Wisdom before Wealth Brings Success
Wisdom before Wealth Brings Success
Wisdom before wealth: Sometimes an inheritance can cause more trouble than good: Wisdom before Wealth Brings Success
The idea of leaving a generous inheritance may sound appealing and even noble. We may not all be the Rockefellers, but passing our overflow to the next generation or even generations, rings success!
Except that it usually doesn’t. The sweat and the tears, the hard work and scraping by, the breakthrough, the climb up, the shrewd decisions, the selflessness, the careful planning — it’s not enough. Nine out of ten traditional inheritance plans will fail according to The Heritage Institute. This failure rate often boils down to one or all of the following inheritor issues:
- A lack of knowledge
- A lack of appreciation
- A lack of preparation
The truly successful 10% prioritize passing wisdom before wealth. Here are the keys:
- Record your story
- Initiate family communication
- Choose advisors wisely
- Select successor trustees carefully
- Get organized to minimize complications
- Prioritize people over assets
- Identify your family’s core values
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More Reading: Is your family set up to succeed or fail?
Except that it usually doesn’t. The sweat and the tears, the hard work and scraping by, the breakthrough, the climb up, the shrewd decisions, the selflessness, the careful planning — it’s not enough. Nine out of ten traditional inheritance plans will fail according to The Heritage Institute. This failure rate often boils down to one or all of the following inheritor issues:
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