Initiative Sucker
The Initiative Sucker Inherits
In 2014, Anderson Cooper told Howard Stern the following:
“I don’t believe in inherited money . . . I think it’s an initiative sucker. I think it’s a curse. Who’s inherited a lot of money that has gone on to do things in their life? From the time I was growing up, if I felt like there was some pot of gold waiting for me, I don’t know if I would have been so motivated.”
As it turns out, Mr. Cooper inherited an estimated $200 million from his mother, Gloria Vanderbilt.
Curse of Wealth
The Curse of Inherited Wealth
No one is surprised when inherited wealth is squandered. What is surprising is when the beneficiaries of inherited wealth go on to accomplish great things in life. We have seen a number of factors make a difference in which outcome happens:
- Those who expect to produce their own wealth, do better than those who expect to consume the wealth of others.
- Families that produce wealth together are more likely to pass on productivity than families where one person produces and another one consumes.
- Families that have a culture of charitable giving, see wealth as a way to improve the world rather than a key to an easy self-indulgent lifestyle.
- Access to capital and family connections are more valuable than the ability to spend money one didn’t earn.
- A well crafted estate plan can protect the family from the wealth and the wealth from the family.
- The best time to start is now.
The first best time to plant a tree was twenty years ago. The second best time is right now. Plant some trees. Plan your estate like your wealth and your family is going to last for a 1,000 years. The plan you put in place today, will change the world of the future.