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15 Tycoons Who Won't Leave Their Fortunes to Their Kids
15 Tycoons Who Won't Leave Their Fortunes to Their Kids - Yahoo! Finance
It seems like kind of a dick move if you ask me. Some of these guys could easily afford to leave their children millions of dollars at the very least and still have ludicrous amounts of money left over to give to charity.
It seems like kind of a dick move if you ask me. Some of these guys could easily afford to leave their children millions of dollars at the very least and still have ludicrous amounts of money left over to give to charity.
It is their money to do with as they desire. I do know of a local mufti-millionaire who gave each of his 4 kids a million dollars when he sold out the plant that his father and he had built but the kids felt was beneath them to work in and learn its operations to take it over. He told them that was all he would ever give them so to spend it wisely. Within a year, 3 of the 4 were broke. The 4th had just put it all in the bank because she wasn't sure how to invest it. When he died, the 4th got the rest.
It is their money to do with as they desire. I do know of a local mufti-millionaire who gave each of his 4 kids a million dollars when he sold out the plant that his father and he had built but the kids felt was beneath them to work in and learn its operations to take it over. He told them that was all he would ever give them so to spend it wisely. Within a year, 3 of the 4 were broke. The 4th had just put it all in the bank because she wasn't sure how to invest it. When he died, the 4th got the rest.
It is theirs to do with whatever they wish. That being said, in the case of the man you mentioned, he was using his money as a control over his children, which certainly seems to be common. What his children learned from his "lesson", is that they are only worth (to him) whether or not they are smart. What a horrible legacy to leave to someone whom you supposedly love.
Ironic, isn't it, that the guy who didn't share all his wealth with his children evenly benefitted from his father giving him his share of the business he and his son built. He obviously didn't learn any lessons from his dad.
But at the same time you want to make sure you don't love them too much. If you really do love your children you will do your best to make sure you are doing the best for them, and that doesn't necessarily mean setting them up for life. If you do leave everything to them, you may not be doing them any favors. Kind of like the parent who is more of a friend to their kids than a parent.
It is theirs to do with whatever they wish. That being said, in the case of the man you mentioned, he was using his money as a control over his children, which certainly seems to be common. What his children learned from his "lesson", is that they are only worth (to him) whether or not they are smart. What a horrible legacy to leave to someone whom you supposedly love.
Perhaps, or perhaps it was because he sold the business instead of passing it on because none of his kids had any interest in the business whatsoever, so the only reason he had all that money in the first place was because he wanted to make sure the business continued and the employees had jobs. I sort of knew one of his sons. I was told that all the boys felt that it was beneath them and were embarrassed by their dad who actually worked along side his workers in their plant until his body gave out. Of the one I did know, that seems about right. He was definitely a piece of work. Last I heard, he was doing rehab for cocaine addiction.
Some people do indeed do that, absolutely.I agree with you, and I don't mean to imply that loving them means that you support them financially. What I am saying is that people use their money to control their children, and that treating them this way tells the child that your love has conditions placed on it.
If the (grand)father and father literally did build/start the business together, I don't think that's the same as someone who inherits the whole business from their father. The father still had to work to make it successful. He only gained the other half when the (grand)father died.First - to clarify - I was referring originally to the fact the "grandfather" gave his part of the business he and his son, the "father", built together to the his son. His son, the "father" in your story, didn't do the same for his children - that is the irony and the lesson not learned that I was referring to.
Secondly, says a lot to me about the parenting skills of the "father" that both he and you seem to have such poor opinions of how they turned out, at least the males whom he was a role model for. There are lots of people successful in business who aren't very successful in their personal lives - this appears to be one of them.
Some people do indeed do that, absolutely.
It seems like kind of a dick move if you ask me. Some of these guys could easily afford to leave their children millions of dollars at the very least and still have ludicrous amounts of money left over to give to charity.
It seems like kind of a dick move if you ask me. Some of these guys could easily afford to leave their children millions of dollars at the very least and still have ludicrous amounts of money left over to give to charity.
Most of them sound like they are leaving there kids something, just not all or even half of it. If I was worth a billion dollars and only left my kid 5 million and gave the rest to charity, and my kid thought that I was being unfair to him, then he didn't deserve that 5 million.
15 Tycoons Who Won't Leave Their Fortunes to Their Kids
15 Tycoons Who Won't Leave Their Fortunes to Their Kids - Yahoo! Finance
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