Waiting for your family to die in order to get an inheritance

All aboard the Uncomfortable Train! Next stop: Squirmville.

"As soon as my parents die, we are set financially." -Various clients over the years

Some things are better left unsaid. And some things, when said, have a way of making you a liar. That's my hope at least when I hear people say some variation of the phrase "my family is rich and when they die - I win."

You see, I not only work with peeps in their 20s, 30s, and 40s, but I also work with these peeps' parents. And in 90% of the cases, the kids have absolutely no idea what they are talking about when it comes to their parents' financial health. There are several reasons for this, but most of the reasons revolve around the child's lack of understanding of assets and fixed income retirement sources.

I usually like to ride the fence a little bit and say things like "well, it depends", but in this case - an expected financial windfall upon the death of a loved one is not a silver lining. It is a black hole in your heart. Harsh? Yes. True? Abso-freakin-lutely.

Your perception of your family's wealth should never impede your financial planning. In fact, if anything, it should drive you to emulate their success. Don't wait for their successes to trickle down to you. Does this topic blow your mind? Are you having a hard time believing that people actually are waiting for their family to die in order to financially benefit? Well, it happens all the time. The reality is that you most likely know someone playing this awful waiting game.

I admit that this post is a bit of a Dunny-Downer, but I'm trying to reach those people who are looking for the wrong silver lining. If this doesn't apply to you, then move along. There's nothing to see here.