One thing that wealthy parents routinely worry about when giving their children a large inheritance, is whether it will stifle any motivation to go out and earn their own fortunes. The children might stop working upon receiving an inheritance, and waste it to pay for an extravagant lifestyle.
The fear is not completely unjustified. That is sometimes exactly what happens. However, there are many other times, when nothing like that occurs. Recently, Warren Buffett took to the stage and offered some advice about how to prepare heirs, so that it will not happen, as Forbes reports in “Warren Buffett’s Advice On How To Raise Well-Adjusted Heirs.”
Buffett’s advice includes:
Reference: Forbes (June 1, 2018) “Warren Buffett’s Advice On How To Raise Well-Adjusted Heirs.”
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