Is it good for people to inherit a lot of money from relatives?
By scheng1
@scheng1 (24650)
Singapore
May 14, 2011 11:19pm CST
In many Asian countries, parents and grandparents would rather live simply so that their children and grandchildren can inherit a large legacy.
It is common to see the older generation working ten or more hours a day, and survive on milo, cream crackers and porridge, so that their descendants have gold, silver, houses and money.
Even when some children do not take care of their parents in old age, the self sacrificing parents still live very simply.
What do you think about it?
Should parents take such an extreme action to deprive themselves so much, for the sake of leaving behind something for their children?
Is it good for people to inherit such a large sum of money from relatives?
2 people like this
12 responses
@aerous (13434)
• Philippines
30 May 11
Well, that is an Asian culture and we cannot argue about our parents sacrifices. They don't want that their children will suffer the hardship they experience...
It's not bad to inherit something from them. Because they made sacrifices to make a good living for us...
@aerous (13434)
• Philippines
31 May 11
I think your boss, should not act that way to her parents. Because our parents is one of the most important person in our life. They made sacrifices for us to have a better life...She should make a trip along with her parents. So the parents will feel the love and care of a child...
I think the better way to please our parents. Will take care of them not ask others to take care our parents. Because our parents do everything then to make us a better person...
Now, it's the time for us to repay those sacrifices they made before...We need to show love for them...Their money or anything they leave for us is nothing. Compared to the love that we give to them until the last day of their lives...
@scheng1 (24650)
• Singapore
1 Jun 11
Hi Aerous, my boss did go with her mother and siblings on the trip.
Her maid is the full time caretaker of her mother, and knows the condition of her mother best.
Since my boss is working, hiring a full time live-in maid is the best she can do for her mother.
At least she does not have to worry about her mother falling in the bathroom or forgetting to take medicine.
If she were to leave the maid at home, and take care of her mother during the trip, she would have missed out some medications.
Her mother is closer to 80 years old.
Most people of that age need to survive on long term medication.
I think my boss is very wise and very filial.
@scheng1 (24650)
• Singapore
31 May 11
Hi Aerous, it is even better if we have done something good for them.
I mean many young people do not even bring their parents for holidays, since they want to go with their friends only.
My boss is a rarity, in that she hires a maid to look after her aged mother.
She even arranged an oversea trip with her family, and brought along the maid to look after her mother.
It is good if we can do something like this, to create happy memories, so that we do not feel guilty when our parents passed away, and leave behind something for us.
@lou_is (665)
• India
30 May 11
Here in our country it is the common thing that parents will leave something for their children. I don't know whether it is right or wrong but as per my knowledge parents want their children should grow in good system and there should not be any problem in future. If they are not there also they feel that if they didn't leave anything then their children may suffer a lot. Other wise if they leave something then from that their children can develop in good condition and they will take care of their future generation. That is what i believe and most of the Indians believe too.
@scheng1 (24650)
• Singapore
31 May 11
Hi Louis, I think that is a common practice in Asian countries.
While parents have the intention to leave something for the children, the society expects children to take care of parents financially in their old age too.
i think many people in the west also hope that their parents can leave something behind, but those people do not really think of helping parents financially.
It is sad to see people leaving inheritance to their cats and dogs instead of children or grandchildren.
If this goes on, we will have many millionaire cats and dogs.
@aprilsong (1884)
• China
17 May 11
It is the difference from Eastern to Western. In Eastern countries, parents sacrifice so much for the kids and grandkids, they think they love their kids. But unfortunately, their kids don't feel grateful to them and some just abandon them when they get old and useless any more,what a pity.
While in Western countries, people pay more attention to cultivate their kids' independence, even though they can provide anything for their kids, they let them earn a living for themselves.
Personally speaking, i support the attitudes of Western countries.
@scheng1 (24650)
• Singapore
17 May 11
Hi Aprilsong, the western culture is not that great too.
I think the welfare system has changed the attitude of people.
When they start to think that the government should pay for everything, they do not think that they need to support their aged parents in anyway.
If the western countries do not have welfare system, then things will be very much different.
I think many aged parents in China are learning that their children do not have ability to support them, and they do not have enough savings to leave behind.
The high inflation rate is eating up the value of the assets.
@Chastised_Dreamz (559)
• United States
16 May 11
I respect parents who are willing to do all of that so that their children can have better lives than themselves, but I think that it should be done in moderation. I don't think it's good to give children everything that they want because they start to take things for granted. I've seen too many children who were spoiled take advantage of their parents, take them for granted, and behave as if they are ENTITLED to their parent's money. I think that it's important for parents to save up to provide for the child's education and to provide the basics (food, shelter, and water), but I think that they also need to be taught the importance of hard work so that they don't depend on their parents their entire lives. They should be able to work and provide for themselves, as well as give back to their parents when they get older for all of their hard work and sacrifice.
@scheng1 (24650)
• Singapore
17 May 11
Hi Chastised, I have seen enough cases too.
I agree that parents should not spoil their children, and definitely should not let the children think that they are entitled to the money of the ancestors.
While many people blame the children, we should also blame the parents.
If parents had instilled the right values in their children, they would not grow up thinking that parents should give them money.
I think many people in the developed world with welfare system, are holding the same attitude.
They think that the government has to pay for everything.
