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Radical Personal Finance

1025: The Rich Should Leave Their Wealth to Their Children, Not to Charity

Radical Personal Finance

Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP

Finance, Retirement, Insurance, Business, Money, Education, Self-improvement, Financial, Independence, Growth, Advice, Investing, Family, Personal, Radical, Christian, Faith

4.41.9K Ratings

🗓️ 6 June 2024

⏱️ 15 minutes

🧾️ Download transcript

Summary

By Johann Kurtz on X, and on Substack. Johann's follow-up essay "Raising children worthy of empires" is also good.

Transcript

Click on a timestamp to play from that location

0:00.0

The rich should leave their wealth to their children, not to charity.

0:07.0

Mick Jagger's announcement that he would not leave his fortune to his children caused much controversy.

0:12.0

A chorus of celebrities have announced the same.

0:15.0

I've told the same thing my dad told me.

0:18.0

My dad says,

0:19.0

When I die you can expect that I'm going to die broke and you're going to be paying for the funeral. Guy Fury,

0:25.0

net worth about $100 million.

0:28.0

I just think all an inheritance does is breed laziness and entitlement.

0:32.0

I worked hard and I'm going to spend it all and have fun with my husband.

0:36.3

Marie Osmond, net worth perhaps $20 million.

0:40.7

There won't be much money left because we are spending it. We have a lot of commitments.

0:45.6

What comes in we spend and there isn't much left. They have to work. Sting. Net worth about $550 million.

0:55.0

I am determined that my children should have no financial security.

1:00.0

Nijella Lawson, net worth about $20 million.

1:04.9

My basic reaction to these statements is disgust.

1:08.8

Many of these celebrities are keen to announce to the world that their wealth will go to charity. What is left unsaid

1:14.3

however is that they intend to spend the rest of their lives living as some of the

1:18.9

wealthiest people on earth. They will not release their riches. Death will release their riches for

1:26.1

them. Their children will experience the change. They will not. But it is of course the parents who secure the applause.

1:37.0

These parents are keen to emphasize that they are giving their children the gift of work. It's for their own good.

1:44.8

The parents are of course past the need to work. They have already morally ascended,

1:51.2

leaving menial work far behind. No, they can relax. Other celebrity

...

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