To me, it seems what's more important than the "wealth" itself, is to pass down the knowledge, the ethics, and things that aren't going to expire such as estates and land. The logic and the statistics say that they "wealth" itself will likely go away regardless
If it is more likely that the next generation will squander the wealth, I would make sure that the trust fund will have strictly rules for how the funds are to be used. No drugs, excessive alcohol, gambling or grand children that have bad reputation, will be allowed to use the majority of the money. If the first generation created the wealth, they also have the right to decide and set up rules for it and how it is to be used. You have gotten your financial diploma? Great, you are eligible for this amount of money. Oh, you have no head for school but you have sound values regarding a business? Sure, convince the heads of the trust funds that you are serious and get money. Otherwise, get the funding somewhere else. When they money are there, rules must be setup so that many generations can live and prosper from it. Bad apples should NOT be eligible to money. Let them create their own wealth and do whatever they want with it, if they are able. PERIOD!
The best thing to do is to clone yourself a bunch of times and make them fight for it. The richest one wins. It's as certain as it gets, as far as I know. Do this over and over for multiple generations, and your clones should evolve by each mutation. Hopefully, the technology would be here soon
that may even be worst you pretty much putting your kid into a prison that make them a slave to there trust fund and head of trust fund may not be a good guy so coruption and vidictiveness may be a thing having to follow all the rules to take out the money is basicaly turning the kid into a slave waiting on the pay out to live he would litrilly do nothing but form his life around how to take to take advatage of his trust fund.
@@patthonsirilim5739 Yes, if you put it that way. But do not forget that I am assuming a strong patriarchal (yes, patriarchal. I have seen more than enough of what the western 'liberated' women do with money and freedom) role that made sure that neither side can exploit the funds. If you have a patriarch that have made a substantial wealth then he will make sure to raise the next generation well (a Jewish wife comes to mind regarding how they raise their children). Yes, bad apples will always occur in the generations (thinking Bobby Misner) and I would never allow someone like him to inherit all of the money. If he behaves like that, then the minimum amount of money will befall him. If he wants more, then he has to prove it. But a bad seed like that is good only for squandering money and nothing else. So why would I want to let a misfit like him inherit my money when there surely are better seeds at handling the wealth? So, the seeds think it is unfair? Create your own wealth and do what you like. You already have more opportunities than most humans to create you own wealth.
@@TheEmperor2052 so this comment thread ages well can we get some current info about your net worth, age and maybe yearly income for perspective. It does sound like you value women and their potential value to your wealth making rather low, are you unmarried or divorced?
It's simple to do. 1) you create a family organisation. 2) you teach children asset building and business from kindergarten. 3) at 13 they become men and women in the business world and they are given an inheritance start. ( Apartment building, land to create apartments somewhere in the world and small stock portfolio to manage. 4) at 13 they are given a family ring in an initiation ceremony etc.they are educated about the family history. Give them a book on business and how to navigate life etc. Basically your family has to be organized like the free masonry and mafias etc. Knowledge is power. But without opportunity and the money to act, it becomes a case of seeing opportunities slip away causing a heavy heart.
1) you create a family organisation. 2) you teach children asset building and business from kindergarten. 3) your children don't understand a thing and study liberal arts phd
I’ve been trying to find literature or a documentary that goes in detail about this very topic. Like families or groups of people working to maintain wealth, status, and influence that last beyond the original creators death. But I think most people are so shortsighted or don’t see beyond themselves in their immediate children, not many people other than maybe royalty of the world even experience generational status.🤔
My dad told me never work any type of job, he will pay for my college, classes in business to manage my trust fund and a class of my choice in someone arts/culture that I enjoy 😊
Want to keep the money snowballing? Put the money into a trust and put strong stipulations on when dividends can be declared. If you want to be a real stickler only allow 1 out of 4 dividends from the trust to actually flow to the inheritors. Make the other 3 fund another trust for their heirs. If the revenue is substantial then that 1 dividend will be substantial, but if it isnt at least the revenues are primarily going into savings for future generations.
there are almost always many people in the environment that want your money even more than you do, so it requires real intelligent savvy to keep it imv :)
@@jmeeksjr.7318 maybe 100 years ago. It is much worse now. You make money if you have political connections and your business is artificially inflated. It isn't a free market. So it is more like nobility...than real business families
@@timprescott4634 Well, yeah. But why would you say entirely false when you don't even know? Just because he didn't make his case (to your satisfaction), it doesn't mean his conclusions are wrong!
@@mathematicaleconomist4943 Just look up the wealthiest families from the 1900s and see for yourself. Way too many examples of heirs 3+ generations on, that are still wealthy.
To me, it seems what's more important than the "wealth" itself, is to pass down the knowledge, the ethics, and things that aren't going to expire such as estates and land. The logic and the statistics say that they "wealth" itself will likely go away regardless
There's a Portuguese saying: "Pai Rico, Filho Nobre, Neto Pobre".
Translation : Father is Rich, Son is Noble, Grandson in poor.
I saw many families whose wealth lasted longer than five generations.
In Chinese there's an expression "Wealth does not last for 3 generations"
富不过三代 😅
If it is more likely that the next generation will squander the wealth, I would make sure that the trust fund will have strictly rules for how the funds are to be used. No drugs, excessive alcohol, gambling or grand children that have bad reputation, will be allowed to use the majority of the money. If the first generation created the wealth, they also have the right to decide and set up rules for it and how it is to be used. You have gotten your financial diploma? Great, you are eligible for this amount of money. Oh, you have no head for school but you have sound values regarding a business? Sure, convince the heads of the trust funds that you are serious and get money. Otherwise, get the funding somewhere else. When they money are there, rules must be setup so that many generations can live and prosper from it.
