Health & Wellness Magazine HealthQuest Fall 2020 | Page 9

2. YOUR KIDS WILL BLOW EVERY
PENNY ANYWAY.
Think your kids will tend to your life
savings for as long or as diligently as you
did gathering it? Nope. Don't count on it.
The reality is ... your kids will blow your
money in short order.
And this we know from experience.
Unfortunately, we've seen client after
client plow through the entire amount of
an inheritance they received within mere
months. And it doesn't even matter if our
client is 21-years-old or 55, the money flies
out of their hands as quickly as in.
In fact, the Wall Street Steward says the
average child spends their inheritance in 17
months. Did it take you longer than a year
and a half to accumulate it?
3. YOUR KIDS WON'T REMEMBER
"THE STUFF".
Want to enrich your children's lives?
Give them the gift of memories. Sure,
they're tricky to wrap, but great memories
certainly aren't soon forgotten.
Memories of fun, love and positive family
experiences are truly a priceless treasure.
Don't believe us? If you reflect on your
own parents, do you remember their
money? Their possessions? Or do you
remember the times you spent together?
The memories you made. Or ... maybe
even the ones you regret not making?
Science even tells us that people are
happier when they spend money on an
experience instead of a physical object.
Researcher Dr. Thomas Gilovich,
a psychology professor at Cornell
University—who has been studying the
link between money and happiness for
over 20 years—says, " ... over time people’s
satisfaction with the things they bought
went down, whereas their satisfaction
with experiences they spent money on
went up. But while the happiness from
material purchases diminishes over time,
experiences become an ingrained part of
our identity ... We are the sum total of our
experiences."
4. YOU CAN'T BUY YOURSELF A
BEACH BODY.
Don't work so hard saving up money for
the kids (and grandkids) that you neglect
investing in your health. As we age, our
health care expenses increase, especially
if we've failed to take care of our health
before retirement.
You can't buy flat abs, strong bones, or
plaque-free arteries, so invest time and
money in your health now. Stop and
ponder: What money might I spend now to
improve my health? Then, write yourself a
prescription to do that—today.
You can also save your kids money, and
possible anguish, from a potential medical
emergency or future failing health issues by
drawing up the appropriate will documents
and directives for your care. Ultimately, the
whole family benefits when you use your
hard-earned money to invest in improving
your health.
Still can't do it? ... Then, hush!
Not convinced yet that spending your
retirement now is the way to go? We're not
completely surprised.
You're obviously a person with tremendous
resolve and tenacity or you wouldn't have
this life savings accrued in the first place.
So we understand your desire to "make life
easier for your kids" through the gift of an
inheritance. But if that's the case, you need
to keep a lid on it!
Don't tell your children you're setting
aside money for them to use once you're
gone. An anticipated inheritance is a great
excuse for your kids to avoid saving for
themselves. Who needs a 401(k) or to pay
down credit card bills if they think they'll
just straighten that away once you hand
them the keys to the kingdom? Your wellintentioned
help ends up hurting in that
case.
Most multimillionaires leave a greater
percentage to charity than to their family
for fear that "easy money" harms more than
it does their kids any good. Ga-zillionaire
and genius of Berkshire Hathaway, Warren
Buffet says leaving children a lot of money
is "harmful."
Whether you've accepted our "permission"
(and plea) to spend your kids' inheritance
on yourself or not, know that your children
have already gained much more from you
than just money. Be proud of your legacy
of hard work and consider taking a night
off (or next few years) to "live a little."
You've earned it!
ABOUT THE AUTHORS
Scott and Bethany Palmer, The Money Couple, are love and
money experts, authors, speakers, each have 20 years of financial
advising experience. Together, they help couples solve money
issues in their relationship. Grab a copy of "The 5 Money
Personalities: Speaking the Same Love and Money Language,"
and take the FREE online Money Personality Assessment.
TheMoneyCouple.com
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