Last week on Friday, we engaged in a heated debate on ‘Entitlement, Wealth Transfer and Management’ on Twitter, for the monthly Chase Debate. It’s a topic that many of us could easily resonate with one way or another, because we have probably been in a situation where;
- We felt that because our parents have it all and since we’re under their wings, we also are entitled to it. So we don’t have to work so hard, because the parents will make sure that you have everything you need.
- We have had to work so hard for what we have because our parents didn’t have enough to give us. Once you were able to make it and acquire your wealth, you swore that your children will never have to suffer like you did.
- We have been lectured and even beaten because we went and showed off our parents belongings and made ourselves look better than the rest. But we were told, “Honey, that’s not yours. When you grow up and get yours, you can show it off.”
- We once told our parents that we want what our friends had, whether it’s that ‘bike, or bag’. While for some it could have as easy as ‘we’ll get it for you tomorrow’. For others, it was a tough lesson to either appreciate what you have until when your parents could get it for you or to entirely stop envying what other people have.
- We have been left for responsibilities for monies and properties, which we didn’t even know where to start when it came to manage the same.
- The will was written and when it was read out, your name was on it, but no one had ever shown you how to manage an estate.
- We squandered it and mismanaged it, because no one inculcated in us the culture of valuing what other people have worked for.
- We treasured it and invested in it, because we knew the value of these assets left under our care.
- We know that when our parents leave us responsible for what they’ve worked for through sweat and tears, it’s because they trust that we’re responsible and disciplined enough to provide the same care and value it deserves.
There are many reasons, and these scenarios paint a sketchy picture. We might think it’s only about the money, but it’s more than that. And the earlier that we realize that, the sooner we’ll start nipping the attitude of entitlement in the bud. And also, start making plans on how to manage our wealth.
It’s about sheltering your children from fate’s hard knocks, but at the same time ensuring that they’re not blind to the fact these tough situations exist. Let your child share with you the journey, because it will help them build resilience. They’ll be able to exercise discipline, commitment and self-control in how they manage the little that they have. This in turn preparing them for what life throws at them. Such that, when wealth is transferred to them, they’re able to manage it well.
What are some of the ways in which you can enable your children to gain that sense of independence? And also ensure that instead of having that sense of entitlement, they embrace the sense of gratitude and value?
Chase Bank Kenya, Chase Debate, Entitlement, Wealth Management, Youth Banking