Show How Tough It Is To Make Money

April 23, 2013

by Michelle Perry Higgins

Start Shopping for Long-Term-Care Insurance at 45How do you keep heirs from losing their work ethic if they know they stand to inherit a lot of money?

I believe that in order for children to appreciate the value of the dollar, they first need to understand how hard it was to make that dollar in the first place. I advise my clients on two ways to make this happen. First, never give out money for free, as in an allowance. They need to earn it in order for it to have value for them. If you have your children start doing chores as young as possible they understand how hard it is to earn money. Second, teach your children about giving back to the community, the nation, the world. If you lead by example, their work ethic will mirror yours and produce a hard working, gracious, and generous individual. One of my favorite quotes on giving is by Franklin D. Roosevelt in his second inaugural address: “The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little.” I think that sums it up well.