Sep 4, 2018
There is a global phenomenon occurring regarding the transition of wealth from one generation to the next and building lasting legacies. Statistics show that successful the success of wealth transition begins “dropping off” after the second generation - and by the fifth generation, most once-successful businesses and wealthy families no longer exist or no longer have the wealth they once had to continue passing it to their heirs.
On today’s episode, I’m exploring the global phenomenon of the “shirtsleeves to shirtsleeves” curse and why many self-made millionaires struggle with avoiding this “three generation curse.” I discuss several research studies and statistics regarding the success rate of building a lasting legacy and how proper financial literacy and planning impact your family’s wealth transition success. I also share tips on how you can begin to properly plan your succession plan and things you should consider during the planning phase.
“The statistics are bleak when it comes to creating lasting legacies for families with wealth.” - Colleen O’Connell-Campbell
Today on I’m A Millionaire...So Now What?:
My Top 5 Tips to Prepare Your Children for Lasting Legacies:
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