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Gold bars and coins. Illustration photo by Pexels |
I am over 60 now and the youngest of four children. My parents gave my siblings and me our inheritance when I was just 24 years old, at the beginning of my adult life.
At that time, my parents owned a house and a small plot of land, valued at about seven gold taels. They decided to sell all their assets and divide the proceeds into five equal parts: one-fifth for themselves to sustain them in their old age, and one-fifth for each of us siblings. Having pensions sufficient to maintain their lifestyle without relying on us, my parents then used their share to buy a modest house in an alley—just enough to live comfortably during their retirement.
With the inheritance divided, each of us received a “lever” to help us start our careers early. Together with our own savings, we were able to buy a house right away. Had my parents not divided their inheritance back then, we would likely still be struggling today and might not have been able to afford a home.
That lack-of-growth scenario might not have been caused solely by a lack of business capital, but also by the fact that we would still be living with our parents in the family home, crowded together, unwilling to move out. Meanwhile, house prices continued to rise every day, and the longer we delayed, the further they moved out of reach. Thanks to the financial boost from our parents, each of us now has our own beautiful home, with our lives and careers flourishing.
Now, it’s my children’s turn to start their own lives. Staying true to the values my parents instilled in me, I support them financially to help them buy their homes early. However, I’ve made it clear that I will not sell off all my assets and divide everything among my children, leaving myself with nothing and forcing me to depend on them in my old age. If I did that, there may come a time when they would throw me out onto the street.
I only assist my children in purchasing their homes, rather than buying houses for them as many others do. I believe the most important thing is to provide them with a good education, so they can make their own money, buy their own houses, and buy their own cars. There’s a saying that if a child is smart, well-educated, and raised to be a good person, they won’t need their parents’ money. On the other hand, if a child is not well-educated or raised properly, even if you give them a mountain of wealth, they will squander it all.
Therefore, there are benefits to giving children an inheritance early—it can serve as a launching pad for them to start their lives. But this approach should be tailored to each child. There is no decision that is completely right or wrong, there are only choices that are most suitable for each situation, condition, and individual.
How are you planning inheritance for your children?
*This opinion was translated into English with the assistance of AI.Readers’ views are personal and do not necessarily match VnExpress’ viewpoints.
