Kids, Go Fish: Wealth Vs Knowledge Inheritance

From Mark Zuckerberg to Jackie Chan todays right minded billionaires have different plans for their offspring, which makes these people true humanitarians as they set the following precedence

There is a growing trend among billionaires to give away most of their wealth to charity, rather than their children. Jackie Chan is the latest to join the bandwagon, with Bill and Melinda Gates, Warren Buffet, Mark Zuckerberg, and others already starting this. They believe that their children should earn their living, imbibing core values such as humility and empathy and that, this will come about only if they learn to fend for themselves. Inheriting wealth would not let them learn these qualities, as the wealth would be a huge albatross around their necks.

They believe that it is more important that their successors learn to fish, rather than be left with a Billion fish that may raise a stink in their lives! Instances abound of inherited wealth bringing ‘ill-equipped’ successors to ruin, depriving them of their ability to sustain themselves even on the inherited millions!

These billionaire parents prefer to endow their children with, what we may call ‘Knowledge Inheritance’ that enables their children to lead an independent life, with pride and dignity earned by the fruit of their own labour.

What is Knowledge inheritance?

Knowledge inheritance is more than just hard skills or expertise. It includes soft skills, social skills, life skills, interpersonal skills, and above all, the power of discrimination. Knowledge Inheritance is equipping one’s children with a worldview, a sensibility, and a value system that will stand by them unlike wealth, that can slip like sand through the fingers. It must be from personal experience that Henry Ford observed,

“If money is your hope for independence, you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability.”

Inheritance is the law of nature, with physical attributes and wealth being naturally inherited. However, Knowledge Inheritance is a conscious choice that parents need to make.

The art of passing on

A study by Psychologist Robert Sternberg reveals that children inherit practical intelligence, skills and values from familial upbringing, they absorb so much knowledge from their environment. Parents can consciously work on passing on knowledge that they have acquired in their lifetime to their children.

This can easily happen as “Dinner Table Talks”, with the entire family around, discussing the children’s day at school, news and events. These benefit children profoundly, giving them information and insights into life and its complexities.

We can only pass on what we have and so, we must enrich ourselves if we want our child to learn our skills. By reading up on child psychology, life skills, pedagogy, neurophysiology, technological advancements in learning, career options for the next 20-30 years, etc., parents may save themselves great trauma and agony when, having spent years and one’s lifetime savings on educating children, they find their children unprepared for life and disconnected from their parents.

Knowledge Parenting implies parents taking on the role of coach and lifetime mentor, inspiring their children to be the architects of their own life. Dictating the path their children should follow is usually counter-productive.

Statistical studies show that families are now spending more time and money on travel and personal development, as they understand the futility of hoarding wealth for their children. Instead, passing on the wealth of their experience is mutually enriching.

A Celebration of Knowledge occurs at homes where parents make time to stimulate a desire for knowledge in their children. For, good intentions alone are not good enough: one needs to prepare children for life, while leading our lives. Like these billionaires, going proud into the good night!

Article originally posted by entrepreneur.

This entry was posted in Business. Bookmark the permalink.
5 Work Laptops With 10+ Hours of Battery Life
Uncategorized

5 Work Laptops With 10+ Hours of Battery Life

For some small business owners, long battery life is the single most important feature a work laptop can have. If you're one of the many entrepreneurs who work long days, often away from a power source, and want a laptop that works as long and hard as you do, this…

Read

Alibaba is Going All Out on Cloud Computing Technology
Business

Alibaba is Going All Out on Cloud Computing Technology

The e-commerce giant's cloud service operates in 49 availability zones in 18 regions around the globe It looks like there’s no stopping Alibaba from expanding its footprint in the Indian market. After investing $300 million in online grocery store Big Basket, the Chinese e-commerce giant has partnered with mobile payment…

Read

How to Make Amazon Prime Work for Your Business
Uncategorized

How to Make Amazon Prime Work for Your Business

Amazon Prime is a membership program designed to offer customers perks for loyalty to the retail giant. Consumers who sign up for a $99 annual fee (or opt for a $12.99 monthly fee) enjoy free two-day shipping, free streaming of video and music, and access to e-books. But businesses also…

Read

She Proved That Nothing Can Get In The Way of Determination
Business

She Proved That Nothing Can Get In The Way of Determination

Shariah Edwards simply graduated from Power Center Academy High School, a contract school in Memphis, Tennessee. Presently, she's looked with an assignment numerous current secondary school graduates must do - - pick which school of those she was acknowledged to she needs to go to. Be that as it may, Shariah's circumstance…

Read

China Becomes World’s Biggest Online Community
Business

China Becomes World’s Biggest Online Community

Amid tight control, the country's population has set a record by crossing a mark of 800 million Internet users China has always been in the news for internet censorship owing to laws and administrative regulations. Amid this tight control, the country’s population has set a new record by crossing a…

Read

Management Theories Every Small Business Owner Should Know
Uncategorized

Management Theories Every Small Business Owner Should Know

Small business owners and managers can benefit from learning about the theorists whose work has given rise to many of the leadership approaches as well as the best (and worst) practices used to guide and grow organizations of all sizes. By putting these approaches within a larger historical context, business…

Read

Best Travel Sites for Businesses
Uncategorized

Best Travel Sites for Businesses

Falling victim to an eleventh-hour business trip is unavoidable. You're working on a project, firing on all cylinders with your employees and clients, and then a massive hurdle comes your way: You need to touch base with clients in Seattle, and you need to be there in two and a…

Read

9 Best Apps for Jira
Uncategorized

9 Best Apps for Jira

You may know Atlassian's Jira as a bug-tracking and software development package. But it's so much more than that now. For small businesses, Jira can help teams organize and manage a diverse array of projects, processes, and tasks for a spectrum of non-technical business specialties like law, HR, marketing, finance,…

Read

Don’t Wait for the Government: Entrepreneurs Are Keeping America Great
Business

Don’t Wait for the Government: Entrepreneurs Are Keeping America Great

Entrepreneurs are helping their local communities by introducing products and technologies for new markets across the country. Opinions expressed by Entrepreneur contributors are their own. Although popularized by Donald Trump, the “Make America Great Again” slogan goes back to Ronald Reagan’s 1980 presidential campaign. It's associated with politics, but the idea isn’t about…

Read