Should parents bequathe their wealth for their children to start their businesses?

btaliat

VIP Contributor
Heated argument ensued between me and my closest friend last week following the tweet from the popular Chinese actor, Jackie Chan. He tweeted that he won't bequeathe anything to his child.


Of course, some people like my friend, found this offended, he claimed that is too callous. He supported his argument by trying to convince me that a parent needs to help his children while growing and even while grown.


And to his surprise, I rebuffed everything he said. I told him that a parent needs not to pamper his or her children by giving them what they want. They should prepare their children for the road and not prepare the road for their children.


To be candid, the argument could not be settled because none between us eventually agreed to accept the view of any one of us.


To make it public, which if the view do you think is right and why do you want to support the view. Do you think parents should make a soft landing for their children by giving them whatever they want in order to make their success journey easier. Or are you of the opinion that children are to be left alone to be on their own by being independent and try to make way for themselves.
 

Chibson

VIP Contributor
This is a very good topic. If I happen to be a very wealthy man, I will not give my children everything they want in a platter of gold. Even though I will have a very good plan for them, but that doesn't mean that I will not treat them to be hard working and of course know that life is not a bed of roses. I will also stop up wealthfor them but I will not let them know until I notice how hard working they are.
 

Briangsam

Active member
This is a very sensitive topic that many people do not like to talk about for many reasons. One reason being that they do not want it to look as if they have a favorite child or children. Hence, the need for that. Leaving inheritance for children depends on the type of children you have though.
 

sincerem

VIP Contributor
Parents laid the foundation for the children, nurture the best training to them, and not pamper them. If you pamper your children too much they become so lazy to even practice how to make money on their own, and fail to understand how life is all about. We should allow them to try on their won to survive sometime, to see of they can cope fine then we can assist them with whatever if we find it needful.
 

Mataracy

VIP Contributor
Heated argument ensued between me and my closest friend last week following the tweet from the popular Chinese actor, Jackie Chan. He tweeted that he won't bequeathe anything to his child.


Of course, some people like my friend, found this offended, he claimed that is too callous. He supported his argument by trying to convince me that a parent needs to help his children while growing and even while grown.


And to his surprise, I rebuffed everything he said. I told him that a parent needs not to pamper his or her children by giving them what they want. They should prepare their children for the road and not prepare the road for their children.


To be candid, the argument could not be settled because none between us eventually agreed to accept the view of any one of us.


To make it public, which if the view do you think is right and why do you want to support the view. Do you think parents should make a soft landing for their children by giving them whatever they want in order to make their success journey easier. Or are you of the opinion that children are to be left alone to be on their own by being independent and try to make way for themselves.
Very interesting arguement and I will also like to contribute my opinion.
Though every father or parent will always struggle to make life easy for their children but yet not to the extent of pamparing them and make them useless at the end.
The best thing is to help or teach your children how to grow not growing them b yourself because whenever you are weak and can no longer do that they will think may be you are just wicked.
Let them realise that no pain no gain so that they will be able to be well prepare for what life have for them.
 

Ozigba Richard Lamai

Active member
if you are a very rich parents and you have a lot of capital and phoned you can be able to assist your children to start up a business, if they have good idea sometimes they might have the idea but not having capital to carry out this idea as a rich parents who has a lot of money set aside with no use can we utilise another how to achieve these ideas.
 

Samuel72

Verified member
In this life every man is responsible for his own destiny, it is not an obligation for parent to bequathe their wealth for their children to start their business but still I see nothing bad in parents bequathe their wealth for their children to start business. It all depends on the decision and choice of the parents, everyone is free to make his own decisions.
 

Alexandoy

VIP Contributor
This reminds me of the story of John, one of the richest men in our country. He gave his children more than enough for capital for a business. He also gave half of his wealth to charity (that was about 10 years before he died). His children succeeded in business. Now his eldest is managing the airline while the other children are handling the real estate and other businesses of John.
 

Kendy

Verified member
This is a very sensitive topic. Jackie Chan positing that he will not bequeath anything to his child is very deep. He might be a billionaire with investments and assets and he might not hand everything his child if he has only one but I certainly do not see any reason you would not atleast hand over some part of asset to the child, which would assist the child. Of what essence would it be to bring a child to earth through copulation and you worked hard to become wealthy and suddenly you decide not to give your child anything at all? It does not sound logical in any way except the child is not interested in it. Of what use was it that you were hard working? Giving part of the wealth to your child does not mean that this child cannot do better than you, not does it mean that the child will squander the wealth. So in summary, you prefer to see your child suffering while you die with your wealth or probably donate it to charity? What makes you think that the wealth would be handled effectively by those in charge of receiving those donations. The economy is stale and very tough especially for those in third-world countries, the least you can do as a parent is support your child but that does not mean you should sign complete ownership. Supporting your child does not make the child weak or less of an achiever!
 

