This article is adapted from Perpetual Wealth: How to Use “Family Financing” to Build Prosperity and Leave a Legacy for Generations by Kim D. H. Butler and Kate Phillips. The book contains a whole chapter on raising financially responsible children! Right now you can download the entire PDF at Partners4Prosperity.com/pwbook.
There is a saying attributed by some to Abraham Lincoln, “You have to do your own growing no matter how tall your grandfather was.” This is especially true when it comes to money!
Even when great sums of money are passed on to future generations, multi-generational wealth rarely lasts more than a generation or two. It fails when the children—even if they are middle aged “children”—haven’t done their own growing. Money given to someone not ready to hold it is like water poured into a leaky bucket.
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