According to the bible, we should all strive to have enough saved up for our grandchildren to inherit (Proverbs 13:22). If you have already achieved this goal, congratulations, for you have done something very few in society today have been able to do. Most are struggling to save enough money for retirement talk-less of leaving an inheritance to their children.
Now you need to prepare your children for the inheritance they will receive. Failure to do this may turn what is meant to be a blessing for your children into a curse. Without adequately preparing them, they may squander the family wealth or even worse, they may use the money to destroy themselves.
As you think about how to prepare your children before they inherit your money and assets, consider these words of King Solomon (a man widely regarded as the wisest man to ever live):
Wisdom is good with an inheritance,
And profitable to those who see the sun.
For wisdom is a defense as money is a defense,
But the excellence of knowledge is that wisdom gives life to those who have it.
Here are some life lessons you should share with your children
(1) Be Wise With Your Money: The majority of people who inherit a large sum of money blow it and leave nothing to their children. For those that inherit wealth in the tens of millions of dollars, statistics show that the money is usually gone by the 3rd generation. Why is this? It is because people let money get to their heads and they stop acting wisely. It is important to be wise with money. Those who are wise with their money (by becoming financially knowledgeable) can invest it wisely – to grow it so they can use it for philanthropic purposes and to create business that help create jobs for people so they can hep their families. In this way, the wisdom of those who have money become profitable for people all over.
(2) Do Not Put Money Above God: In his first letter to the Corinthian church, the Apostle Paul writes that Jesus became wisdom for us (1 Corinthians 1:30). Since the Son is God, this means that there is no wisdom without God. By substituting Wisdom for God in the words of King Solomon, we see the words ‘God is good with an inheritance and (God is) profitable to those who see the sun (those who are alive). Why the emphasis on God? It is because money makes a good slave but is a terrible master. When money rules, our world falls apart. But when God rules, our world falls in place. For an inheritance to be profitable to us and others, it must never take the place of God in our heart and life.
(3) Money Will Not Bring You 360 Degree Success In Life: Money is a defense against many troubles that life throws us. Anybody who has a lot of money likely do not have to worry about sustenance or security. The stats also show that having money is a defense against divorce amongst many other things. Bu there is the thing. Wisdom is also a defense. A person who walks in wisdom does not need an inheritance to be wealthy but can build it from the ground up. But the beauty of wisdom is that it is more than a defense against troubles. Wisdom is a source of victory in our lives. Unlike money, wisdom can enrich our lives by bringing love, joy, peace, goodness, faithfulness, courage, boldness, kindness, might, and many other intangibles. Therefore, we must not be like those who have money but are dead inside. We must keep wisdom as the principal thing (Proverbs 4:7)
What steps can you take today to be wiser with your money?