New Money is SUPPOSED to Become Old Money

In the financial classic, The Millionaire Next Door, it was shown that 80% of millionaire households are first generation.  This is encouraging because it proves that just about anyone can achieve true wealth.  But it is also a little disturbing because it shows that much of that wealth is NOT being passed down to future generations.

Now, I know some of you may be thinking, "I don't want my kids to just inherit millions; I want them to work for it like I did" or "I don't want them to be spoiled rich kids thinking the world is owed to them".  That's understandable to feel that way.  But know that the stereotypical "rich brat" that we see on TV (e.g. Paris Hilton, Brandon Davis, etc.) is an exception, NOT the norm.

In fact, most inheritors of wealth work even harder to preserve the family name and build more wealth because after all, who wants to go down in history as "the one that squandered the family fortune"?

As you pursue (and ultimately achieve) financial freedom, you must start thinking about how you can leave a legacy (i.e. MONEY) for those coming after you.

And if you're still concerned about how the wealth will affect your future generations, abide by the words of Warren Buffett: "leave your children enough money so they can do anything but not enough that they get to do nothing".

 

So build your wealth, get financially free, AND set it up to be able to pass more on.  As the bible tells us in Proverbs 13:22 - A good man leaveth an inheritance to his children's children...

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