Creating the family inheritance
published: Sunday | July 23, 2006

A good man leaves an inheritance for his children’s children. (Proverbs 13:22)” That means not only for his children, but his grandchildren.”

Speaking on this controversial topic at the recent Victoria Mutual Marriage and the Family series, Wilfred McKenley, Author of The ABCs of Becoming A Millionaire and head of McKenley & Associates, claimed that parents should ensure their children’s financial future.

“When a man tells you that he is a good man, you must then ask him what is it that he is going to leave for his children and grandchildren. The reason why many of us don’t leave an inheritance is because we don’t know how to create the money.”

Expect wealth and speak of it.

According to the author, his marriage vow some 20 years ago was: “We shall increase in wealth year to year and there shall be no lack in our household. We shall be in good health, always.”

Men, he said, should manage their family well and be so diligent in their work that they ensure that they leave an inheritance for their children’s children.

Good wealth management

“You need to effectively manage your money, your health, your marriage, your children, your business and your career. If they are not managed properly and you abuse them, you will end up in bankruptcy, you will end up sick, having unruly children, and having an unsuccessful business, or a failed career.”

Men should begin by getting information on financial planning, the author said. “Knowledge is the key to solving financial problems. Effective management is essential to every aspect in our daily lives. So, we need to equip ourselves with the knowledge and implement the knowledge.”

Commitment

Wilfred McKenley said, “It is also important to plan. It is important that you write down your vision, plan or goals. A lot of us keep it in our heads, that’s why so many people have headaches.

“And while planning by itself is fine, but there is another thing that you need to have combined with your plan, and it is our commitment to the plan or vision.”

The author claimed that “Experience has shown that many people have great plans and visions to change their marriages, but they die without fulfilling those goals. This happens because there was no commitment to the goal or vision. So commitment needs to go along with your plans.”

Yet another principle, the author said, is work. “Recently we were in Singapore, and the taxi man that came for us at the airport, we were amazed to have learned that he was working seven days per week. When we checked around that was the standard for taxi men. And that is why the country is so exceedingly rich.

“The country is very small, like the size of Hanover, and they had at that time 120 jumbo jets. The country is so wealthy because people work for seven days per week.”

Work harder

McKenley said, “I have to tell you the truth. I am not here to get you excited and feel good. If you want to leave an inheritance, you need to work harder. You are not working hard enough.”

He quoted words from Proverbs 14:23 which said: “All hard work brings a profit, but mere talk leads only to poverty.” Many of us talk too much (and work too little).

McKenley also advised: “When you work, you have to maintain the balance between God and your family, and your work. So God first, family and then your work. Anyhow you put in work first, you are overworking.”

Next week: Saving and investing the surplus. Information source: VMBS Marriage and the Family Series, June 2006.

You need to effectively manage your money, your health, your marriage, your children, your business and your career.