Written by Prof. Mannixs E. Paul, PhD, FCFIP, FCIML, FCECFI, FFAR
It is often said that “ill-gotten wealth will vanish,” a truth reflected in both sacred texts and human experience (Proverbs 13:11, Holy Bible). Wealth obtained through deceit or greed is rarely sustainable, for it lacks a moral foundation and divine blessing. Beyond moral teaching, empirical research also affirms that most family wealth does not survive beyond the second or third generation. According to the Williams Group Wealth Consultancy (2015), approximately 70% of wealthy families lose their wealth by the second generation and 90% by the third. This pattern reveals a critical gap in the transmission of values, knowledge, and financial literacy.
Hence, it is wiser to empower children with knowledge, skills, and character, rather than relying solely on inherited material assets. Self-sufficient children—who have learned to “catch their own fish”—rarely fall into conflict over their parents’ property. On the contrary, those who depend entirely on inheritance are often consumed by rivalry, envy, and a sense of entitlement. As Aristotle once noted, “We are what we repeatedly do. Excellence, then, is not an act but a habit” (Nicomachean Ethics). Therefore, a child trained in self-discipline and responsibility will value work and integrity more than unearned wealth.
Many of the family disputes and tragedies that arise after a parent’s death are consequences of earlier neglect or misplaced priorities. Parents who fail to teach their children financial management, humility, and cooperation often leave behind households divided by greed and resentment. The Bible warns that “an inheritance claimed too soon will not be blessed at the end” (Proverbs 20:21, NIV). Thus, the moral duty of a parent extends beyond providing comfort—it involves shaping the mind and heart to handle prosperity wisely.
It is also essential to understand that time and seasons change. Each generation faces its own realities and challenges. Trying to impose outdated methods or traditions on the next generation is like expecting them to wear your childhood clothes—they no longer fit. The world your children inherit will differ vastly in technology, economy, and culture. As Alvin Toffler (1970) observed in Future Shock, “The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn.” This observation underscores the importance of adaptability as a core legacy.
This truth extends beyond personal life to business, property, and culture. Businesses that refuse to evolve with time fade into irrelevance, just as relationships suffer when individuals cling to outdated norms. Trying to control the future from the grave is like allowing the dead to decide for the living—it disregards the dynamic nature of life and progress. Every generation must interpret its own circumstances and respond to the realities of its time.
Therefore, the greatest inheritance one can leave is wisdom, not wealth. A child who inherits wealth without understanding its value will squander it, but one who inherits wisdom and a strong moral compass will create prosperity even from little. As Confucius once said, “Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime.” The measure of true legacy, then, lies not in what we leave for our children, but in what we leave in them—resilience, knowledge, and integrity.
Connect with us on our social media platforms
Facebook
Instagram
Tiktok
References
Aristotle. Nicomachean Ethics. Translated by W.D. Ross, Oxford University Press, 1925.
The Holy Bible, Proverbs 13:11; Proverbs 20:21 (New International Version).
Toffler, Alvin. Future Shock. Random House, 1970.
Williams Group Wealth Consultancy. (2015). Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values
Courtesy of MEFoundation