Wealth is something that most people desire to have. Some crave for it and pursue it vigorously. A few of these become super wealthy. Others become relatively comfortable; while yet others remain far from reaching their goal of becoming super rich. The big question right now is: after amassing the wealth, when it is time for the owner to pass on like all men do, what happens to the wealth?
The commonest decision is to find a way of securely passing it one to one’s children. For those who don’t have children, they think of some loved ones, whom they consider loyal and worthy, to pass the wealth to. This is the way it happens in most cases. However, in a twist, I got really surprised to learn that two of the world’s richest men, Bill Gates and Warren Buffet, are not planning to leave their wealth for their children. To the regular mind, the purpose of amassing wealth is to pass it to one children and children’s children. But some smart minds are beginning to realize that leaving excessive wealth for those who cannot handle and manage it can be more of a problem than a blessing.
The truth is that the best thing to do for a child is to educate and develop the child spiritually, morally, professionally and otherwise. This does not mean one should not leave wealth for their children. The point is that for those who are extremely rich, there needs to be a plan that ensures the wealth is properly managed for the benefits of many after their exit. Of course their children would play key roles in the administration of such funds. Many very rich people in Africa have left massing amount of wealth for their children who know nothing about wealth creation and wealth (and asset) management. In a few years these children waste the whole thing in “riotous” living like the biblical prodigal son. Some people are experts in wealth consumption. They know nothing about wealth creation and management.
The counsel for children of wealthy men is this: invest your time and effort in developing yourself. This way you will earn the trust of your parents and help keep their minds at rest. They can then confidently pass on their wealth to you because they trust that you possess the integrity and capacity to do the needful.
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