Monthly Archives: November 2011

“Ugh! More money!” Why so many inheritors are ambivalent about their wealth

It may surprise most of those who read this, but the awkward truth is that many, perhaps, most inheritors are ambivalent about the money they have inherited. It’s a love/hate relationship—often more hate than love.

One inheritor  told The Inheritance Project:

“I had inherited money ever since I can remember. I get dividends from my grandfather’s trust. They come in the mail periodically. To give you and idea of just how out to lunch I am about this, I never know when those checks are coming. And I never know what the amount will be. . . . I actually remember saying dozens of times, ‘Ugh! More money!’ Continue reading

Why donors choose anonymity

The Inheritance Project understands, from the inside out, why so many philanthropists whose wealth is inherited prefer anonymity. In our experience interviewing heirs, many told us that “being outed” was their worst fear. “The question ‘What do you do?’ always terrifies me” was a typical comment. Yet most inheritors are philanthropists, though not usually on the scale that Carol Newell (keep reading) can achieve. Some remain anonymous indefinitely, while others decide—for a variety of complex reasons—to “come out” at some point in their giving.

The following article from Toronto’s Globe and Mail (November 4) offers an interesting perspective on anonymous giving: Continue reading

Warren Buffett’s approach to inherited wealth and his own kids—a healthy example

A November 2 article about Peter Buffett in Toronto’s Globe and Mail by Sarah Hampson is well worth the read.  Billionaire Warren Buffett’s philosophy of giving money (or not!) to his own children is an inspiring example that closely matches the approach of The Inheritance Project . Excerpts from the article:

“An award-winning musician and composer, Peter Buffett, the 53-year-old second son of Warren Buffett, . . . has an unusual relationship with money and his famous surname, which he admits “can be both a blessing and a curse.” . . . He talks about making life what you want when his has clearly been made by his famous father. Despite his family’s wealth, he doesn’t consider himself rich – not with money, anyway. Continue reading