I hear a lot of young people wishing they can build generational wealth for their kids. The kids of their kids and the kids of their kids' kids. But is it really up to us? We can build wealth now and leave all our assets to our kids but how can be sure they can protect the wealth and make it grow even more?
Honestly the best thing we can do is to teach our kids and hope that all the things we got to accomplish for them won't be put into waste. Build your portfolio now. Invest in assets that will be profitable in the long term so you can leave this to your kids.
Some families manage to sustain their wealth from generation to generation and one thing I found out is that they teach their kids how to create wealth rather bringing them up to be consumers only. When kinds knows what it takes to create wealth, they will appreciate the process and will not live wastefully. Conversely, I have also seen wealthy men who refused their wives and children from working for the reason that they have accumulated wealth and the duty of their wives and children is just to enjoy the wealth. These set of families usually run into problem when the key people die because the next generation could not keep the legacy.
If children are taught to create wealth from an early age, when they grow up, they will think that if no one continues their parents' efforts, it will simply disappear. However, the process of creating wealth requires struggle, and of course, they have been equipped with it from an early age. Children who are equipped from an early age will think more maturely in the future, very different from children who simply receive wealth but do not understand the process.