Lifestyle

Heritage Month Feature

How to leave a heritage that will benefit your children​

A finance blogger shares about the importance of leaving a heritage for your children

Who died? That is what I think whenever someone speaks about getting their inheritance. A loved one has passed away and now you’re a billionaire overnight.

Sad, but at the same time relieving. Well, that’s how it appears on the silver screen.

An inheritance can symbolise a new start. OK, so why the talk of this bittersweet subject?

In my country, SA, we celebrate Heritage Day on September 24.

And if you didn’t know: inheritance and heritage are synonyms. Hence the title of this article.

My inheritance day

My folks past away when I was only two  years old. Just a puppy, really, when both of them left this world.

I would like to imagine, in a spaceship searching the galaxies for a better planet for all.

Before their expedition, they left me with R10,000 which was my inheritance.

What do you think that would be worth now?

Let’s see. According to the inflation calculator, today I would possibly have had roughly R86,865.67.

Not bad for doing nothing, right?

But, I only received R10,000 at the age of 18 because of a loophole in the investment agreement with the attorneys. (The reason I have trust issues with those sneaky soothsayers in suits.)

It made me think: if I had to put away R10,000 for my child(ren) in 20 or so years it could potentially earn an interest of over 700% leaving behind an excellent inheritance for them.

Good idea, if you have R10,000 or more to put away or invest.

What my parents' inheritance has taught me

In many of life’s encounters, the one thing that we as humans can always fall back on is a lesson learned.

So what have I learned from my parents “inter-dimensional expedition”?

  • You don’t know when your expedition will start
  • Don't be afraid to ask for more information from friends in suits (attorneys)
  • Read the fine print
  • Start saving/investing now
  • Read the fine print again
  • Look for good investments to leave behind a good inheritance
  • Read the fine print again

Whatever you do this Heritage Day, make it count!

Heritage Day reminds me to be mindful about those coming after me and the inheritance and legacy I will leave behind for them.

Commit to leaving behind a heritage that will benefit your children. — Lance Malgas

 

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