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【Because We Love】
“I may be blessed, but I’m not rich.” Now and again, we come across such comments. So then, exactly who do we mean by Those of us who are fortunate? When we see our world through the lens of objectivity, you’re among the wealthiest half of the world if you own roughly US$3,000 worth of assets. If you own US$68,000 worth of assets, then you’re in the top 10 percent of the world’s wealthiest. “No no, I’m not wealthy. I’m just an ordinary person who happens to own a few assets.” Whether we own a huge estate or feel that our life savings are modest, when we elevate ourselves to have a broad perspective, we come to realize that many of us who live in the most affluent countries of the world are blessed with fortune. And, no matter how modest we feel each of ours may be, the accumulation of our inheritances is collectively the sustaining force behind the Despair beyond generations, across time, and throughout the world. If we stop our stubborn habit of inter-generational inheritance, then the Inequality of Opportunity will be nearly gone, the Social Inequality will become largely a thing of the past, and we’ll enjoy a stable world like history has never seen before. That’s what each and every one of us can do now. Rectifying the source of the Despair – that is, the very real existence of a born-into, very nearly insurmountable Inequality of Opportunity. To bring about such true change, the redistribution of wealth is absolutely essential. It’s because the redistribution enables even a less-fortunate child to gain access to a good education, which opens up the gate to a world of opportunities. That will pave way toward a real chance of attaining desired jobs, sufficient income, comfortable living standards and wealth regardless of where we’re born. When the Inequality of Opportunity is rectified, people are no longer trapped in the fixed pattern of Social Inequality. The freedom from stubborn poverty brings Hope – a liberating sensation that Even I can be rewarded for my hard work. And, the more Hope grows in our world, the less Despair obstructs our progress. That, in turn, nurtures a Stable Society. Even after we leave this world, is our fixation to a Selfish Love so important to us? Is it so important to reserve our love only for our own child with little regard to others? Without truly facing those who are simply born into hardships through no fault of their own? As for the monetary wealth that remains even at the end of our lifetime, isn’t it important that we return it to the wider society for the benefit of those who are less-fortunate? Isn’t that simply the right thing to do? Guided by our moral compass, giving to those who are less-fortunate in destinations of our choice is the most effective redistribution measure. We live in this beautiful era in which we can give – through trustworthy organizations – to those who we’ve never met, to those who live in the corners of the world where we’ve never set foot. To be fair, estate tax is one of the redistribution measures applied by the society via government functions. Yet, the government spending can at times be cringingly wasteful, and it’s often used for the purposes other than to redistribute wealth to those who are less-fortunate. Moreover, many wealthy people can hire tax experts to devise a creative structure that finds loopholes to pass on as much wealth to multiple generations of heirs. These portray the perilous fragility of a hollow moral inner-core while only decorating the exterior with plaster for a handsome facade. A proactive giving guided by our own moral compass is the fundamental inner-core that is imperative to sustain the unwavering long-term promise of wealth redistribution. “How could you not leave your child an inheritance? Don’t you love your own child?” From time to time, we field these questions. Yes, we love our child. We love our child so dearly. Our love for our child goes deeper than the deepest oceans, and our hopes for our child’s own happiness extend far beyond the skies. That’s why we try our utmost – so that our child grows into a tenacious adult who has a backbone to fend off the Parental manipulation, Hindered independence, Ugly family battles, and Fortune hunter. That’s why we try our utmost – so that our child grows into a righteous person who defies the selfishness that looks the other way from all the Despair in the world. That’s why we try our utmost – so that our child grows into a brave person who doesn’t accede to A mass murder called war, which by doing so will help make our world a safer place for everyone. That’s why we try our utmost – so that our child grows into a big-hearted person who wishes to turn every Despair in the world into Hope, one person at a time. That’s why we try our utmost – so that our child grows into a positive-minded adult who knows the joys of self-reliance to live a fulfilling life. That’s why we try our utmost – so that our child grows into a compassionate adult who respectfully cares for each and every one of us in the world. Precisely because we love our child, we choose not to leave our child an inheritance. Precisely because we love our child, when our time is up in this world, what we’ve received from this world we choose to return to this world. That’s precisely what we who live here today can do now. Read Previous: Why No Inheritance (6)【What we can do】 Complete Series: Why No Inheritance (1)～(7) [1] [2] [3] [4] [5] [6] [7] Read Theme: Inheritance 【What we can do】
