In the coming decades, a "Great Wealth Transfer" will be upon us. Gen Xers and Millennials are expected to inherit trillions of dollars. Some estimates say as much as $68 trillion will be passed down from Baby Boomers.
For parents (or other family members) who indeed plan on leaving behind a financial legacy, it can be far more effective to gift early instead of waiting for the triggering event of your death to transfer wealth.
This idea tends to elicit a negative reaction. After all, the risk of passing on money too early, or at all, is that it will lead to spoiled kids and little motivation for them to be successful. It’s a valid concern, but gifting early could also help someone flourish and build their own legacy, as access to capital creates more opportunities.
A common refrain when discussing generational wealth is: “The first generation makes it, the second generation builds it and the third generation blows it.” Such idioms come into existence because they have a kernel of truth. Family fortunes have been built and lost in just a few generations, which may be why some parents are reluctant to pass down their wealth too early.
There’s a strain of the “bootstrap” narrative that pervades in this thinking: The concept is that if you withhold an inheritance, your child will be forced to pull themselves up by their bootstraps and make something of themselves on their own merit. They’ll be less likely to overindulge and loaf around.
Or perhaps parents think, “No one handed me seed money or paid for my college education or bought my first home, and look what I did”. Is that true, though? Can everyone replicate your level of success? Is it not perhaps a confluence of timing, talent and a dash of luck (or a strong labour market, affordable housing, etc.) that propelled you forward?
Millennials are already predicted to be the first generation to be worse off than their parents. This isn’t for lack of participating in the system that promised success. According to a report from Pew Research Center, 39 per cent of millennials aged 25 to 37 have a bachelor’s degree or higher compared to approximately 35 per cent of Baby Boomers. According to New America’s The Emerging Millennial Wealth Gap report, millennials now have 41 per cent less wealth than a similarly aged adult in 1989.
For parents (or other family members) who indeed plan on leaving behind a financial legacy, it can be far more effective to gift early instead of waiting for the triggering event of your death to transfer wealth.
Tough love can be a motivating tactic for some, but it doesn’t guarantee successful children. Instead of withholding an inheritance from a child until your death, when the child may be in their 40s, 50s or even 60s, why not gift early to encourage your children to start building their own financial freedom?
See the impact of your legacy. One benefit to beginning the gifting process early is being alive to see how your children benefit. You can watch and advise them on taking risks, making key purchases (like owning a home or an investment property) and enriching their lives.
Access to resources and capital has long made a huge difference in the ability to build and innovate. Many of the currently notable wealthy men and women in this country had seed money from a family member or a free place to live while building a business or access to a network and resources. And yet, we still often herald these people as “self-made”. They’re not. Yes, there are outliers and expectations to the rule, but they’re rare.
We often fixate on the ultra-wealthy, but there are many ways to pass on legacy. Not all legacies have to be about passing on a fortune. Some are simply about reducing economic struggle. Providing support like paying off medical debts, heavily subsidising the cost of college education, setting aside money for grandchildren’s educational expenses are ways to pass on your legacy that often aren’t framed as gifting early.
These aren’t the cash-in-hand gifts we often think about when we discuss passing on wealth, but enabling your children to get out (or stay out) of debt is a gift towards helping them build financial security.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Mubadala World Tennis Championship 2018 schedule
Thursday December 27
Men's quarter-finals
Kevin Anderson v Hyeon Chung 4pm
Dominic Thiem v Karen Khachanov 6pm
Women's exhibition
Serena Williams v Venus Williams 8pm
Friday December 28
5th place play-off 3pm
Men's semi-finals
Rafael Nadal v Anderson/Chung 5pm
Novak Djokovic v Thiem/Khachanov 7pm
Saturday December 29
3rd place play-off 5pm
Men's final 7pm
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
MATCH INFO
Euro 2020 qualifier
Croatia v Hungary, Thursday, 10.45pm, UAE
TV: Match on BeIN Sports
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UAE currency: the story behind the money in your pockets
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Europe wide
Some of French groups are threatening Friday to continue their journey to Brussels, the capital of Belgium and the European Union, and to meet up with drivers from other countries on Monday.
Belgian authorities joined French police in banning the threatened blockade. A similar lorry cavalcade was planned for Friday in Vienna but cancelled after authorities prohibited it.
Results
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
