Top 10 Reasons Family Wealth Fails
As an old Chinese warrior once said, “Know the enemy and… in a hundred battles you will never be in peril.” In this week’s 55-Second Family Fiduciary™, we identify the top ten reasons family wealth fails and discuss what to do about them. In less than a minute, you will learn:
There’s and old Eagles song that goes… “So often times it happens that we live our lives in chains, and we never even know we have the keys.”
In thirty years of working directly with families as they strive to protect and grow family wealth… here’s a list of the top ten reasons we’ve seen family wealth fail…
No. 10… Immediate gratification
No.9… Conflicts of choice
No.7… Entitlement mentality
No.6 … Giving up
No.5 … Inconsistency
No.4 …Limiting beliefs
No.3 … Weak goals
No.2 … Poor vision, and
No.1 … Fuzzy values
Ten obstacles, between us and growing family wealth… All of them are formidable impediments… but as the Eagles song says, you’ve already got the keys to unchain yourself.
The way to freedom is identifying these obstructions and addressing them with thought and planning.