Yhubee

Member
I don't see any bad thing in a parent helping out his or her own child in starting up a business. I see no harm in it, it doesn't mean that the parent has to do everything for the child, or run the business for the child , it may be that the parents is just supporting the child or helping the child out with the capital for the business. In some cases, some parents even ask for a refund when the child gets to have his or her own profit.
As far as the child has made up his or her mind to start a business, the parents can render help . A hardworking child will go ahead and see what he or she can do to make to be successful in the business and earn more profit. So personally I don't see it as a bad idea for a parent to help a child in his or her business. The parents doesn't have to just hand over everything he or she has to the child while the child lazies around doing nothing, but if the child has made up his or her mind to start a business I see no harm in the parents helping out the child with a capital or with support through funds for the business.
 
E

eldavis

Guest
I don't really have anything to say about this because no one is wrong. The truth of the matter is that everyone has their own value and how they wish to train up their child. I have actually come across some parents who has made the same decision as Jackie Chan here, they refused to support their kids, not because they hate them but simply because they do not want their children to be dependent. This is also a way to teach them how to be hard working and to be able to fend for themselves. The funny thing is that later on in the end the children would be the ones to inherit their wealth, but by that time they have gotten alot of experience on how to manage things.
 

TOZZIBLINKZ

VIP Contributor
If you had research further the actor Jackie Chan , did not just wake up one day and decide not to will any of his property to his child , it was as a result of his son irrelevant , extravagant and irresponsible spending of money that cost the actor Jackie Chan to say what he said . Whether he meant it or not , one thing is sure to understand which that a parent should know when to allow their children pursue a career for themselves rather than being dependent on them for money . The parent also has the duty to backup their child in their chase for a better and aspiring future .

It is obviously seen that most children from rich and wealthy homes , develop the attitude of spending money lavishly forgetting the fact that the money which they are spending isn't theirs but rather it belongs to their parents and even though when their parent dies the family property and riches will be willed to them , they must understand that no one is guaranteed to stay rich forever . And it's only depends on how much you invest that determine your future tomorrow . Wealthy children a blessed with the potential and means to invest and they should make wise use of this potential or privilege .
 

Caramelle

Active member
I believe in empowering the next generation by giving them all the advantages that parents can possibly provide. If I can, I'd like to provide security for my future grandchildren by way of a trust. There are very few things we can do to protect them in the future and bequeathing properties that they can use to set them up for life is one of them. That said, we don't really know the financial arrangement between the actor and his children. It's quite possible that at this point he had already provided generous financial support that inheritance is not that much of an issue between them. It is quite common for wealthy people to do estate planning, a tax-saving plan that often involves distributing one's property way before death through various transactions. Each child is entitled to his legitime or a forced share in the estate unless he or she is disinherited for a valid cause and that's something that Jackie Chan has to work around if he was, indeed, serious about his statement.​
 

moonchild

VIP Contributor
Well, I think this a personal opinion and I don't think there is anything wrong with his opinion, probably Jackie Chan own father did not leave anything for him, anybody can make his own success and you don't necessarily need your parent financial support, I think he is aiming at teaching his child how to work hard and value his own skills.

Most people from rich families don't really understand what it's like to struggle and hustle and make it happen, because everything is handed over to them on a platter of gold so there is a very little input from them, but also some rich people teach their kids how to make money and support with a very good capital, such kids grow up to perform wonderfully in their endeavor.

Back the American actor Shane O'neil said the same thing too, and a lot of people were offended, people will always talk and have something to say, it doesn't really matter, even if he leave his all assets to him, people will still talk so my point is, people should focus on what is important and go ahead and execute not really giving a shit about what others think because it doesn't matter.
 

