Creating wealth beyond generations is the toughest thing. Today, financial education teaches us so many things, but sometimes it doesn't teach now to retain wealth beyond generations. The first generation person might be able to create a lot of wealth. The second generation is in the luxury of the previously built wealth and enjoys it to the fullest. The third generation tries to enjoy the wealthy, but mostly they destroy the wealth and end up in the ground up again. This is how the story of most of the wealthy people looks. I think it is also more to do with the order of nature in the distribution of wealth. There are a few families who continue to retain their wealth even beyond generations.
If a family is rich enough, financial education is something that gets missed out in such families. Financial education is not only about teaching the path in which we can earn money. It should also be about teaching to be conservative and spend the money on the right path. Many rich families have this problem. They end up spending a lot of money in unwanted things, and they don't have a conservative mindset. They also sometimes think cheap of people who have a conservative mindset. I have seen many rich friends and at the same time, very calculative about money. That skill is very important.
Depending on our own earned money. This is the next thing that is usually thought in middle-class families. Even though fathers is earning a good amount of money or if they have good wealthy family that can take care of their family for generations, they make sure every individual understands the value of money and they make them earn money to spend for themselves. This is how every individual in the family is allowed to earn their own money and spend the money they earn. Sometimes the lessons learned can be harder, but that's important to keep the money safe throughout life.
Money is not everything, but we have to understand the importance of money before we talk about all those things. We understand the importance of money only if we earn the money by ourselves with our efforts. Living with the money that is earned by someone else will not give us that understanding. Some people take it in the sense where getting rich is an interesting thing, but staying rich is a boring thing. Being born rich may not be a thing, but we can die with a huge empire of wealth that we have created.
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