Thinking about Inherited Wealth
I’m a white male USer who was raised middle class. My parents and grandparents put a lot of emphasis on education as a path to achieving security and upward mobility. Although my parents were not highly concerned with building wealth, over time they accumulated (and managed by means of investments) growing financial assets.
When my remaining parent passed away and I was in line to inherit a portion of the assets, I had lots of sessions about money. I didn’t think I needed to keep it all, in part because my family’s needs were already being met with our current income. I had also worked in the financial investment field and seen how managing and “worrying about” money could absorb people’s free attention.
I sought out referencing from leaders in the RC Community who’d done a lot of work on class and money, especially those who identified as owning class. I counseled with them on what I thought I “needed” and the feelings that would come up related to greed and scarcity.
I also had lots of sessions with some of my regular Co-Counselors. The work wasn’t easy. I often felt uncomfortable doing it. And I made a special request that they observe confidentiality.
I talked with my partner about it, too, and gave a lot of thought to it myself.
In the end I decided—even before the funds had been released from the estate—that I would donate half of the money to the Re-evaluation Foundation general fund. (Giving it to the “general fund” meant that the Foundation board would have full discretion as to how to use it.)
That was two years ago, and I continue to be pleased with my decision.
One reason it was easy for me to make it was that I had seen firsthand how the Re-evaluation Foundation spends funds. I had been to Sustaining All Life events that had been made possible by fundraising. I had been to workshops that many people could attend because of Outreach funds. Some of my Co-Counselors had attended workshops thanks to those funds. I also had enormous respect for the Foundation’s board members.
Why am I sharing this? Because I’m guessing that many of us who consider ourselves middle class have inherited—or will be inheriting or retiring with—a lot of wealth (which oftentimes does not feel like a lot of wealth).
There are so many places we could put that wealth to good use. But after discharging lots, I decided the Re-evaluation Foundation would make very good use of it in one of the most crucial moments in human history. And I decided to give the donation now rather than later, because of the urgency of the climate crisis. The sooner we get RC to as many people as possible, the more prepared we will be to handle what’s to come.
The way resources are distributed in this society is utterly irrational. Until we change the economic system, we get to think about how to share resources more equitably. We have a long way to go!
Are you among those who have earned, inherited, or acquired lots of wealth; or will be earning, inheriting, or acquiring it? If so, I encourage you to counsel on how much is enough and what you want to do with the rest. I found it challenging, re-emergent, and liberating to put my mind there.
Lastly, I’d like to extend my gratitude to members of the RC Community who helped me discharge and think about this.
Reprinted from the e-mail discussion
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