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70% of Rich Families Lose Their Wealth by the Second Generation

 70% of wealthy families lose their wealth by the second generation, and a stunning 90% by the third, according to the Williams Group wealth consultancy.

•  78% feel the next generation is not financially responsible enough to handle inheritance
• And 64% admit they have disclosed little to nothing about their wealth to their children.

People were taught not to talk about money, they worry their children will become lazy and entitled, and they fear the information will leak out.

Some financial advisors think the following about the average heirs:

•  "Most of them have no clue as to the value of money or how to handle it." 
• "Generation Threes are usually doomed." 
• "It takes the average recipient of an inheritance 19 days until they buy a new car."
  

The people of  Money  offer some good advice to prevent this:

1. Talk Early and Often (About your wealth and financial education to manage it) 
2. Discuss the Will.
3. Create a Roadmap

Read the full article of Chris Taylor on Money.com