Why "Wealth" Legacy Will Not Be Carried On By Future Generation.
A lot of wealthy people are often known to be intentional about their money, about who they pass it on to, who inherits it, or who gets to have access to it when they're no longer here.
This is because people who are recipients of wealth through inheritance will never be able to fully understand the effort that was put into making the money that's now being willed to them.
Value is an individual virtual that cannot be collectively ascribed and this is why people treasure things differently.
In this video, I talked about how it'll be difficult for the future generation to continue the legacy of the older generation, especially when it comes to wealth or business.
This is partially because of life's evolved. I made mentioned a vivid analogy of Jackie Chan and his son and why the older generation will have their expectancy cut short.
Carrying on the legacy of wealth is always difficult especially when an offspring is expected to do so and that's why many wealthy people will rather will their property to those who will continue in their footstep.
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▶️ 3Speak
Being born into a successful family, or successful parents, can indeed a blessing and a curse. There is the likelihood that one doesn't reach the level of success their parents attained, get comfortable with the silver spoon they have been born with, and then lack the desire to seek something solid for themselves.
Indeed, generations are changing, and so is the definition of success with every new one. How success was defined a decade ago is different now.
I wonder how X Æ A-12 would find success in his own terms with having to live under Elon, his father.
It's both a blessing and curse and so is becoming wealthy by inheritance as well. I know people my age who their parents left wealth and legacy for and while success is now being redefined, it's painful to see these people never really reach any potential because of the fact that they didn't understand the essence of hardwork.
Some of us have nothing and are struggling hard to get it, sometimes we wish we can be in the shoes of people who have it all in order to have a foundation to build on
Life has changed a lot and I think technology has definitely spoiled us. It has made it so things are way more convenient but at the same time, we don't work nearly as hard. Everyone's experience is different and I also think that it also tends to make it hard to pass on to the next generation.
I think that not just technology, but generally, the sequence of the generation we now find ourselves is now redefining the concept of hard work. I'm predicting that the legacy of so many wealthy people will not be maintained by their next generation and this is because these people will never get to understand the level of work their forefathers had to put in
True. I think hard work has definitely changed. I can't do anything like some of the older people who worked every single day from morning all the way to night. I just don't think there is the drive for most of the wealthy richer people
Part of the reasons is this ,young people of nowadays are very lazy ,the don't want to work before they eat,they prefer to be on their bed for food to come meet them.
I am so sorry for this next generation
Well it's not really every of this generation. Life has just become a bit easier. It's just that we have not really gotten to evolve sophisticatedly in this side of the world. It might take time. You're right nevertheless. Our young people here, it's tiring
I know it is not all of them ,but 80% out of 100%
There's this misalignment between the two generations, they value or understand things differently. I think the wealthy individual passing into the inheritance to the next generation always want things to go as he/she wanted and this is sometimes hard to achieve. Sometimes, people are unappreciated of the hard work because they simply didn't experience it or what is it really about.
Yeah, there's a disalignment. I think this is because we value and understand things differently and because of this we would always disagree on what's value and what isn't value. I feel that this generation would want to build their own lagacies. Some of these legacies might be entirely different from what we used to have. Nevertheless, I do believe might never have a smooth and strong transition.
Yes, most of us will prefer to create our own thing rather than being a recipient of what our parents created. We're seeing the world differently from previous generations. And inheritance is something that doesn't seem to matter much to the people of today.
Well a lot of people are from humble beginnings and are striving for themselves. However, wealth by inheritance is still a "thing" in the world of today.
A failed son to me is one that makes the same mistake their father made because most times our fathers are mostly a source of inspiration to us and that is why most people follow their father's footsteps and that is why most people don't. Jakie’s son might not be doing what his father did because he knows what we don't know and don't want to do the same mistakes.
I agree with the fact that times have changed most people that inherit their father's fortunes want to do things differently.
A lot of wealthy people do not have children that wants to follow in their footsteps, but surprisingly, some of these kids wants to only lavish their parents money, but they're not interested in the things that makes these money for their parents.
However, I believe that people should individually build their legacies and even if they don't want to follow their parents lagacies, but they have to build their own wealth for them to truly value the meaning of due process and hardwork.
Such legacies needs to be intentional hence such families have to have sets of principles and guidelines to follow. For such wealthy legacies to keep on booming they must operate their families like an institution.
This is true, however, the originators of these legacies would have to inculcate that mentality of continuity into the next generation, so that it can run institutionally like you've mentioned. The newer generation has a way of always meandering from the path.
Most times, parents forget to teach their children the values that helped them become successful, and when death comes knocking, they realize that wealth might harm the children even more. The movie “The Gift” is basically about this concept. Until parents teach children important life lessons, the generation coming after will have misplaced priorities and will struggle to keep the legacy they’ve been handed.
Wonderful thought provoking post, very true, rich kids will definitely not work as hard as their successful parents and it's understandable. The money is already there and there is no motivation to get more of it. So all they do is lay back and spend it. Is there a chance to create another facebook, apple, number one single by Michael Jackson or hit movie by Jackie Chan? Definitely not.
So let them enjoy the fruits of their parent's work. Thank you for sharing and happy Sunday :}
That is true. While I believe the future generations will have their own definition of sucess, I just feel like we will never see the legacy continuation from the kids of wealthy people. Like you said, the money is already there, so what will be the motivation to follow through. This is why I explained that being wealtt via the model of inheritance can be truly flawed..
The way we see technology has advanced so much that people today don't have to work as hard as their parents did. Maybe they don't value things because they are hard earned.
That's exactly the point. We value hard-earned things differently as people because of the efforts and time and how difficult it was for us to achieve them.
There is that saying that wealth is lost in 3 generations - meaning that if you attain true wealth then by the time your grandchildren get it they will spend it all. Now, not only do they need to worry about that but inflation too!
That's true. If there's no legacy or continuity, then no matter how much money is there, if it's not getting replenished, it'll be totally spent especially by the next generation.