from my parents. I’ve already lost my father, but I’d like my mother to live a very, very long time. More importantly I’d like her to enjoy her time with us as much as possible.
As a parent myself, I’d like to leave my children something. I don’t want to leave them any debt, at least enough to plant me. But of course I’d like to leave them something to make sure they are comfortable.
That being said, I’ve found that there seems to be some kind of “entitlement” that I’ve been noticing in our children. This is probably normal in the raising of children and a phase that needs to be addressed. This is where we need to teach our children that they need to earn things instead of having things handed to them.
Giving of an allowance and teaching them financial responsibility is very important.
I recall having to vacuum the house and wash the cars as just a few of my “chores” growing up. Could that be where society is going wrong? Are there too many people with Nannies and house cleaning crews that are robbing our children of a valuable education?
Wow… Did I just write that all in your comment section? Sorry… I must have been channeling someone there…
Great topic today!
I didn’t read that article but am commenting anyway… In my case my father inherited a large chunk of his wealth as well as adding to it. Now my mother inherited it. I often encourage her to spend more money but she doesn’t show much inclination to do so. On the other hand, there is no reason why someone who saves up or creates wealth themselves should leave it to the next generation that is going to be different in families with multigenerational wealth. Should someone spend or give away everything they inherited or should they leave the capital to the next generation if possible? You mention “a past generation”, but really that is a product perhaps of the industrial revolution where the working class didn’t own much and didn’t leave much for the next generation. In pre-industrial times peasants who owned their land or house would have left it to the next generation - there was less sense of “saving” within one generation. Of course a large proportion of the population were slaves or serfs who didn’t own property and at the other end were the aristocrats but between the aristocrats and wealthier peasantry there was less distinction.
mooms last blog post..How Well Do Leveraged ETFs Track Their Benchmarks?
Great post which brings up a lot of different questions. I think a lot about future kids, and what kind of education I want them to have about money.
It’s sad that there are people who may choose money over good health care; I would blame the kid for poor values, but who taught them those values?
Alisons last blog post..Productive Weekend
You can take Warren Buffet’s advice on this: Leave your kids enough to do what they want, but not enough to do nothing.
Shauns last blog post..What Part Of Property Management Don’t They Understand?
Shaun wins for best quote of the day.
Matt, I’m definitely not a parent. But I do understand the importance to teaching kids financial responsibility. At some point, they will be there own person and will go and do what they see fit. If that means rubbing out mom and dad before they can hock off the house . . .
Moom, I agree with your sentiments. No reason exists, let alone a law or obligation, that requires parents to pass on wealth to their kids. It would be appealing if the children demonstrated they were able to use it wisely, maybe take over the finances and grow them.
Alison, true that the parents obligation in the raising of their children has a definite impact. All we have to do is look to Hollyweird to examples of parents raising their children with no sense of responsibility whatsoever.