By Zuko Komisa
Have you had the “inheritance’’ talk with your kids?
One of the most crucial things you will do as a parent is to have a money conversation with your children.
It is preferable to have the money talk over time because it is never simple.
What to inform kids about the family fortune will depend on the parenting style of the parent.
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Kaya Biz with Gugulethu Mfuphi spoke to Ayanda Theyana who is a parenting expert as well as Eunice Sibiya who is an educator and coach who outlined the importance of having the ‘inheritance’ talk and ways to go about it.
LISTEN TO THE FULL CONVERSATION HERE:
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Why most families neglect having the inheritance conversation.
“It comes from the way we have been raised, where the concept of respect comes from, it is almost like a dictatorship, when if Dad says this it trickles down, there’s no conversation. Unfortunetly, the reality is that any parent out there who currently working very hard, to gain whatever assets, or resources, would like to know that things are going to be in good hands when they leave.” says Theyana.
Be very open
“When we speak to our children we need to be very open, this is something you need to do as soon as possible… You want to get your children involve in what ever business you have from an early age.” says Theyana.
Lack of knowladge
“There’s a fear, avoidance and lack of knowledge, there’s a lot of walking away from the conversations.” says Sibiya.
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