Billionaire Blocks Her Children from Inheritance
By krystalley on March 14, 2012
Gina Rinehart, an Australian mining billionaire, has legally blocked her own children from their stake in the inheritance left to them by her dad’s mining empire.
This rich mom says in court documents that she feels her kids aren’t fit to manage their newly inherited fortune. Ms. Rinehart believes that the children—her children—wouldn’t know how to properly live with that much money considering they have never held down employment on their own accord and lack the necessary knowledge to “administer a trust.”
So, can you blame her? Yes…I can and let me tell you why.
Most of today’s millionaires and billionaires of the world don’t grow up rich. Matter of fact, according to the original article over at Yahoo Finance 75% of millionaires doesn’t inherit their wealth. So they believe their children should grow up with the same standards they had before they became rich.
However, this is the problem.
Well-to-do parents aren’t teaching their children these middle class standards they want them to uphold in a rich society. You witness most of these rich parents exhibiting an “indulgent parenting style” where they seem to be involved with varying aspects of their child’s life, but in reality they let their child(ren) do whatever they want.
So, it’s no surprise that when these same children come into a new fortune or inheritance they lack the proper skills and responsibility needed to manage it. So whose fault is it really, the children or the parent(s)?
Again, I say the blame lies with the mother.
She wants to block her children from becoming instantly rich due their unsuitability, but obviously never trained them up to prepare for something of this magnitude when clearly she possessed the know-how.
Yes, parents are only partially responsible for how their children end up as adults…but is she justified in criticizing her kids and their lack of ethics?
The Christian Chameleon
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