#BigParentingIdea — The First Generation Makes It, The Second Generation Spends It, And The Third Generation Blows It
Hidden behind this saying is the cult of ‘IT’.
What is it, this ‘IT’?
Obviously, ‘IT’ means wealth in the monetary sense (money, real estates, jewellery, furniture, works of art, and other material possessions).
In 2014 Forbes published an article: How The Wealthiest Families Make And Lose Their Money. We read there:
The numbers also show that roughly one in three businesses pass to the next generation. Just about 10% of family businesses pass to the grandchildren’s generation. Still fewer make it to the subsequent generation. Regardless of the reasons, family money seems to move away from that which created it. Among wealth advisors, there is a saying: the first generation makes it, the second generation spends it, and the third generation blows it.
There’s clearly this expectation that the subsequent generations should care about maintaining the wealth (preferably growing it) and passing it down to the next generation. That since ‘IT’ was created by the past generations, each new generation is automatically encumbered with an obligation to maintain / grow ‘IT’.
But what if someone from the next generation decides that she wants to be a minimalist and gives almost everything away, or that she doesn’t want this burden? Should this person be blamed for blowing ‘IT’ all?
Why should the fact that someone in the earlier generation amassed great wealth (‘IT’) be a limiting factor for people in the next generations?
Why should they worry more about maintaining / growing ‘IT’, than what they want?
Why should they be slaves to ‘IT’ and to some unjustified expectation that the job of next generations should be to maintain ‘IT’? Why should they relinquish their freedom for the sake of passing ‘IT’ down to the next generation?
What if someone decides that he will not accept anything form the previous generation, that he neither needs nor wants any if ‘IT’? Shouldn’t it be entirely up to this person?
Maybe it’s true that ‘IT’ rules the world. Should ‘IT’ also rule (enslave actually) us?
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