Peter Buffett, the son of Warren Buffett, didn’t become a big-time investor following in his father’s footsteps. He’s actually a musician and once said, “The silver spoon in the mouth too often become the silver dagger in the back – an ill-considered gift that saps ambition and drains motivation, that deprives a young person of the greatest adventure of finding his or her own way.
The most important gifts of all had nothing to do with money. These were the gifts of parental love and close community and warm friendship, of inspiring teachers and mentors who took delight in our development. There were the mysterious gifts of talent and competence, capacity for empathy and hard work. These gifts were meant to be respected and repaid.”
You can’t assume your heirs will understand your deepest feelings or know what you mean simply because they’ve observed your behavior. For instance, you give to a nonprofit organization and perhaps have done it for years. Too often it is assumed your family and heirs know what you’re doing and also grasp your reasons so they’ll carry on your giving after you’re gone.
But will they? Will they carry on the giving-back, hard-work, determination, devotion to family, commitment to follow-through, doing what you’ll say you’ll do, timely action, decisive decision-making… Have there been more than hearing about character qualities. Do they personally own them!
It takes intentional and thoughtful planning as well as decisive actions that inspires your heirs to fulfill your wealth wishes and instructions. Your responsibility is to make certain they understand exactly what you want for them to BE, DO and catch the vision of WHY.
Pause for 60-seconds right now. Write down three things you assume your children and/or grandchildren understand about what is important to you – beyond the money.
Wealth is more than money. Don’t just plan for your future, live it right now.
Pass it on and share the insights like this that you find valuable.
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“Be careful to leave your sons well instructed rather than rich, for the hopes of the instructed are better than the wealth of the ignorant.”
– Epictetus