Would Your Kids Know How To Handle An Inheritance?
Many people seek to build financial security and wealth not only for themselves and their families, but also for generations down the line. The unfortunate reality, though, is that 70 percent of rich families lose their wealth by the second generation. And this regrettable scenario is not limited to the affluent.
While it’s impossible to predict the future, there are safeguards you can put in place to help ensure your hard-earned money has a better chance at longevity after you’re gone.
Instill financial literacy from an early age.
Instead of leaving kids in the dark about how to view and handle money, begin talking to them about finances early and slowly build as they mature. Financial literacy helps young people understand their own finances better and may spur wiser financial decisions later on.
Insist younger generations understand the value of hard work.
Structure an inheritance carefully.