For those who were just born into hardships through no fault of their own, they have nothing to inherit, not to mention a worry of being left behind a heavy debt burden. That debt may directly pass down to a less-fortunate child – whether as a legal obligation and/or a psychological burden to pay back a family debt. Or, it can hit rather indirectly, like a student loan that a fortunate child need not rack up. As of June 2018, the American student debt balance stands at roughly US$1.5 trillion, doubling in the last decade. Over 44 million Americans are burdened by this loan, averaging US$34,000 per person. Many borrowers are already falling behind, with more than 10 percent in delinquency. These figures show that a growing number of parents can no longer afford their children’s college education, thereby students taking on a debt to pay for their own education. Yet, their earnings from jobs while in school and after graduation aren’t nearly enough to make sufficient payments on the debt. No surprise that student debt is ballooning into a widespread social issue in the US. A debt that a fortunate child need not rack up. Not only that, a fortunate child is born into an assortment of advantageous opportunities, all paid-for. And to top it all off, s/he even wins an undeserved and unearned wealth. On the contrary, similar opportunities are nowhere to be found for a less-fortunate child. S/he racks up heavy debt only to receive a college education – even if s/he manages to reach there against all odds. And there’s no inheritance. As such, even in the most affluent countries of the world, Social Inequality looms large. In the nations where basic needs such as food, clothing, and shelter are at risk – let alone an education – Social Inequality even triggers war and terror. From the moment of birth, no clean drinking water or sanitary toilets. The family and livestock dwelling in a crowded hut made of mud and dung. A six-year-old boy whose chore is to fetch the entire family’s water supply for the day. The chore requires two round trips on foot every day – which takes several hours one way – lugging huge plastic containers with his little hands. And that’s the reason why he can’t make it to school. Many little children just like this six-year-old live with us in this same world. To their little eyes, it appears impossible to catch up and get ahead of their peers born in the fairytale lands called America, Europe, and Japan. Stuck in poverty with no time for education, how are these children supposed to catch up while most of their days are spent fetching water? How are you supposed to catch up if you were him/her? As years pass by, it’s no surprise that many of those who are born into such hardships tend to fall into Despair. That is, the despair of being trapped in the fixed pattern of poverty no matter how hard they work. The despair of finding no way out no matter how diligently they search. The despair of no opportunity to receive an education or have a good job no matter how sincerely they try. In such abyss of insurmountable hopelessness, so many disenfranchised youths are deceived into joining the likes of Taliban, ISIS, and Boko Haram. Indeed, our Unstable Society is bred from this depth of Despair. Those of us who are fortunate must not turn a blind eye to this sobering reality. The world is one and we’re all in it together. No matter how modest each of ours may be, the accumulation of our inheritances is collectively the sustaining force behind this Despair beyond generations, across time, and throughout the world. And terror has spread to the most affluent corners of the world like New York and Paris. Attempting to resolve it through war is shallower than the shallowest wisdoms. Wars can produce short-term victories, but never a permanent solution. It’s because wars breed extreme hatred through unbearable downpour of injustice. And the hatred keeps multiplying and spinning out of control. A long-term, lasting world peace can’t be attained through A mass murder called war. Rather, rectifying the source of this Despair – that is, the very real existence of born-into, very nearly insurmountable Inequality of Opportunity – is what we can do now to bring about a true change. In times of instability and uncertainty like today, let us advance forward for a true change. Let us honestly confront our conscience that a Selfish Love called inheritance will continue to not only sustain the injustices that shatter people’s lives and happiness in the impoverished corners of the world, but also risk the lives and happiness of our loved ones who bring us joy every day. Read Next: Why No Inheritance (7)【Because We Love】 Read Previous: Why No Inheritance (5)【Unstable World】 Complete Series: Why No Inheritance (1)～(7) [1] [2] [3] [4] [5] [6] [7] Read Theme: Inheritance 【Unstable World】
