To make things clear,70% of families lose their wealth by the second generation90% lose it within the third one.Don't you think that IB, where you are expected to work 80-100H per week is the best way to teach your son/daughter the value of money so they could manage family wealth more properly?
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no many people still can spend a lot and I see lots of analysts living at a no savings rate
this is definitely, have someone who doesn't save and I cannot wrap my head around why.
The best way to teach your children the value of money is being a waiter. You get the stress of managing people + repetitive task + low pay. Perfect combo for learning the value.
Keeping my username anonymous, but I purposely still deliver for my favorite pizza shop in town on off-days to stay grounded for lack of better terminology (worked there in high school, the owners love me, I get free food and help out).
I purposely worked minimum wage for my first job to learn the value of money.
A girlfriend/wife will wipe away your savings
not sure but an ex wife will
Handing 22 years olds gobs of money is definitely not the best way to teach people how ot preserve wealth LOL.
“Gobs” is all relative - given how expensive everything in the city is (rent alone takes up ~40% of take home pay) the salaries make doing the work possible.
The expectation is to work 80 hours + every week on an unpredictable schedule in a very expensive city. Would say it probably does help to teach the value of a dollar / preserve wealth as you’re expected to work hard and don’t really put away much at the analyst level (but at the same time can sustain yourself and don’t tap into family resources)
Are you serious. get some perspective..
Let's add thebrofessor into this thread. He is very familiar with generational wealth and wealth management stuff.
I kinda disagree with the premise of the thread, the vast majority of my clients don't set out to create generational wealth and if we have kids I won't either. my goal as a parent is to ensure their survival to the best of my ability, not enrich them
I will make it known to my kids that they will be taken out of the will if they become the type of people who don't understand the value of hard work.
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