Thread by @sweatystartup

If you raise good kids, handing down assets only helps them have more of a positive influence on the world and live better lives with more opportunity.

If you don’t believe in generational wealth, can you explain to me why?

I strongly believe it’s your fault for not properly communicating and organizing your affairs if your children tear the family apart fighting over your assets.

Wealth doesn’t make people complacent unless they are never taught the value of a dollar or made to work for anything.

Or learned the sense of pride that comes with hard work and accomplishment.

To the folks who keep saying it’s about how much - it sounds great in theory but I don’t understand.

You have good kids who want to contribute to society or you don’t...

How is the amount important?

I know many not-driven not-rich people. And many driven rich people.

I’m going to make sure my kids understand two things:

The value of a dollar (and how hard all different folks have to work to work to earn it)

Hard work (and dealing with not-fun situations regularly).

I don’t understand the “if you raise good kids they won’t need money” argument.

Most people don’t understand that the most influential and accomplished people in our world (and right here on real estate twitter) have been able to accomplish 100X because their parents had $$$.

Money is an amplifier.

It allows folks who have it to accomplish much more.

And allows folks who don’t to still live good lives.

The evil folks go down in flames, but they would have no matter what.

My take:

Parents focus on building empires but not on raising good kids.

Being a good, loving, faithful parent is not at all correlated with building wealth.

And THAT is why this is a problem.

Not giving it to your kids because they’re terrible kids is YOUR fault.

Another thing.

Some folks aren’t willing to let their kids suffer in small ways.

Overcome challenges. Deal with a bit of pain.

In order to live a good life, some suffering is mandatory.

If you solve your kids problems with money, you’re going to raise soft, unhappy kids.

And I think a lot about bridging the gap and going up a rung.

From poor to middle class. From middle class to wealthy.

It happens when folks delay gratification and work, not for themselves, but so their kids can live better lives.

I think that’s very rare.

Most folks can’t even delay gratification long enough to keep a little left over cash in the account for a rainy day.

Let alone save and work on buying or building assets that won’t pay them back for years.

And the sad truth:

Kids without fathers in the picture are totally screwed.

The odds are insanely bad.

Because raising good kids and saving / building / growing assets cannot be accomplished by one person.

Not caring enough about your kids to even be in the picture is the most self serving and selfish thing a human can do.

And it’s like saying “eff you” to any possibility of growing generational wealth and going up a rung in society.

Loving parents who care about their kids, have the cash to be a fall back plan, and can teach their kids about wealth and how to build it are the ones who win.

And even wealthy people who mess up this part up fail and raise kids who can’t handle it and take steps down the rungs of society.