The loss and destruction of so many lives as a result of wars deliberately started in Syria, Yemen and Sudan. The deceptive recruitment of so many disenfranchised youths in Afghanistan and Iraq by Taliban and ISIS. The recurring and heartless abduction of so many innocent girls in Nigeria by Boko Haram. The common thread among them all is the Unstable Society. In the US and Japan, the resurgence of prewar-esque nationalism as seen in Trump and Abe administrations. In Europe, the far-right populism’s electoral gains. Surely, the Unstable Society is the common thread running through them as well. One major cause of our unstable society is the worsening of Social Inequality. That is, the inequality in living standards, income and wealth between those who are fortunate and those who are less-fortunate. And what amplifies this problem all the more is the Inequality of Opportunity as seen in education and good jobs. That is, the very real existence of a born-into, very nearly insurmountable inequality of opportunity. So then, why does the Inequality of Opportunity exist? Some may have fallen into a less-fortunate situation through the fault of their own actions. However, the vast majority were just born into such difficulty. Many just happened to be born in a poor nation or war zone. Many just happened to be born to an economically-strained family. Many just happened to be raised under abusive parents. Many just happened to be born as a minority exposed to injustices such as discrimination, oppression and persecution. Others just happened to find themselves all alone as orphans. And yet others were born with incurable illnesses. Simply put, they were just born into such hardships through no fault of their own. From the onset of their lives, they weren’t standing at the same starting line with those more fortunate. And sure enough, under such circumstances, the Inequality of Opportunity is exacerbated. And throughout their childhood, the less-fortunate kids weren’t afforded a level playing field – a fair shot at success. Wealthy families have the financial wherewithal to expend on their own child. Certainly, no concerns for food, clothing and shelter. Life-long memories of family vacations, while introducing the young mind to our wider world. Private school education and prep courses to achieve even higher aspirations. And a vast selection of extra-curricular activities is among the long list of childhood advantages for a fortunate child. Such assortment of advantageous opportunities enables a fortunate child to acquire a wide range of valuable skills that are considered socio-economically beneficial. And those skills tend to pave way toward desired jobs, sufficient income, comfortable living standards and, eventually, wealth. On the contrary, similar opportunities are nowhere to be found for a less-fortunate child. The daily accumulation of those advantages for a fortunate child turns into an overwhelming disadvantage for a less-fortunate child. And those disadvantages tend to pave way toward Social Inequality – in jobs, income, living standards and wealth. As if that’s not enough, a fortunate child – who enjoys such assortment of goodies from birth to adulthood – even wins an undeserved and unearned wealth simply because s/he so happens to be born to wealthy parents. On the flip side, a less-fortunate child – who has to fight for every little opportunity to get a bit ahead in this unfair contest called life – has nothing to inherit simply because s/he so happens to be born to an economically-strained family. For those – and their children – who were just born into such hardships through no fault of their own, the opportunities for better education and jobs remain scarce. And inheritance delivers the final nail in the coffin that further exacerbates the Inequality of Opportunity, which in turn solidifies Social Inequality to an extent that it’s very nearly insurmountable. Opportunity to receive an education and have a good job shouldn’t be limited on the basis of place of birth or parental background. In our world that we all share today, many of us are simply born into Inequality of Opportunity. And this injustice is sustained beyond generations, across time, and throughout the world by our Selfish Love called inheritance. Read Next: Why No Inheritance (6)【What we can do】 Read Previous: Why No Inheritance (4)【Fortune Hunter】 Complete Series: Why No Inheritance (1)～(7) [1] [2] [3] [4] [5] [6] [7] Read Theme: Inheritance 【Fortune Hunter】
