The impact of inheritance

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Some of the implications that occur if an individual just inherits money versus earning money, has absolutely everything to do with self-esteem. Since I think that the ability to achieve is so important to self-esteem, it would become very obvious that if someone just inherits money, and never has to work or achieve or accomplish anything; although the material aspect of it might be satisfactory for a short period of time, what you really lack is the internal feeling that I am really accomplished. I'm concerned, for that reason, about when individuals inherit money. I have said, on numerous occasions, that I really don't want significant sums of money transferred to the next generation, during career building years. When that happens, the motivation to build the career, to endure the frustrations, anguish, and nervousness, so that you can achieve gets diluted by the fact that you can just take the money. You can take the easy way out. I have that concern because I am so involved with helping people feel accomplished, helping people achieve at a greater level. That is a sense of satisfaction, and ultimately, happiness.

Video Categories: ALL PARENTS, Parenting, Building Self-Esteem, Financial Planning and Budgeting

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Expert Bio

Lee Hausner, PhD

Clinical Psychologist & Author

Dr. Lee Hausner is an internationally recognized clinical psychologist, business consultant and family wealth advisor. She served as the senior psychologist for the Beverly Hills Unified School District for 19 years. She is currently the Senior Managing Director for First Foundation Advisors. An acknowledged expert on psychological issues involving wealth and wealth transfer, she was a presenter at the World Economic Forum in Davos-Klosters, Switzerland, and is a frequent participant at the high wealth/private client conferences for major financial institutions. She is a frequent guest on national radio and television and a quoted expert in national publications such as The Wall Street Journal, Times, Forbes, Fortune, Privilege, Town and Country and Worth Magazine.

Dr. Hausner is the co-author with Doug Freeman of A Founder's Guide to the Family Foundation, published by the Council on Foundations and is the author of the seminal work regarding wealth and the family; Children of Paradise: Successful Parenting for Prosperous Families. In addition, Dr. Hausner incorporated her unique six-step transition model for succession in family business in the critically acclaimed family business resource book Hats Off to You 2: Balancing Roles and Creating Success in Family Business, of which she was a co-author.

Dr. Hausner is a graduate of Northwestern University (BA, Psychology), San Francisco State University (MA, Psychology), and Kensington University (PhD, Psychology).

Parenting expert on: Building Self-Esteem, Money Management for Kids, Allowance, Money Management

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