No, this is not an article directly about Iggy & The Stooges and their 1977 hit song. I wanted to write something today about creating your own wealth in life versus being presented with trust accounts and family inheritances.
I’m an advocate of living life without holding-out some sliver of hope for a major pay-day from a distant relative. My parents and anyone else that may be considering adding my name to their last will and testament should spend that money during their lifetimes, wherever possible. They earned it and they deserve to enjoy the benefits.
Although, wills and other estate planning tools are absolutely necessary, make sure yours are in place. The orderly disposition of an estate is far preferred over ignoring this issue and leaving an intestate mess for everyone else to clean up.
However, what I do find pathetic is the expectation for crumbs off the plate. The loss of a loved one is only made worse when there are disputes over what’s left over. Plus, I don’t know how you can honestly live your own life when it is funded by someone else.
“I would rather make my name than inherit it.” ~William Makepeace Thackeray
Enjoy The Shins “Simple Song” off the upcoming record “Port of Morrow”
The Shins – “Simple Song” from DANIELS on Vimeo.
What’s the better way for you to live, making your own way or with a sizeable inheritance?
I am also a non believer in inheritance and estate. I will spend or donate all my money before I am gone.
Your children will be better for it SB. More common ground!
Unless it’s coming from some surprise source I’m not counting on any inheritance and I’m pretty sure I won’t be leaving much behind, but I hope I make it big enough that I do leave something to my kids.
Lee
An A to Z Co-Host
Tossing It Out
Twitter: @AprilA2Z
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Totally agree Hunter. Counting on inheritance is foolish (and despicable).
Be a wealth creator.
Really like that song and video, and I totally agree with you on inheritance. While I think it’s okay to leave money for someone to attend college or another expense like that, allowing them to go their whole life without working is just wasteful.
I think that you can still leave an inheritance and have terms attached to it if you’re worried your kids will become spoiled or never understand the value of a dollar.
Maybe have a certain age requirement and lifestyle in order to receive the inheritance (through a detailed will).
I have a friend whose parents own several car dealerships. His dad has told him and his brother that their dreaming if they expect an inheritance. I’m paraphrasing, but he told them that he made the money, he was gonna spend every last penny of it.
I think it’s a great idea to leave as little behind as possible. Make sure that your bills, funeral, etc is taken care of, and spend the rest of it while you got it. Heck, spend it on your kids while you’re alive and can enjoy it with them!
I know a few people who live off trust funds or family money and honestly, they aren’t the happiest people I know.
One woman is much older and has always relied on family money to live her life. She is now deep in debt, has spent most of the trust fund is stressed out beyond belief on how she’s going to make it another 15 years or so with what she has left.
A couple I know, in their 30′s, live off their parent’s income and they aren’t the happiest people. I think they lack a purpose and focus because everything is handed to them. Being born with a silver spoon in your mouth isn’t always what it’s cracked up to be.
I believe in trying to make my own way (probably no choice), but would also like to leave an inheritance. I other words, I don’t need to be taken care of, but I’d like to take care of my kids.
I’m not expecting any inheritance from my parents. They should enjoy life and spend their money. I’m already very thankful that they helped with college.
I totally agree. You shouldn’t spend your energy focussing on gaining something for nothing. You might just end up with nothing. I beleive you should focus on creating value for others and earning money. Matters on then in your own hands, rather than trusting to luck.
Funny, my friends and I talked about a similar topic. Making your own way or winning the lottery. There is something priceless and fulfilling about becoming successful on your own. What was that song? My Way?
So true. I’ve seen more than one family broken up because of a fight over inheritance. One of our New Years Resolutions for 2012 is to write our will. We may only be 28 & 31… but you never know what the future has in store.