Winning the lottery is like extending an open invitation to our life, or so they say. “Congratulations! Heard you hit the jackpot! By the way, I don’t mean to scavenge on your winnings, but I loaned a significant sum of money to your parents when they were struggling to stay afloat years ago. With your newfound wealth, it wouldn’t be too much to ask for you to share some of your luck and repay that money back, would it?” “Hey, long time no see. Remember me? We used to go to the same high school. Haven’t seen you in decades. By the way, I know this great investment opportunity that guarantees to double your money.” To be fair, those who seek us out aren’t going to be all questionable and dubious. Some are likely to be legit and even sincere. Nevertheless, more often than not, we’ll come across some shady characters along the way. More or less, inheritance displays a similar personality to that of a lottery. Simply because a child so happens to be born to wealthy parents, a child is destined to inherit the wealth. That is, to win an undeserved and unearned wealth. Now and then, inheritance rewards those of us who may be less productive as long as our own parents are wealthy. In the context of pure luck, inheritance is nearly identical to winning a lottery. And just as lottery winnings do, inheritance also attracts all sorts of people. Some are legit. Others may be quite unsavory. Some will be obvious to our eyes. Others not so easy. For instance, when we’re passionately in love and sincerely considering marriage. At times, the more earnest we are, the more susceptible we may become to our own unpredictable questions. And those questions can even blindside us seemingly out of nowhere. Does s/he love me as an individual? Does s/he accept me as who I am? Is that why s/he is with me? Or, is s/he with me for the wealth? Am I so blinded by love that I’m about to marry a fortune hunter? Needless to say, a relationship held together by money is a perilous one, only waiting to implode. And at times, the more we seek the answer, the more uncertain we get. In the absence of such wealth, if our loved one doesn’t leave us, then that relationship is genuine. Nonetheless, if we’ve already inherited or expect to inherit, and if our loved one knows about it, then it’s not so easy to find out. Even if we’ve never discussed about inheritance, our loved one may have inferred from what s/he saw and heard about our parents and how they live. At the end of the day, it may not be feasible to find out for sure. Our own child’s most beautiful relationship in life. What a joy that is – not only for the child but also for parents – to know that our child has found a partner for life. Even when we’re no longer here, to know that the love of life will be with him/her. Finding the love of life is truly a blessing not to be taken for granted. So, why take the chance to burden our child with unnecessary risks and heartaches of inheritance? Surely, self-made fortune can just as well attract fortune hunters as inheritance or lottery winnings. To the unscrupulous eyes of the gold diggers, yes, they all look virtually the same – money is money. Yet, from our honest eyes, what lacks in inheritance and lottery is our own hard work to earn the wealth. What’s absent are the unwavering confidence and conviction in oneself cultivated through the triumphant experiences of diligence. As such, inheritance is intrinsically risky and dangerously irresponsible in its own peculiar way. Contrary to the heirs’ feelings, inheritance often invites the Selfish Love of those seeking to take advantage of undeserved and unearned wealth. Read Next: Why No Inheritance (5)【Unstable World】 Read Previous: Why No Inheritance (3)【Ugly Family Battles】 Complete Series: Why No Inheritance (1)～(7) [1] [2] [3] [4] [5] [6] [7] Read Theme: Inheritance 【Ugly Family Battles】
