Six Killers of Family Wealth
“To know and not do, is to not yet know.” – This ancient proverb tells us wisdom is useless without action. As you watch the video, may want to ask yourself:
It is only by being aware of a vulnerability, then planning and acting on how to improve on it, that we can turn a weakness into a strength.
Why is it that less than 10% of families control about 80% of the world’s net worth?
I got into the family wealth business because I was fascinated by how some families could accumulate great wealth while others never did.
Over the past 35 years, I’ve watched families start with nothing and build enough cash flow and capital to live comfortable, exciting, purposeful lives and leave enough for their heirs to build on if they want to.
What’s amazing is, barring really bad luck, just about any family can do it. It’s not easy, but definitely doable.
It’s simply being aware of and overcoming the six killers of family wealth.
Negative cash flow, bad investments, a vague life purpose, bad advice, taxes, and distractions and burnout.