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04-15-2011, 04:10 PM #21
It is that the reason wealth doesn't last past 3 generations is because if the grandfather made the money then it is not guaranteed that A. the kids of the grandson will exist, B. the grandson will have enough left, or C. that the grandson would actually give the money to his kids.
grandson/granddaughter can be used interchangeably in this case but I choose the easier way to write it.
in most times when the grandfather is still alive he can influence where the money goes(son/grandson) but once the 4th generation comes in(son's kids) and grandfather passes away he no longer has that influence and the money tends to be squandered. hence the 3 generations thing.
04-15-2011, 04:14 PM #22
04-15-2011, 04:39 PM #23
When that was written people was not that complicated, the real meaning is the kids born to this wealthy person will waste a lot of that money and so will the grand kids then it is gone. And passing on wealth to the next generation is expected, and it was always left to the eldest son to pass on along with the family name. So choice C is invalid, because not giving the next gen the money is unheard of. People would "lose face".
If you see the recent movie Arthur, it shows quite a few examples of how to waste that wealth. Tell me when your child or grand child gets into trouble with money you would not bail them out, especially when making that money is so easy for you because you are wealthy.
BTW I know a lot of wealthy families, parents and grand parents barely ever see their kids or grandkids. They make that up by giving them lots of money or material stuff. I Recall parents gave their 16 year old kid who just barely got his drivers license a top of the line Porche Carerra GT... Not hard to guess he drove in rain took a corner too quck and skid it out, and door was caved in. So he told his parents that it was unlucky car because it was black, and the parents believed in that so parents got rid of this black one to the dealer they got it from for a couple grand and bought him a new one in another color... I have yet to see one wealthy family that is as sensible as you say, or respectible to their elders and listen to parents/grandparents suggestions.
Suddenly I remember what Chris Rock said in one of his shows "I want to be wealthy. Being rich is nothing, you can lose all your money with a bad drug habbit. Shaq is rich, but I want to be the guy who signs Shaq's checks" ofcourse this was when Shaq's in the Lakers.
Last edited by unison999; 04-15-2011 at 04:53 PM.
04-15-2011, 04:42 PM #24
04-15-2011, 05:14 PM #25
I think I started it. Lolz.....
Anyway don't worry if apple got one employee from Microsoft. Remember it was Microsoft who ruined apple OS in the first place. I am talking about back in the days. Apple came into real limelight only after the iPhone.
If Bill Gatea still wants he can bring Apple to it's knees. But to apples's fortune Bill Gates vision has changed. He doesn't care much about the company he has created. He has people to take care of it. And thanks to Warren Buffet who convinced Bill Gates to donate half of his wealth. Warren Buffet still meets every rich person in Te world to convince them to donate half of their wealth. This is called real people and not Steve Jobs(over priced products).
04-15-2011, 05:18 PM #26
Possibly but kind of related at least.
04-15-2011, 05:21 PM #27
Second, MY family is that sensible. My kids won't have to work and neither do I. However, I do work, and I'm responsible with my money as will my kids work and be responsible with their money.
Now, I can guarantee you there are thousands of other families like mine that can afford to live a comfortable lifestyle and still don't piss their money away.
In reference to that I'll give you another quote: "the wealthy stay wealthy by being smart with their money and not by squandering it."
With the way things are now people that do have or don't have money are obviously going to try to be smart with it because the future of the economy is uncertain and if there ever were a time to need financial security over everything else, now is it.