As the parent passes away, a funeral storms in and out like a hurricane, leaving the surviving children emotionally mesmerized. And without a moment to spare, a will follows. Generally, a will is an avenue in which the deceased expresses his/her heartfelt farewell to the surviving family members. Alongside, it usually spells out the distribution of assets – the life savings left behind. The surviving children who expect inheritance. Make no mistake, most of these children are already grown adults – many of them parents themselves – living their independent lives with their own families. And these adults certainly have their own independent feelings and unique history. Surely, their relationship with the parent is engraved within that history. And despite sharing the same background as children of the same parent, it’s important to acknowledge that every parent-child relationship is particular in its own way. A child who always hit it off well with the parent. A child who didn’t get along too well. Sometimes, a significant event such as marriage may trigger a dramatic shift in that parent-child relationship. A child who mostly lived away from young age. Even when living together, a genuine connection can be quite elusive without opening up each other’s heart and sharing the highs and lows of life together. Living separately will surely make that connection all the more challenging. A child who provided care for the aging parent by remaining close to home or even living together. A child who lived far and couldn’t provide much elderly care. And a child who didn’t even try. Perhaps, s/he didn’t try because of his/her childhood agony caused by the abusive parent. Or, perhaps s/he couldn’t even try – still suffering the residual effects of abuse. Even then, a child who supported financially. And a child who didn’t. Parent-child relationships come in infinite combinations of flavors. Each and every one of them is truly unique. What’s more, the spouses of these adult children also have their own independent feelings, unique history, and relationships with the parent. If s/he were the primary caretaker of the elderly parent especially while living together, then who can blame that sprouting feeling of having earned the right and entitlement. While a myriad of emotions and relationships floods the family, a will may say, “Distribute the assets equally among all children,” or “Leave the home to the eldest child.” It may say, “Distribute a greater share to the daughter who lived together and took care of me,” or “Leave none to the son who did nothing for me.” As sad as it may be, the distribution of assets often captures the leading role of a will, leaving the happy memories and warm feelings nearly forgotten. It’s a shame to say the least. And in many cases, the siblings end up embroiled in ugly inheritance battles with each other and the spouses. “I can’t consent to an equal amount distribution given how much I’ve provided elderly care,” one may insist. “If the eldest inherits the home, then there’s not much else left for others,” another may fret. Regardless of how large or small the inheritance, it’s the perceived inequity that flares up the feeling of getting short-changed. Time and again, rather than unifying the siblings, we find inheritance causing irreparable damage. In 2014 alone, over 15 thousand inheritance squabbles in Japan were fought in the courts. 32% of them were squabbled over a total estate under 10 million yen (US$90,000), and 43% were for 10 – 50 million yen (US$90,000 – 450,000). All told, 3/4 of these court battles were squabbled over a total estate under US$450,000. What these numbers imply are that ugly family battles can fall upon almost anyone, even to the average family of a typical parent who owns a small condo unit in any of the large metro areas. Moreover, estate tax is assessed upon inheritance in many cases. In Japan, estate tax is assessed on average 40 to 50 thousand cases per year, which suggests approximately 1/3 of all inheritances are battled in the courts. And presumably many more ugly inheritance squabbles are fought even if they’re kept out of the courts. Contrary to the parent’s wishes, inheritance often brings out the worst in the heirs’ Selfish Love. Read Next: Why No Inheritance (4)【Fortune Hunter】 Read Previous: Why No Inheritance (2)【Hinder Independence】 Complete Series: Why No Inheritance (1)～(7) [1] [2] [3] [4] [5] [6] [7] Read Theme: Inheritance 【Hinder Independence】
“Of course, my future is up to me. But, if worse comes to worst, my parents’ life savings will bail me out.” Leaving the life savings to our own children. No matter how casual that conversation may be, when such idea is shared between the parents and children. Or, even if such promise is merely implied, when the family members accept it like an unspoken rule. Nevertheless, such ambiance in and of itself will likely hinder the development of the child’s own strength to live a fulfilling life. In our long and winding journey of life, we all face a few crossroads here and there. And our futures will vastly diverge depending on how we handle those critical moments. However much toughness we’ve built up to that point in time, our own strength to live a fulfilling life will surely be on display at the crossroads. And such tenacity is grown and expanded only through us “living our own life” consistent to what’s most important based on our own values. Those of us who have no choice but to invent and reinvent ourselves. Those of us