Why leaving a million dollars to your kids is a bad idea

(Continued from last post)

So, as I was mentioning in the previous post about designing your business plans, and having your business function without you despite your passion/love for it...

NO! You do NOT want to leave a million dollars to your kids!!

WHY!?

THEY'LL JUST SPEND IT!!

You want to leave them a device that MAKES them a million dollars a year!

If you just give them money, they'll just spend it!!

The same goes for charities, by the way. You don't want to leave a huge sum of money to a charity when you die... they'll spend it too!

Instead, leave them the cashflow that comes from one of your income vehicles. That's right, so that they get a million bucks a year forever... instead of a one shot, thanks for the cash and its gone, adventure.

The only way you could do this, is if you designed your business to function without your involvement. (or, at the very least, groomed someone to take over for when you're gone)

As I mentioned in the previous article, the E-myth is an excellent book on the subject.

You want to be able to sell your business... even if you don't want to sell your business!

Huh?

Read on...
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