Wazua
»
Market
»
Pennywise
»
90% of family wealth is lost by the 3rd generation
Rank: Elder Joined: 7/23/2008 Posts: 3,017
|
McReggae wrote:The Ndegwas are on which generation? In Kenya I don't think much wealth will be passed down after the second gen. The Ndgewa's are still technically first Gen, with their powerful matriach still incharge, same case with the Kenyatta's and Moi's. Wait for the wives of sons to start a competition amongst their kids and you will know what 3rd Gen means. Even Asian brothers are now breaking up companies painstakingly built by their fathers. But atleast they fair best in Kenya in trying to atleast keep the wealth together. "The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
|
|
|
Rank: Elder Joined: 10/3/2008 Posts: 4,058 Location: Gwitu
|
The reverse is also true. It takes the 3rd generation to free poor families from the shackles of penury. Truth forever on the scaffold
Wrong forever on the throne
(James Russell Rowell)
|
|
|
Rank: Elder Joined: 7/1/2011 Posts: 8,804 Location: Nairobi
|
@ Mike Ock, if you leave wealth to your children you die with nothing, and your children are likely to lose it by the third generation. It's a 'lose - lose' situation.
But if a person can find enlightenment, then he/she can set the children in the ways of enlightenment. And the person doesn't lose enlightenment upon death. So it's a 'win - win' situation.
Therefore a person should work more for enlightenment than for wealth. Besides, if it's possible to be enlightened but poor, the probability for wealth within the third generation is high.
|
|
|
Rank: Veteran Joined: 6/23/2014 Posts: 1,652
|
tycho wrote:@ Mike Ock, if you leave wealth to your children you die with nothing, and your children are likely to lose it by the third generation. It's a 'lose - lose' situation.
But if a person can find enlightenment, then he/she can set the children in the ways of enlightenment. And the person doesn't lose enlightenment upon death. So it's a 'win - win' situation.
Therefore a person should work more for enlightenment than for wealth. Besides, if it's possible to be enlightened but poor, the probability for wealth within the third generation is high.
What is enlightenment? Hutia Mundu!!
|
|
|
Rank: Member Joined: 1/22/2015 Posts: 682
|
Obi 1 Kanobi wrote:McReggae wrote:The Ndegwas are on which generation? In Kenya I don't think much wealth will be passed down after the second gen. The Ndgewa's are still technically first Gen, with their powerful matriach still incharge, same case with the Kenyatta's and Moi's. Wait for the wives of sons to start a competition amongst their kids and you will know what 3rd Gen means. Even Asian brothers are now breaking up companies painstakingly built by their fathers. But atleast they fair best in Kenya in trying to atleast keep the wealth together. That's why rich families try to set up political dynasties. Easy taxpayer money is harder to finish than earned business money.
|
|
|
Rank: Veteran Joined: 9/11/2015 Posts: 1,024
|
That a grandchild thinks differently of his grandfather's sweat is an indictment to the grandfather that ancient priorities are not necessarily important.
|
|
|
Rank: Elder Joined: 7/1/2011 Posts: 8,804 Location: Nairobi
|
Wamunyota wrote:tycho wrote:@ Mike Ock, if you leave wealth to your children you die with nothing, and your children are likely to lose it by the third generation. It's a 'lose - lose' situation.
But if a person can find enlightenment, then he/she can set the children in the ways of enlightenment. And the person doesn't lose enlightenment upon death. So it's a 'win - win' situation.
Therefore a person should work more for enlightenment than for wealth. Besides, if it's possible to be enlightened but poor, the probability for wealth within the third generation is high.
What is enlightenment? One is enlightened when he/she has seen and understood his existence and how his mind relates with it. And consequently finds peace, and power.
|
|
|
Rank: Elder Joined: 9/15/2006 Posts: 3,907
|
In the African context:The biggest worry about the wealthy - they worry about their families, their kids, generational wealth transfer. Up to 70% of wealth lost in first generational wealth transfer; 90% of wealth lost in second transfer. Kenya wealth mainly from: property, agriculture, infrastructure development, manufacturing
|
|
|
Rank: Member Joined: 2/24/2010 Posts: 637 Location: Nairobi
|
Mike Ock wrote:tycho wrote: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. Word.I just dont understand most are into funny career and academic persuits such as Arts,fashion,useless degree courses,farming without commercial output. When George Saitoti passed on,I followed up on the son being the only son on how he will keep up the family business empire only to note that the guy was running some photo cum art gallery in Hurlinghum and i was like sigh....This dud should be.....I may be wrong. The only thing necessary for the triumph of evil is for good men to do nothing.
|
|
|
Rank: Elder Joined: 2/26/2012 Posts: 15,980
|
Interesting how some families elsewhere have been able to keep it going, forexample Aliko Dangote's family he being the great grandson of Al Hassan Dantata a "billionaire" of his time. May be what matters is not so much the money but the education (not schooling) about wealth passed to the children downstream. "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
|
|
|
Wazua
»
Market
»
Pennywise
»
90% of family wealth is lost by the 3rd generation
Forum Jump
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.
|