who can count on parents’ life savings to bail us out. Between the two, which one of us has the better odds of expanding our own strength to live a fulfilling life? Of handling ourselves as best as we can at the life’s crossroads? In our journey of life, it’s quite evident. Teach strong work ethic to our child. Explain - starting at a young age - that there will be no inheritance. That will build a life-long asset for our child – the resilience to live a fulfilling life on one’s own efforts. In most cases, parents will pass away before the child. And for the surviving child, there’s nothing more comforting and heartening than to know that s/he can rely on own self to live a fulfilling life. Expecting inheritance, whether consciously or not. This overindulgence, at times, obstructs the child’s independence. That is, it hinders the growth of the child’s self-discipline as well as self-reliance. Self-discipline is to control oneself. To overcome one’s own weaknesses and to guide oneself to pursue what’s right. Self-reliance is to stand on one’s own legs. To make a living on one’s own efforts and hard work. The more obstructed the independence, the higher the likelihood of the child’s eventual reliance on the parents. Or more precisely, the reliance on parents’ life savings. This may be more so for those children who work in the family business and expect to one day inherit it. It’s because their life for the most part – private and professional – is overshadowed by and confined within the dominant presence of parents’ estate. Now and then, some of us may grumble about our own ever-dependent child. The adult child who continues to piggyback on us. Nonetheless, somewhere not too deep inside ourselves, we may be quietly welcoming that everlasting sense of superiority over our own child. We may even find it quite satisfying. As if our child were a living testimony to our own extraordinary character as Great Parents. And such dependence serves as the perfect foundation for parents’ manipulation of the child. However, such overindulgence was provided in the first place by the parents. Its origin may even trace back to those casual conversations and unspoken rules when our children were still very little. And it may hinder the development of the child’s own strength to live a fulfilling life, obstruct the growth of the child’s self-discipline and self-reliance, and culminate in the child’s eventual dependence on parents’ life savings. Whether knowingly or not, such seems to be a rather typical tragedy at the dead end of a Selfish Love called inheritance. Read Next: Why No Inheritance (3)【Ugly Family Battles】 Read Previous: Why No Inheritance (1)【Manipulative Parents】 Complete Series: Why No Inheritance (1)～(7) [1] [2] [3] [4] [5] [6] [7] Read Theme: Inheritance 【Manipulative Parents】
“Counting on his parents’ estate, he fools around without feeling the life’s pressures.” “She needs not worry about her finances because she’ll inherit the family fortune.” “Despite the modest size of my parents’ life savings, I nonetheless welcome whatever is available as anything extra will help pay our expenses.” Now and again, we come across such comments. Some may say that, “Leaving the life savings to our own children is a virtuous act.” Some even go as far as to say that, “Inheritance is love.” But are they really? If inheritance were indeed love, then does it make us more loving just because we have more possessions to leave behind? However, history knows so many unloving and uncaring magnates who’ve left behind a fortune to their own children. What’s more, history shows countless examples of flashy lives mired in misfortunes as a result of their wealth. If inheritance were indeed love, then does it make us full of love just because we were left with a vast family fortune? If so, then what do we make of the wealthy heirs who’ve become embroiled in ugly inheritance battles with their own siblings and closest ones? Or those who’ve lived a miserable life as a result of an internal struggle that comes with inheritance? If inheritance were indeed love, then does it make us less loving simply because we have little possessions to leave behind? However, we find so many loving and caring parents who don’t own much assets but have plenty of love and joy to share with their children. And we come across countless examples of happy lives as a result of nurturing parenting. So, whether we’re left with inheritance or not, it really has nothing to do with love and happiness. Which brings us to our next thought. Perhaps, at its heart, inheritance is just another form of a Selfish Love. “As parents, not only do we raise our child, but also leave behind our life savings. That’s why the child must do as we say.” Every so often, we encounter parents whose words and actions, whether knowingly or not, reflect such idea. And