The answer is to start a conversation with us. But why? Take a look at this article here that details Warren Buffets thoughts about teaching your kids about money. “Most parents already know how important it is to teach their kids about money and how to manage it properly,” Buffett acknowledged. But there’s a difference between knowing and taking action.” Taking action is having a conversation.
It is said that family firms go from “clogs to clogs in three generations”, an aphorism based on the observation that it takes one generation to found a business, the next to build it, and the third to spend it. It’s not just relevant to the UK.
“Wealth never survives three generations.” —Chinese proverb
“From stalls to stars to stalls.” —Italian saying
“The third generation ruins the house.” —Japanese proverb
“Shirtsleeves to shirtsleeves in three generations.” —American proverb
“First generation, trader; second generation, gentleman; third generation, beggar.” —Spanish proverb
All the old proverbs and sayings deliver the same message: generational wealth seems to have a clear pattern.
The key message that shines through shows unless action is taken, wealth will not survive generations.
It’s time for a conversation.
The Wealth Coach, an independent financial advisory firm based in the UK. Nic Round, Chartered Wealth Manager.
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