This forum has a solid share of individuals enjoying varying levels of relative financial success. Obviously many are determined to a lot of 'I'm build a legacy for their kids and grandkids' grandkids'. But statistics show that wealth gets squandered by the third generation.
I was reading a comment on Twitter wherein the author set up a trust that leaves his kids and grandkids money each year equal to the amount they earn. Aka if you earn $30,000, you get to pull $30,000 from the trust, $100,000, pull a $100,000 etc.
Seems to be a good way to ensure future generations will inherit a work ethic. What do you think? Does anyone have some horror stories of wealth being squandered by heirs? Or positive stories of heirs fructifying the family fortune