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HomeLocal & StateBecoming a trust fund baby could be a curse

Becoming a trust fund baby could be a curse

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People who learned to be hard workers and to live within their means frequently saved a large nest egg. When they passed away, they may have chosen to establish a trust fund naming another person to receive a large sum of money, often with some stipulations written into the trust as to when it would be received and its use.

American citizens born before WWII and the baby boomers born after usually stuck their noses to the grindstone, and some saved a significant amount of wealth. These hardworking people wanted to give it to their loved ones so they would not have to work as hard as they did. The result is we are starting to meet a significant number of “trust fund babies.” They are young adults who possess plenty of money in their bank accounts, often without doing anything to earn it. Too many times, these individuals do not appreciate what they were given. Most people think how lucky these people were to inherit this bonanza, which often is not the case.

Some of them find that too much of a good thing can quickly turn into a cursed nightmare. A person who is given money but never learned how to value it is like a lottery winner who suddenly has millions in the bank. The sudden wealth greatly uplifts their lifestyle, usually without any thought of how to use it to benefit their future. Spending money that a person has not earned is easy and addicting. As we say: easy come, easy go. The trust fund individual’s most difficult task is selecting how they spend or save the money.

Frequently the money dwindles until it is gone. This day of reckoning is not contemplated, so when it arrives, the person has to decide to work for someone else, start a new business, sell possessions, beg for more family money, or turn to self-pity. Too often, money becomes a curse rather than an asset.

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At this point in their personal history, trust funders cannot be proud of what they accomplished, especially if they wasted their entire inheritance. They purchased useless items they thought appealing at the time without thinking about their future when the inheritance could be gone.

In this scenario, the person who received the inheritance is not the culprit but the person who gave it. The recipient did not get the important lessons learned in accumulating this money that would have been the real gift. Knowledge, perseverance, and the hard work it takes to be successful should have been passed on to loved ones.

The person who accumulated enough wealth to establish a trust fund climbed up the ladder of success in their careers, which taught them an incredible number of business and people skills. Many advantages came from voluntarily taking on more responsibility which offered them more opportunities. They developed managerial skills and abilities to apply for even higher positions in other companies or start their own businesses.

A person who has been given everything and not clawed his way to the top of the ladder of success has been deprived of opportunities to sharpen skills and improve their perseverance. There are plenty of opportunities to begin at an entry-level job and then work up to attaining a professional position. The better one learns and performs one’s duties, the more they are appreciated as a high-functioning employee.

The explanation and illustration of how the successful person overcame their obstacles through their determination and perseverance are more important and lasting than handing a sum of money that may be short-lived. Every one of us needs inspiration and guidance from people who care about us.

The individual providing this learning and wisdom deserves our utmost respect. They did more than provide a trust fund. The caring and loving person shares his life story to assist and guide another to also become winners by maximizing their talents in a competitive world.

At times all of us lose our focus and enthusiasm for our chosen career. It is an uplifting experience when our mentor reminds us of the accomplishments we have made in our career. The mentor’s words of wisdom bring back a more positive spirit for the person’s view of their career.
In our modern instant gratification world, too many people give up under the slightest difficulties. This happens too often in our relationships, especially in today’s marriages and often in one’s employment. Perseverance is a necessary virtue to create a positive, stable existence.

Having a successful person in our life whom we respect is an incredible asset. This is a much more valuable gift than a stack of money that quickly passes through one’s hands into oblivion.

Domenick Maglio, PhD. is a columnist carried by various newspapers, an author of several books, and owner/director of Wider Horizons School, a college prep program. Dr. Maglio is an author of weekly newspaper articles, INVASION WITHIN, and a new just published book entitled IN CHARGE PARENTING In a PC World. You can visit Dr. Maglio at www.drmaglio.blogspot.com.

Dr. Domenick Maglio
Dr. Domenick Magliohttp://www.drmaglioblogspot.com
Dr. Domenick Maglio holds a Ph.D. in Human Development with more than forty years of experience in the field of education and mental health. During his career, he has worked as a clinical psychologist in the Florida prison system. He served as the director of Hernando County Domestic Violence program for ten years. He also served as the director of Open Door for Mental Health, a program helping mentally ill patients transition from state mental hospitals to the community. He taught for a decade in higher education and served as a board member with the National Independent Private Schools Association.
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