Generational Wealth
All of our families have been around long enough for us to be very wealthy ad all it takes is each generation making sure they grow that wealth and leave more behind for the next batch of relatives. I know my family was at one point very wealthy and now have nothing to show. This kind of sucks on so many levels that not one person had the foresight to protect the family jewels that had been earned over the previous generations. We all know how compounding works so you can only imagine how much every family should have.
One of my ancestors was an advisor to King George and next to the Palace in Brighton he owned a row of 30 Georgian houses. Just one of those properties today will cost you many millions of GBP. We also owned the French Embassy building in Hyde Park yet again many millions in value.
As recently as my grand parents who owned estates as he was a "farmer" who never farmed and bought and sold properties all his life and ended up with a 3 bedroom bungalow in Wales that was worthless. He never worked and lived off whatever he had inherited and looks like whatever that was he pissed away with each property purchase. I have seen some of the properties he had owned and you would be blown away as some were absolutely stunning and yes worth an absolute fortune today.
The problem is nothing was left behind for the next batch of relatives and this in my mind is criminal and negligent and in so many ways wrong. My aim is to make sure my kids and grand kids have a helping hand up the wealth ladder when I depart this earth. How I am going to achieve this I have some ideas, but it will not be created by owning properties in South Africa. I currently own 2 and this would only be worth enough as a deposit in the first world.
The big problem is all it takes is one loose cannon along the chain to screw the entire process up and why at some point I have to think of starting a trust fund that is protected. This is one of my goals and very long term thinking way beyond my life time. If one of my previous ancestors had this in place then life would have been very different giving you the chance to add more value to the pot.
Being involved in something like crypto gives you a fighting chance at least to maybe one day think of creating a trust fund for future family members. The problem with today's society is the majority are thinking about today and not about tomorrow and who is to follow in their foot steps. Who knows how much value all this crypto madness can generate and why it is worth just sticking to the plan and building long term.
When I look at my grand kids I cannot help think what the future holds for them and will they be ok financially. This maybe not my responsibility, but I do feel it is my duty and I need to at least start something with them in mind.
My kids know how I think and I have at least given them the knowledge in understanding the value of money and just because you have money it does not need to be spent. The opportunities they have had in life are far less than what I have had and it is down to society and where you live. Being white in South Africa is not ideal and that is not their fault, but more so on me for bringing them here. I have at least help set up a business that takes care of them financially, but as we know that could change so quickly.
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Families losing wealth over time is one of the worse things. Your story shows how easily it fades if nobody protects it. Planning for your kids is the right thing we should be thinking about when we think of wealth. Crypto could definitely help, but it’s still risky. Maybe this generation changes thing
Oh! This is a cool post! I really like the thought of generational wealth creation being an easy thing, like you said all it takes is for each generation to leave a little more to the next generation. I have started basically from zero, and done pretty well for myself and my son and daughter. I don't have any grandkids yet, but now is the time to start thinking how to create even more to leave behind and how to set it up so that every generation tries to leave more to the next. Might take a few generations to build up to real wealth, but it should be quite possible, especially with this crypto thing...
Yes I started from a big zero as well and what I leave will be substantial and something to grow from and will be the foundation.
This is what I feel too. Although I still don't have kids, Im already thinking of their future. That's one of the reason I'm here.
That is a very good reason to be here ad yes wish more people were thinking long term.
With so much volatility in today's world, it can be quite difficult for many to find "safe" investments for the long term. Unfortunately, even in developed countries like the USA you can lose whatever nest egg you may have with a single stroke of bad luck, as the health system seems to be run by vampires willing to suck the last drop from an unlucky victim. It is nice to see that you are looking out for your grandchildren, I hope that they do the same for future generations.
Generational wealth? hahahaha. In my family, we just have generational trauma 🤣🤦♀️🤦♀️
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I have been sharing this idea with my office mates, and they struggle to understand why this is important. One even said that each generation has his or her own responsibility to grow their own assets.
They would not be working in an office if someone in their past had looked out for them and had given them a foundation which would offer many choices in life. I do think the way the world is today and disappearing jobs having some type of generational wealth is even more important than ever. Obviously it is up to each generation to grow their own assets but having a solid base in order to do that gives you a massive advantage.
The same thing with our parents. If they passed even a small amount of capital, my journey to financial freedom would be shorter. I shared your post to a Facebook group chat and made this comment: