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90% of family wealth is lost by the 3rd generation
Mike Ock
#1 Posted : Wednesday, September 09, 2015 2:02:33 PM
Rank: Member

Joined: 1/22/2015
Posts: 682
Link: http://time.com/money/39...h-families-lose-wealth/

so what is the point of hustling for kids security, bla bla bla? They'll just blow it anyway?
masukuma
#2 Posted : Wednesday, September 09, 2015 2:24:26 PM
Rank: Elder

Joined: 10/4/2006
Posts: 13,823
Location: Nairobi
Mike Ock wrote:
Link: http://time.com/money/39...h-families-lose-wealth/

so what is the point of hustling for kids security, bla bla bla? They'll just blow it anyway?

shauri yao!
All Mushrooms are edible! Some Mushroom are only edible ONCE!
tycho
#3 Posted : Wednesday, September 09, 2015 2:43:18 PM
Rank: Elder

Joined: 7/1/2011
Posts: 8,804
Location: Nairobi
masukuma wrote:
Mike Ock wrote:
Link: http://time.com/money/39...h-families-lose-wealth/

so what is the point of hustling for kids security, bla bla bla? They'll just blow it anyway?

shauri yao!


Royalty, family owned multinational corporations, Brahmins. . .

Wealth and power runs in blood lines. The families you're talking about are probably wanna be families.
wazuaguest
#4 Posted : Wednesday, September 09, 2015 6:45:53 PM
Rank: Member

Joined: 2/9/2012
Posts: 576
In Kenya you don't have to wait that long.Look at Njenga Karume estate, everyone thought it would be a shining example/exception.Though a lot of it is stolen money.
Africa belongs to Africans.
masukuma
#5 Posted : Wednesday, September 09, 2015 7:27:41 PM
Rank: Elder

Joined: 10/4/2006
Posts: 13,823
Location: Nairobi
tycho wrote:
masukuma wrote:
Mike Ock wrote:
Link: http://time.com/money/39...h-families-lose-wealth/

so what is the point of hustling for kids security, bla bla bla? They'll just blow it anyway?

shauri yao!


Royalty, family owned multinational corporations, Brahmins. . .

Wealth and power runs in blood lines. The families you're talking about are probably wanna be families.

it's their choice whether they want to be 'those families' wewe you will be long gone by then! Invest in them and let them do what they feel (after your are dead of course). Trust me - you will not feel any pain if they 'live it up'
All Mushrooms are edible! Some Mushroom are only edible ONCE!
Mike Ock
#6 Posted : Thursday, September 10, 2015 12:06:40 AM
Rank: Member

Joined: 1/22/2015
Posts: 682
tycho wrote:
masukuma wrote:
Mike Ock wrote:
Link: http://time.com/money/39...h-families-lose-wealth/

so what is the point of hustling for kids security, bla bla bla? They'll just blow it anyway?

shauri yao!


Royalty, family owned multinational corporations, Brahmins. . .

Wealth and power runs in blood lines. The families you're talking about are probably wanna be families.

Cornelius Vanderbilt once had more money from his transport empire than the US treasury! But his heirs squandered and squandered till there is no single millionaire Vanderbilt left

http://www.forbes.com/si...ost-their-crown-jewels/

Even in Kenya, who among us has not seen some super wealthy kid who just knows how to blow money fast while working at some arts and crafts job paying zero? These damning statistics are making me start to really rethink my plan of leaving the young ones with a big business to run.
McReggae
#7 Posted : Thursday, September 10, 2015 8:49:29 AM
Rank: Elder

Joined: 6/17/2008
Posts: 23,365
Location: Nairobi
The Ndegwas are on which generation?
..."Wewe ni mtu mdogo sana....na mwenye amekuandika pia ni mtu mdogo sana!".
Lolest!
#8 Posted : Thursday, September 10, 2015 12:41:53 PM
Rank: Elder

Joined: 3/18/2011
Posts: 12,069
Location: Kianjokoma
I do not subscribe to this notion that since some big families have squandered their wealth we should all give up on our children/grandchildren

Do your best in this regard. Show them how to make it like you did and then leave them to do their thing after you're gone.

You cannot just give up just because the Karumes and Kirimas have inheritance caused family feuds.

Oooh and of course live well, you too deserve to enjoy like they will enjoy when you're gone

Giving up on your kids because you don;t know how they'll turn out to be is like giving up on investment because you're not assured it will yield a return

Prov 13
Quote:
A good man leaveth an inheritance to his children's children
Laughing out loudly smile Applause d'oh! Sad Drool Liar Shame on you Pray
Impunity
#9 Posted : Thursday, September 10, 2015 1:44:19 PM
Rank: Elder

Joined: 3/2/2009
Posts: 26,331
Location: Masada
Naona kama mimi niko 3rd generation.
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.

Wamunyota
#10 Posted : Thursday, September 10, 2015 2:19:05 PM
Rank: Veteran

Joined: 6/23/2014
Posts: 1,652
Hii maneno reminds me of a certain mzee who was a very rich man in my village and used to carry ngwaci(Sweet potatoes)everywhere.When he offered to buy you tea uitishe andazi, hio andazi wewe ndio utalipa. Alikwambia atakununulia chai sio andazi.He would get into his pocket anatoa ngwaci na anaikula.I think he is the reason so many hotels indicate that 'food from outside is not allowed here'.
His kids squandered all his wealth kwa pombe na malaya na sasa ni maskini hohehahe.

Mimi ndio niliamua nitatafuta kama nakula.Watoto watajitafutia yao.
Hutia Mundu!!
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