Rachael

Verified member
It's not wrong neither is it a bad omen if parents bequeath their wealth to their children in setting up a business. If I do not bequeath it to the, who would I sign it up for. The aim of my struggling is to give my children a better life. Giving your children a good life does not mean you are spoiling them or over-pampering them. I do not see any logic behind such reasoning that I would be buoyant yet watch my children wither in penury. It does not mean that you should give everything to your child to start a business but at least you must be supportive because this is the role of every responsible parent, whether you have the finances to support or not. In fact, as a child, if you feel as a parent that giving me part of your wealth is needless, then I do not see the need to call you father or mother because you are also needless to me. Parenting does not only mean procreating children, it has a lot more to do with. So for Jackie Chan, would he rather give his wealth to charity? will those people be the ones to take care of him in his dying bed? There's a common adage that says, "the child is the father of the man." This adage means that a child would one day grow up and take responsibilities by taking care of his parents but this can only be vice versa because the parents would have to groom the child in all dimensions.
 

funmi

Verified member
Well I really do not see anything wrong in that but the only challenge I see with this issue with it is that some children with suddenly become lazy and will want to rely heavily on their parents wealth as soon as they are aware that the wealth will be given to them after the passage of their parents. And as we know that an idea hands is the devils workshop, such children sometimes comes up a negative plan to assassinate their parents so as to quicken the passage of the wealth to them. I have seen situations like that where children go as far as killing their parents just to gain the properties of their parents. And sometimes when they have succeeded in killing their parents they still kill their siblings so that they can amass all the wealth for themself. That are some of the negative sides to dashing out the wealth to the children. And there is something about the money you did not work for. You will end up spending it in an unwise manner as you will spend it foolishly. It is always good for children to struggle for sometime so that they can understand life more better.
 

Richee84

Active member
This a very interesting topic that must be treated without been emotional, topic like this tend to carry emotional judgment but fact remains that in whichever side u look at it there is always a good point to make. From my own little understanding about life, I will support parents helping their children and my reasons are given below,
First of all our parent will always be our parents and no one can ever take place away from them, in life the first person that should help us apart from God is our parent, we see them as next to God in our lives and in this life we always need one person or the other to help us to achieve our dream in life. Am not in support of parent pampering their kids but for the kids that the parents have prepared for the future and not just prepare the future for them, the parents can entrust their wealth to them to handle. Because some parents suffer to make it in life doesn't mean that their children should follow suit but rather to give their children a soft landing if they are well trained. Parents should always see it as their responsibilities to see their children succeed in life.
 

blessingc

Active member
Parents naturally have children not just for having sake but for reasons like this. To show them the way of life both physically, materially, financially and spiritually.


As a parent, you are to teach your children the basic things they need to know. From childhood you teach them basic domestic chores and good morals. And as they grow up or even before the get to the extent of going on their own or of starting up a business, you are to teach them skills that can help them in life to earn money.


It is not a bad thing for parents to support their children with financial support to start up a business. It is the right thing to do, as far as you have taught them the basic things they need to know about life and business, so they don't spend it into an unprofitable business.

It is very right for parents to lend support to their children if they have such support to give. Some parents work really hard to make it in life just so they can pass it to their children. It is a show of love and care and a ticket to their children to go start up their own.
 

Mika

VIP Contributor
Around the world, in every culture, it is very common for children to inherit property, money, or a business. Well, there is nothing wrong with this because the children are the rightful heir to their parents. I don't know how it goes in other countries, in our country, if someone dies without paying the loan, his kids are obliged to pay the loan. If the children cannot pay the loan, they will be sent to jail. If the kids are obliged to pay the loan, it is very convincing for the kids to expect to inherit property. There is nothing wrong with passing property from parents to the kids, however, if the parents do not want to give their wealth to the kids, it is perfectly fine; however, the parents should take the responsibility to provide better education and a better lifestyle to the kids. Sometimes the kids cannot move forward in life despite getting the best education, in that case, parents should always help their kids to build their careers. Since they gave birth to the kids, that re expected to help them in every aspect. If the kid do not want to get a job but wants to build a business, parents should also help their kids.
 

Augusta

VIP Contributor
I'm in total support of parents leaving their wealth for their children. But those that you want to leave for are they not also humans. Why didn't they also worked to make money if it is about not making your child lazy.

The thing is that a lazy person mentally and otherwise is a lazy person it has nothing to do with having a parent that is rich or not. I have seen a lot of children that their parents were wealthy living above their parents means. The thing is that you should do more so that you don't have to limit yourself to your father's wealth. Your father's wealth should even be a stepping stone for you.


The thing about wealth is that if you do not even increase it, you keep depleting then one day it will just disappear totally and you would be left with nothing. So it good to always make money despite parents wealth.
 
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