Sayings, all well put from David and Goliath by Malcolm Gladwell, said in three different languages:

– from shirtsleeves to shirtsleeves in 3 generations
– Dalle stelle alle stalle (from stars to stables)
– Quien n lo tiene, lo ance; y quien lo tiene, lo deshance (he who doesn’t have it, does it, and he has has it, misuses it)

Wealth can contain the seeds of its own destruction. Malcolm Gladwell writes that a family can accumulate a certain amount of wealth up to a point. Beyond that point, the ambition of the next generation diminishes, often rapidly….much like a tipping point. The $ amount of that wealth is not a specific amount, more a state of mind and entitlement and the emphasis from the parents of sharing/teaching their family’s core values around money and wealth in the upbringing of their children.

Hopefully the parents are aligned in their money values?!?

With wealth comes responsibility.

Let us hope you and your family do not succumb to this malaise, sometimes called affluenza. See this Psychology Today article and ponder: Affluenza article and this definition of affluenza

Helping the rising generation improve upon their financial literacy and sharing the knowledge and history of the family’s wealth is the responsibility of the leader of the family to introduce and continue the education process. Here is one way to engage the rising generation, through TikTok and Humphrey Yang, a TikTok influencer: Humphrey Yang TikTok on financial literacy

More here: Succession

Learn, consider, apply!