The responsibility that comes with acquiring wealth and investing it in the future.
Michael Sonnenfeldt, Founder of Tiger 21, discusses the impact of giving family wealth to children while still living and warning of the dangers of bad facilitators of the group.
The level of effort to maintain wealth at a certain level is significantly less compared to the effort required to grow it. Redirecting resources from maintaining to growing requires more effort and focus.
The challenge of inheriting wealth is taking into account how the recipient will use it given the various forces at play such as their family, spouse and the possibility of their money outlasting their lifestyle.
The wealthy know what they're good at, do not take risks and invest frequently, says a person advising wealthy individuals in over 30 companies. Building wealth requires a mindset and habits that define personal decisions and spending money, says the advisor.
