Families that Last
This is a “statistic” you don’t want to be.
Unfortunately, for too many, they are included in this statistic – even my own family.
The statistics overwhelmingly show that families of means lose their wealth by the third generation.
Only 3 out of 100 family-owned businesses survive three generations.
American businessman and philanthropist Andrew Carnegie wrote, “three generations in America from shirt sleeves to shirt sleeves.” In the 1700s, the phrase “clogs to clogs in three generations” expressed the same reality.
With the dissolution of the money, often the families fall apart as well.
One of my favorite questions is, “Which would you rather have: your money survives three generations or the family relationships remain healthy?”
“Both” can be an answer.
Giving is a wonderful foundation and the glue to build long-lasting families. Giving is also a great inoculation against “affluenza.”
Families that have a purpose greater than themselves, communicate often about money, and give generously have a better chance of staying together!
“No one has ever become poor by giving.”
– Anne Frank