With regard to wealth, the old saying is, "shirtsleeves to shirtsleeves in three generations".
The first generation builds it
The second generation maintains it
The third generation squanders it
Research shows that, for 90% of families, their fortunes do not last past 3 generations. I understand that communication breakdown is one of the main causes.
For the other 10%, that goes beyond 3 generations, they invest a lot of energy in building a strong family system that balances wealth creation with family cohesion. Things like family retreats, where members profess family values, purpose, and ways forward, help the process.
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