I’m a millionaire, but I’m only leaving my kids a small inheritance. I want them to earn their money like I did.

I gave my girls a reasonable allowance but no extra

I believe that humans become their best selves through trials and difficulty. Like gold, we’re purified by the fire. But growing up white-presenting in America with immense wealth, my daughters had little trial by fire. I worried about that — in fact, I still do.

I’ve always given the girls a reasonable allowance. It’s not about what I can afford, but what I think is good for them. I want their allowance to cover their essential life expenses like housing, books for college, and groceries, but only just. I don’t want to pay for fast fashion or dinners out with friends. My wife and I ensured that money never came to the girls freely. I want them to run out of money and be conscious about spending. I hope those small tests prepare them for the bigger challenges they’ll inevitably face.

Rather than teach the girls specific budgeting approaches, I’ve let them learn through experience what works for them. I’ve always believed that the best way for children to learn money management is by letting them actually manage their own finances. This approach is practical, not theoretical.

They can take responsibility for their money, decide how much to save and give to charity, and understand the importance of living within their means to avoid credit card debt. This hands-on experience, rather than another lecture from Dad, is invaluable in teaching financial prudence and responsibility.

I believe wealth is only commendable if earned

Most importantly, I want my daughters to work. The Baha’i faith teaches that working in service of others is equal to worship. I don’t want to deprive my children of that prayer.

While I plan to leave my daughters a small inheritance to ensure their financial security, I won’t leave them enough money that they don’t need to work. I want my children to have enough money to house themselves, get an education, and meet their basic needs. Beyond that, I believe money can corrupt if it’s given rather than earned.

I also think that wealth is only commendable if you earn it and then spend it on the betterment of the world. I use most of my wealth to try to do just that (both during my lifetime and in my will) by donating to spiritual causes and those that address racial inequalities, specifically those of Black Americans.

That will not only make this world better, but it will also allow my daughters to earn their own wealth and learn about themselves and the world along the way.