@gloria14r (67)
• India
16 May 11
What you said is mostly true, but its all in the mindset of the people. Earlier generation started this and then Asian countries were the richest countries, but as the technology grows people are also trying to change their thinking and lately you can see earning a living for themselves is becoming very difficult, so i don't think future generation is going to follow the same tradition, i am sure its going to gradually cease to end.
@jackgone (50)
• China
16 May 11
Yes,in many Asian countries,parents and grandparents are very great.they would rather live simply or lead a hard life than they still do their best for their children.the children there are happy.take me for instance:my parents are very hard work just want to buy a big house for me.I am very thanks for their put.I study hard everyday as a reward to them.
@scheng1 (24650)
• Singapore
17 May 11
Hi Jackgone, I think your parents are great too.
It is hard enough for them to save enough money for you to have a good education, and yet they are still thinking of buying a house for you.
I hope that you have made your parents happy with your studies too.
Maybe you will work hard, and earn enough money to send them on a world tour.
Most Asian parents and grandparents do not even have a chance to travel out of their home towns.
@youless (112123)
• Guangzhou, China
16 May 11
It depends on how the people use the money. If their children use this money to drink, play and don't want to work, then the money will ruin them. On the contrary, if the children have ambitions and work hard, then this money will help them to reach their goals.
I love China
@scheng1 (24650)
• Singapore
17 May 11
Hi Youless, I think it depends on the sum of money as well.
If the sum of money runs into several million dollars, then the children and grandchildren do not need to work.
If they work hard, and earn more and more money, then the future generation is worse off.
I think many rich people are wise enough to set up a trust to prevent the future generations from spending all the money.
They are also wise enough to donate part of the assets away.
However for poor people, it is bad enough for the parents to work hard all their lives, and the children enjoy the inheritance.
Those aged parents should learn to take life easy, and just leave enough for the children to pay off part of the debt.
@scheng1 (24650)
• Singapore
17 May 11
haha Dreamy1, if you have kids, I bet your kids will hope that you do not live too long.
I think many old people underestimate their life expectancy.
Some of them thought that they live for twenty years after retirement, but they end up living for fifty years.
It is impossible to know how long we can live, and to spend exactly all our savings, and then we die.
If everyone knows how long they can live, they will definitely have better planning, leaving not too much and not too little for their children.
@sender621 (14894)
• United States
15 May 11
It can make us feel special and loved by a relative when money is inherited. it can be a winfall to your life or it can be the beginning of problems you wish you never had. it has some adbantages as well as some disadbantages at inheriting money from a relative.@scheng1 (24650)
• Singapore
17 May 11
Hi Sender, the sad thing is that many children expect to inherit all the money from their parents.
They do not even want to take good care of their aging parents, and just want to get the money as fast as possible.
I think that is the reason why many old folks will their money to the cats or dogs instead of their children, and other relatives.
If their children have taken better care of the aging relatives, they definitely should inherit something.
If not, then serve them right for not getting a single cent.
@umabharti (3972)
• India
15 May 11
hi , yes all do this, only nowadays people start thinking different seeing new thingss comup.If there is good udnerstanding then its ok with giving lot of money adn savings for children becox noone knw the future, but this makes the children not to work adn make lazy.The money should be knep for the parents at old age also ., i dont think they should ask for something in their oldage.Tey have the right to live ther life without having the need for money.,or going to some oldage homes.
@scheng1 (24650)
• Singapore
17 May 11
Hi Umabharti, it is sad to see aging parents living out their days in old aged homes, and it is equally sad to see adults struggling very hard to pay the medical bills of their old and sickly parents.
Some people here are unfortunately in this condition.
They have young children, and bills associated with young children.
At the same time, they have old and sickly parents who need constant care, and expensive medications.
Over here, many people hire maids to take care of their aged parents.
if their aged parents have no savings, and kidney problem, the children will get into debt.
I think the best is to have healthy parents, who can still enjoy life in their retirement.
They should enjoy life without worrying about their adult children anymore.
@feeltheirie (301)
• Philippines
16 May 11
It should not be a big deal if the parents decide to save money for their children to inherit in the future. However, as a daughter, I would reather my parents enjoy their hard earned money. They can travel or buy whatever they want especially when they retire. It is their money, and they are not under any obligation to give us inheritance.
@scheng1 (24650)
• Singapore
17 May 11
Hi Feeltheirie, I have the same thought.
I think they have worked hard enough, and they should enjoy life.
Even if they have nothing, the children should pay for their parents to go for a holiday or buy whatever they want.
After all, their parents have sacrificed so much to pay for the education, and other expenses.
I just hope that our parents can remain in good health.
Otherwise, they cannot enjoy life to the fullest extent, and a lot of money goes to the doctors instead.
@ishkaxxxx (4)
•
16 May 11
I understand that parents that wanted to make sure that their children will have a brighter future. However, i still don't agree with this kind pf practice. This might be one of the reasons why most Asian kids are too dependent to their parents. It might be a better idea instead that parents will help children to stand on their own just like most western countries do.
@scheng1 (24650)
• Singapore
17 May 11
Hi Ishkaxxxx, yes, I agree that many Asian parents pampered their children too much.
In Singapore and Hong Kong, where many households have full time maids at home, the children were too pampered.
They do not even need to carry their own school bags.
They do not need to do housework too.
The maids do everything, and the children become proud and useless.
Even when they have graduated from college, their parents still give them pocket money.
