Generational Wealth
I still believe in generational wealth. A lot of people don’t understand what it is, or why it’s important. It is generally a patriarchal, father-to-son thing, something that does not appear to be popular in today’s day and age. But let’s be honest: if generational wealth didn’t exist, we wouldn’t still have Zildjian cymbals, Paiste Cymbals, Ernie Ball/Music Man guitars, Peavey Amplifiers, or any other companies that are still owned and operated by the families that founded them. We also wouldn’t have the Biltmore Estate, The Kennedy Compound, or other pieces of famous real estate that are still owned by the families that established them. Generation wealth is ownership, and as Madonna once said, in reference to not selling her music publishing, ownership is everything.
Now, don’t get me wrong. Generational wealth isn’t exclusive to fathers and sons. Even daughters get the benefit of their father’s generational wealth, such as Lisa Marie Presley inheriting Elvis’ estate, or the late Gloria Vanderbilt inheriting enough of her grandfather Cornelius Vanderbilt II’s estate to form her own clothing company. Generational wealth is not to be taken lightly, and its purpose is to insure the survival of a man’s bloodline, and yes, this includes his sons and his daughters. Basically, it’s making sure a man’s children don’t starve or end up homeless.
Even though we encourage our children to go out and create their own successes and legacies, it’s not guaranteed that our children will achieve financial success and stability on their own. Sometimes, they need a helping hand along the way. I wasn’t born into generational wealth, and I didn’t receive any inheritance when my father died. I lost my job and my career 10 years ago, and I’ve been struggling to rebuild my finances ever since. Life has not been easy, but I still have at least a little something that I can pass on to my heirs. I’m doing everything that I can to hold on to it, so that I have something to leave them. I do not expect any of my children to have to suffer for their survival the way that I did, and currently am…..