those reflections possess the powerful potential to destroy the child’s human dignity, triggering a myriad of emotional and developmental distress that stands in the way of the child to live a fulfilling life. For instance, manipulating a child with a threat of leaving him/her out of the will unless parents' demands are met. On the one hand, the child’s wish to get along with parents seems deeply rooted in human nature. On the other hand, the child battles with one’s own conscience torn between the shame of undeserving wealth and the entitlement to inheritance. As a result, the child often endures parents’ control and continues to swallow one’s own feelings and emotions. Furthermore, from time to time we notice another aspect of parents’ manipulation. That is, the false sense of being pardoned of our own shortcomings in parenting by leaving behind our life savings. That is, as if to buy indulgences to expiate our sins. Face our child straight on, and share the highs and lows of life together. See our child as s/he is, carefully deliberate how to engage with him/her with honesty and sincerity, and shower him/her with a wealth of love and time spent together. Every so often, we encounter parents who, whether knowingly or not, don’t meet such parental responsibilities. On the contrary, we also come across many responsible parents who nevertheless revisit their own mistakes in parenting and regret that they “Should’ve done better.” Money can erase our own shortcomings in parenting. We can buy ourselves the honorary title of “Great Parents.” Such notions of Selfish Love have the tendency to bind itself to inheritance and pass on to the next generation. Adult children – who grew up in the shadows of the controlling parents – tend to show signs of getting trapped. Many studies have found that as they become a parent themselves, they somehow unknowingly repeat the controlling pattern of their own manipulative parents. Read Next: Why No Inheritance (2)【Hinder Independence】 Complete Series: Why No Inheritance (1)～(7) [1] [2] [3] [4] [5] [6] [7] Read Theme: Inheritance Loving our own child is a beautiful feeling.
It’s a miracle, not only for humans, but for all living souls. However, this beauty can quickly fade when our love is reserved only for our own child, with little regard for others. It’s because that kind of sentiment lies at the root of global wealth inequality. Wealth inequality continues to grow not only in capitalist nations like the United States and Japan, but even in communist/socialist nations which theoretically guarantee equality of outcome. In the US, for example, the wealthiest 1% reportedly own 40% of the nation’s wealth as of 2014. That means 3 million Americans own as much wealth as the remaining 320 million fellow Americans. In Japan, while perhaps less severe, the wealthiest 2% reportedly own 20% of the nation's wealth as of 2012. More strikingly, a Diet member stated in a 2016 Upper House Budget Committee session that the top 1% hold 47% of Japan’s wealth. If accurate, Japan's wealth inequality may even be more extreme the US. That's quite a surprise because Japan is known for blending strong elements of socialism with its capitalism--much more so than the US. Naturally, when the society awards the same living standards to people regardless of how hard they work, many will choose to work less, yielding a net loss to the society as a whole. The downfall of communist/socialist societies in the 1900s have essentially proven this point. So, as long as capitalism remains the best system available, it’s a reasonable that hard workers are rewarded with higher living standards, while the less-productive workers trail behind. And in this view, the ideal outcome is the well-being of the society as a whole. But the real issue is what follows next. That is, after we pass away. The root cause of the wealth inequality is the fixed pattern of rich get richer while the poor stay poor. Why is it fixed? Largely because wealth is passed down within families in the form of inheritance. It’s precisely because the vast majority of the wealthy parents pass down their wealth to their own children. Originally, capitalism promised to reward those who work hard. Yet today, it too often rewards those who are born to wealthy parents, regardless of how hard they work. On the contrary, children from less-fortunate families often inherit nothing--or worse, debt. This includes student loans that children of wealthy families are unlikely to ever rack up. This fixed pattern of poor stay poor is so rigid that most children of less-fortunate families can’t dig out of the hole no matter how hard they work, a clear display of capitalism failing to live up to its original promise. In some cases, it resembles a modern-day caste system where a predetermined group of people inherit exclusive privileges