Welcome back to the podcast episode 8. I heard the story recently about Charlie Munger that I loved. I love a lot of stories

about Charlie Mooger, but this one I thought was especially good.

Apparently one of his very wealthy billionaire friends asked Charlie. He said, Charlie, if I give my kids all of my money through

inheritance, is that going to ruin them? Is that going to sat their ambition and turn them

into spoiled little brats.

And Charlie said, of course it will, but you have to do it.

And his friend said, why do I have to do it?

And Charlie said, because if you don don't they will hate you.

Today's episode is about your money and your family, which might be one of the most complicated

topics in money and not just for billionaires like Munger and his friend but for everybody.

The millennial generation is going to inherit something like 70 trillion dollars

from their parents over the next 20 years.

And generally speaking, nobody knows how to do it.

Nobody knows the best way to pass money on to your children.

It's so incredibly difficult, and every parent, including myself, wants to use their money in some way to better their children.

That's a pretty common goal that people have.

But it's so difficult to do it. There's no playbook. There are no rules or even

broad ideas for how to do it right. A question that I'm often asked at conferences and

events is this very question. How can you use money to help

your kids while raising good kids who understand the value of money? And I'm always kind of

stumped. I never really know what to say. A because my kids are

three years old and seven years old. We're not thinking about passing along money to them anytime soon,

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