Bad apples should NOT be eligible to money. Let them create their own wealth and do whatever they want with it, if they are able. PERIOD!
The best thing to do is to clone yourself a bunch of times and make them fight for it. The richest one wins. It's as certain as it gets, as far as I know. Do this over and over for multiple generations, and your clones should evolve by each mutation. Hopefully, the technology would be here soon
THIS🏆
that may even be worst you pretty much putting your kid into a prison that make them a slave to there trust fund and head of trust fund may not be a good guy so coruption and vidictiveness may be a thing having to follow all the rules to take out the money is basicaly turning the kid into a slave waiting on the pay out to live he would litrilly do nothing but form his life around how to take to take advatage of his trust fund.
@@patthonsirilim5739 Yes, if you put it that way. But do not forget that I am assuming a strong patriarchal (yes, patriarchal. I have seen more than enough of what the western 'liberated' women do with money and freedom) role that made sure that neither side can exploit the funds.
If you have a patriarch that have made a substantial wealth then he will make sure to raise the next generation well (a Jewish wife comes to mind regarding how they raise their children). Yes, bad apples will always occur in the generations (thinking Bobby Misner) and I would never allow someone like him to inherit all of the money. If he behaves like that, then the minimum amount of money will befall him. If he wants more, then he has to prove it. But a bad seed like that is good only for squandering money and nothing else. So why would I want to let a misfit like him inherit my money when there surely are better seeds at handling the wealth?
So, the seeds think it is unfair? Create your own wealth and do what you like. You already have more opportunities than most humans to create you own wealth.
@@TheEmperor2052 so this comment thread ages well can we get some current info about your net worth, age and maybe yearly income for perspective.
It does sound like you value women and their potential value to your wealth making rather low, are you unmarried or divorced?
It's simple to do.
1) you create a family organisation.
2) you teach children asset building and business from kindergarten.
3) at 13 they become men and women in the business world and they are given an inheritance start. ( Apartment building, land to create apartments somewhere in the world and small stock portfolio to manage.
4) at 13 they are given a family ring in an initiation ceremony etc.they are educated about the family history. Give them a book on business and how to navigate life etc.
Basically your family has to be organized like the free masonry and mafias etc.
Knowledge is power. But without opportunity and the money to act, it becomes a case of seeing opportunities slip away causing a heavy heart.
Exactly!
1) you create a family organisation.
2) you teach children asset building and business from kindergarten.
3) your children don't understand a thing and study liberal arts phd
I think the British Royal family would disagree.
Outliers do not affect the general conclusions.
"Royal" 😴😴😴 wrong example any other ?
He is talking about majority of the cases, so your example of the royal family doesn’t prove anything.
@@SuperDrestone Agreed. They have an institution and a government around them.
How about the Vanderbilts, Mellons, Waltons, Nordstroms, Rothchilds..... I can easily go on. 3 generations concept is a myth.
I’ve been trying to find literature or a documentary that goes in detail about this very topic. Like families or groups of people working to maintain wealth, status, and influence that last beyond the original creators death. But I think most people are so shortsighted or don’t see beyond themselves in their immediate children, not many people other than maybe royalty of the world even experience generational status.🤔
My dad told me never work any type of job, he will pay for my college, classes in business to manage my trust fund and a class of my choice in someone arts/culture that I enjoy 😊
Want to keep the money snowballing?
Put the money into a trust and put strong stipulations on when dividends can be declared.
If you want to be a real stickler only allow 1 out of 4 dividends from the trust to actually flow to the inheritors. Make the other 3 fund another trust for their heirs. If the revenue is substantial then that 1 dividend will be substantial, but if it isnt at least the revenues are primarily going into savings for future generations.
The 3. Generation is never in need of gain the social and intellectual skills that are neccesary to hold up the dynasty.
Proverbs 13:22 - A good person leaves an inheritance for their children's children, but a sinner's wealth is stored up for the righteous.
3 Generations rule is not absolute but some family beat the trend but most dont some family lost there money by 2nd gen some may lost it by 5th gen
The American Political Elite would disagree
😂😂😂👍
In politics your salary comes from government so naturally political dynasties last longer. They are closest to modern day Royal families.
why should anybody wanna make any effort when they know they dont have to? .... that attitude soon prevails...
there are almost always many people in the environment that want your money even more than you do, so it requires real intelligent savvy to keep it imv :)
It last long best example is ambani family
The Chinese will make a liar out of you.
because they raise their children to not overspend
@@jmeeksjr.7318 maybe 100 years ago. It is much worse now. You make money if you have political connections and your business is artificially inflated. It isn't a free market.
So it is more like nobility...than real business families
The Chinese government may not last 3 generations!
Entirely false.
How?
@@mr.culturefreedom2073 The title makes a (bad) sweeping generalization and nothing in the video supports the conclusion.
@@timprescott4634 Well, yeah. But why would you say entirely false when you don't even know? Just because he didn't make his case (to your satisfaction), it doesn't mean his conclusions are wrong!
@@mathematicaleconomist4943 Just look up the wealthiest families from the 1900s and see for yourself. Way too many examples of heirs 3+ generations on, that are still wealthy.
@@Cakebattered I will check on free time.