Lessons From the Field #30:
Love is the Glue
Love is much more than a feeling or gift-giving, it is the understanding and compassion you have for those you care about in action. As you watch today’s 55 seconds, you may want to ask yourself:
Compassion may not always be immediately comforting, like the compassion a doctor has for a patient when they must perform a painful operation to save the patient’s life or to improve their long-term health.
90% of high-net-worth families are all but broke after three generations.
Why is it that most families smart enough to accumulate financial wealth fail to pass it on?
In a word…love.
Tina Turner might ask, “What’s love got to do with it”?
It is not that most wealthy families do not love each other, it is how they manifest their love.
Successful families do not give to their children without talking about the responsibility that goes with it.
They engage them in financial discussions and teach them the value of prudence and accountability.
True love, in the context of family wealth, is about involving your family in the stewardship of the money to support the growth, goals and advancement of the family and each family member.
How do you balance your family’s love, wisdom, and money?