What would it be like to suddenly be wildly rich? Although many people dream of hitting the lottery or winning big at the casino, life doesn’t seem to end “happily ever after” for most lottery winners or beneficiaries of inherited wealth.
Big winners seem to fall victim to irrational behaviors after the sudden infusion of funds. Their deep-seated beliefs that they are not worthy of abundance, or their shame and guilt, often interfere with their ability to make sound financial choices.
Likewise, those who inherit wealth have their own challenges. Seventy percent of the time, wealth never makes it to the third generation. In Italy, they have an expression: “First generation creates the wealth, second generation inherits, third generation destroys.”
In China, people say, “Rice paddies to rice paddies in three generations.” The first generation starts off poor, building wealth from the rice paddies. The second generation inherits the wealth and moves away from the rice paddies into the big city, and spends all or most of their inheritance. With little money left, the third generation returns to the rice paddies.
In the U.S., we have a similar saying, “Shirtsleeves to shirtsleeves in three generations.”
Money in families just doesn’t seem to sustain itself more than two generations. Studies show that the primary reason behind this global phenomenon isn’t excessive taxation or poor investment management, but poor family communication.
Most people aren’t use to taking the time to clarify what they truly value. Hence, parents don’t typically communicate their values to their children, especially around money.
Remember you are enough!
For more practical tips to creating an abundant life, get or give your copy of The Abundance Loop: 8 Steps to Manifest Conscious Wealth by Juliana Park.