Daniel Craig has said he will not leave his children a fortune as an inheritance because he finds the practice “distasteful”.
“Isn’t there an old adage that if you die a rich person, you’ve failed? I think Andrew Carnegie gave away what in today’s money would be about 11 billion dollars, which shows how rich he was because I’ll bet he kept some of it too”. I have interviewed 15 billionaires on the “money” podcast, and have increasingly found wealthy individuals choosing not to give their fortunes to their children. In many ways, it is like winning the lottery, because you didn’t have to earn it so you can’t value it and know what it took to make it.
33% of lottery winners go bankrupt within 5 years according to “Lottery Changed My life”. 70% of Lottery winners go broke, according to Lovemoney. According to ‘Make it’, lottery winners are more likely to declare bankruptcy within 3 to five years than the average American. Lottery winners have said that people around you resent you. They want more from you. They get greedy.
So why are these ultra successful people NOT giving their money to their children?
1. They are giving it to charity instead
2. They see that it can be a curse on their children, just like lottery winnings statistically are
3. Nigella Lawson wants her kids to work for financial security; security comes from being able to EARN your living not by being given money. She quotes: “It ruins people not having to earn money”.
4. Gordon Ramsay “doesn’t want to spoil them” and has learned to value the fortune he has built over 15 years.
5. Ashton Kutcher says: “My kids are living a really privileged life, and they don’t even know it”.
6. Sting believes that “…trust funds [that] are albatrosses ’round their necks,” 7. Elton John is quoted saying: you have to have some semblance of normality, some respect for money, some respect for work.”
You have to learn before you earn. It is not how much money you make, it is who you become making it, and how you make it, that determines your character and quality of life. The gift of wealth is what you learn, what you contribute, what you solve and who you serve, and you are robbed of those gifts with a massive inheritance.
Money exaggerates your existing traits, so if you have not learned how to earn, manage and master money, it will exaggerate your naive and fantasy traits and could be a curse that makes you worse off than when you had no money