The track record on second and third generation wealth is a disaster. A famous philosopher, Anonymous, once wrote, “The best way to create a small fortune is to inherit a large one.” The Bible tells us it’s good to leave an inheritance to our children, but if we focus our inheritance only on money and material possessions, that’s a problem.
In the book, A Life Well Spent, Russ Crosson wrote that our primary focus should be on posterity, not prosperity. When it comes to our heirs, we need to invest in their lives, help them to build faith and character, teach them hard work, and how to handle money wisely. If all the focus of our inheritance is on prosperity, our posterity will be severely handicapped when it comes to faith, responsibility, generosity, and character.
We want to help our children become producers, more than consumers. That calls for a lot of love, time, and, most of all, a great example.
Parents, when it comes to inheritance, what are you going to leave your children? Let’s leave an inheritance more valuable than money.