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70% of Rich Families Lose Their Wealth


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Posted 08 July 2018 - 04:32 AM

70% of Rich Families Lose Their Wealth by the Second Generation 

 

When I asked financial planners why the wealthy are so poor at passing along money smarts and why second- and third-generation heirs turn out to be so ham-handed, the answers were surprisingly frank.

 

A sampling: “Most of them have no clue as to the value of money or how to handle it.” “Generation Threes are usually doomed.” “It takes the average recipient of an inheritance 19 days until they buy a new car.” 

 

 

 

http://time.com/mone...es-lose-wealth/


-- 

 “Men think in herds and go mad in herds, while they only recover their senses slowly, one by one.” 

― Charles MacKay