Many grandparents today ask themselves, “How much wealth should I pass on to my grandchildren? Will it be used for good, or for destruction?” Andrew Carnegie wisely said, “I not only ask, ‘Will my fortune be safe with my children?’ but, ‘Will my children be safe with my fortune?’”
So how do you make a wise decision? Let’s start with a definition of capital. Capital is an asset that can be developed within or passed down from one person to another. Now let’s look at three kinds of capital that can be developed within each of us:
- Spiritual Capital is our eternal relationship with Jesus Christ.
- Character Capital is the moral quality we try to develop in ourselves.
- Financial Capital is the monetary wealth God has entrusted to us.
With these definitions in mind, follow this train of thought:
- Spiritual Capital is needed to develop true and Godly Character Capital.
- A strong work ethic is usually needed to build strong Character Capital.
- If your grandchild’s Spiritual and Character Capital are strong and tested, it may be advisable to give them Financial Capital.
You get the picture. When asking yourself, “How much wealth should I pass on to my grandchildren?” the answer really lies in their level and quality of Spiritual and Character Capital.
How your children spend now is indicative of how they will spend later. With this in mind, what better way to impart spiritual and character capital in your grandchildren than to involve them in financial giving, rather than just receiving?
Call us at The Idlewild Foundation at (813) 264-8783. We will help!