Why Leaving an Inheritance for Your Children is So Wrong!
Is leaving money to your loved ones when you die going to do more harm than good? If you have ungrateful and bitter children, then leaving an inheritance is definitely a bad idea. For many "baby-boomers" (born 1949-1964), the thought of retirement and giving an inheritance is a big dilemma, especially in today's economy. Some parents have to endure living with their bickering children who are fighting about their inheritance while they (the parents) are still alive.
Many retirees should think twice and here are the reasons why giving an inheritance is so wrong:
No Money to Give=No Problem
Parents, you have to admit that your ungrateful and bickering children don't deserve what YOU earned for a long time. Whether you are a new or future retiree, you should re-think about giving an inheritance because how can you "live well" when you retire? Are you planning to live poor and destitute, knowing that you have money for your children lying around? Heck no! You earned that retirement money so enjoy it.
In a survey among the nation's millionaire baby boomers, the U.S. Trust , an investment firm, found that 49% of wealthy seniors said it was important to leave their loved ones an inheritance. The firm was surprised with the low results since they spent decades preaching to their rich clients about the importance of leaving money to their heirs.
Many retirees are finding that leaving money to their children tends to tear the family apart! If the children are bickering now about their inheritance while you're alive, what makes you think they won't be arguing after you're dead?
Parents, you're better off leaving nothing rather than see the heartache of your children arguing over their inheritance.
You Gave Enough Already!
Parents, by the time you retire, you can think back that you did enough for your children in order for them to survive as adults. You paid for their College education, helped with the down-payment for their new house, and gave money to them for life's necessities, so that's enough already!
You gave them everything they needed to start their lives, so once they reach adulthood they would have full-time jobs, a family, and a good income. You've done your job to get them "on their two feet." After giving all you can financially, what the kids do from that point is their responsibility, not yours!
Rest easy cause you did your part to help your kids. You're going to be retired now so it's time to "help yourself" for a change.
"Retirement" Has A New Definition
Retirement means "no more money to you after I retire cause I'm spending it for MY RETIREMENT!" Yep, your days as a "human ATM cash-machine" is over cause you're now on a fixed-income and living off your retirement money from here on out!
Tell your kids on the day you retire, " my money has been retired too!" Your money that you earned so well will now be used for bigger and better things in your new life.
Besides, with today's economy, times are tough and most retirees are NOT retiring with the amount of money like previous retirees did years ago. You need the money to take care of yourself, not save it for an inheritance.
Do you think that your children will be able to care for you the way you want to be cared for? Fat chance. They'll probably put you in a care home so fast that it would give them free access to your money!
Your needs to retire comfortably should be a priority and that's where your retirement money comes in handy. After all, you earned it, so enjoy it the best way you can.
Do yourself a favor by shutting down that "ATM cash machine" that your kids depended on. You're not their "sugar daddy" anymore.
You Earned it, Spend it!
You earned it, so go and spend it and have fun. Take that trip overseas that you always wanted. Renovate the house that you're going to retire in. Add that entertainment/living room you always wanted and build the kitchen your spouse always wanted.
Start a new project like sprucing up the garden or building a new tool shed. Take up a new hobby like photography, take some photography classes, and buy the most expensive camera!
Buy that luxury sports car you wanted. Give your spouse a new car of her own. Go on cruises and places you've never seen before.
Just think, all that money you were saving for the kids' inheritance is now becoming YOUR INHERITANCE that you earned.
Have Fun with your Money, Die Happy!
When you finally "kick the bucket in the sky," you can rest easy that you did the best you could to help your children. You nurtured them, cared for them, and gave money to them when they needed it. The children will be fine.
Besides, if you gave the kids a "ton of money," they'll end up squandering it away anyway.
So leave them NOTHING, which would remove one less thing for them to fight over when you're gone.