that are largely inaccessible to the less-fortunate group no matter the effort. In such a world, redistributing wealth becomes not just a policy debate, but a moral imperative. Surely, estate tax is one tool that societies use to promote redistribution. Yet, many wealthy families hire tax experts to exploit loopholes and pass down their wealth across generations of heirs within the family. Loving our own child is indeed a beautiful feeling. However, this beauty can quickly fade when our love is reserved only for our own child, with little regard for others. And when that happens, it becomes selfish. In moments like this, it's important to remind ourselves that every child in this world is precious. Every one of them deserves a chance to hope and dream for a better tomorrow. Let us return to the original promise of capitalism that rewards hard workers. Along the way, teach your child a strong work ethic. And begin early, explain honestly and lovingly that they will not inherit your wealth. This will build them a life-long asset: the resilience to live a fulfilling life on their own terms. Because in most cases, parents will pass away before their child. And when that day comes, there's nothing stronger and more comforting than to know that they can rely on themselves to continue to move forward. Instead of monetary wealth, leave your child a wealth of heartful memories from the highs and lows shared together. See them for who they truly are, engage with them honestly/sincerely, and shower them with a wealth of love, genuine care, and time spent together. And then, when you've done all you can, step back and trust their strength to lead a fulfilling life on their own terms. As for the monetary wealth you leave behind, return it to the broader society to help uplift those who are less-fortunate. Yes, some may have fallen into despair because of their own poor choices. But the vast majority were just born into such difficulty. Many just happened to be born in a poor nation or war zone. Others just happened to be born to an economically-strained family. Still others raised under abusive parents. Or born a minority exposed to injustices like discrimination, oppression, and persecution. Or found themselves all alone as orphans. Or born with incurable illnesses. Simply put, they were just born into such hardships through no fault of their own. From the very beginning, the less-fortunate kids weren’t standing at the same starting line with those more fortunate. And throughout their childhood, they weren’t afforded a level playing field; never had a fair shot at success. “I understand all that," some may say, "but I feel sorry for my child if they can't inherit what I have.” But should you really? Should you really feel sorry for your child? Children from wealthy families already enjoy significant advantages because the family has the financial wherewithal to expend on their own child. Certainly, no concerns for food, clothing, and shelter. Life-long memories of family vacations, while exposing the young mind to the broad world. Private school education and prep courses to achieve even higher aspirations. And a vast selection of extra-curriculars is among the long list of childhood advantages for children of wealthy families. The cumulative effect of these daily advantages turns into an overwhelming disadvantage for children from less-fortunate families. Even then, if a fortunate child still feels deprived for not inheriting parents’ wealth, perhaps that calls for deeper conversations about moral character. So, does this mean all inheritance should be ruled out? Probably not. Here are two exceptions. First, when your child is deeply committed in devoting their life to help those in serious need. Then, using family wealth to support such effort in essence redistributes wealth to those who are less-fortunate. Second, if your child or their own family has fallen victim to a disabling illness, and substantial financial resources are critically essential to secure proper care. On the one hand, it’s morally crushing to contemplate about those who find themselves in a similar situation without the financial means within the family for proper care--for this may become another example of selfishness by the fortunate ones helping only their own family. On the other hand, it’s also a responsibility as a family member of ones in dire circumstance to provide support. Regardless of these exceptions, what we need is an improved version of capitalism that rewards hard workers and breaks the pattern of rich get richer while the poor stay poor. It takes the commitment and action from each one of us to do so. And most of all, it hinges upon the moral judgement of each and every one of us who have our own wealth to leave behind. Read Theme: Inheritance |
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