Recently, on my online newsfeed, I saw an article that asked the readers if it is ethical to pass your wealth on to your children. I confess, I didn’t read it. Why would I? It’s not a problem that I’ll ever have. My parents didn’t have much money to pass on to me, and I don’t have any children. Problem solved.
But I did think about the issue from a philosophical standpoint during my next long commute. Naturally, Donald Trump sprang to mind. I’m convinced that the only reason he has money today is because daddy gave him obscene amounts of money to begin with. Donald Trump is barely literate and has no people skills whatsoever, and how many times has he declared bankruptcy? There’s no way he’d have been a self-made millionaire. The world would be a much safer and healthier place if his father hadn’t given him that leg up.
But on the other hand, it’s the average parent’s instinct to try to make his or her children’s lives better than the preceding generation’s. Who are we to deny them that? It’s their wealth. (Well… it is and it isn’t. I’ll save that particular rant for another day.) They can do with it whatever they choose.
Having said that, though, I feel the need to point out that with wealth comes power. If you’re giving your child power that that child hasn’t earned, then you bear a responsibility to make sure your kid is worthy of that power. (Trump’s father never did that, and now we are all paying the price. Lucky us.)
It’s every parent’s duty to instill a strong moral compass in children. They need to grasp laws and ethics and morals. They should understand the need for, and frequently practice, philanthropy. They must possess a certain level of compassion and kindness. Above all, they should have respect for others. With such an unequal balance of power being presented to them on a silver platter, they must be taught to avoid the impulse to grab things (or people) that don’t belong to them.
If little rich kids don’t have these qualities (and unfortunately many do not), then giving them an enormous nest egg on which to lounge is a disservice to the human race. Sheltering them from the real world, and coddling them from life, only produces cruel, dangerous, psychopathic individuals. The last thing these warped individuals need is for you to throw power, in the form of big sweaty wads of cash, into the mix. It creates a toxic stew.