Chapter
Balancing Wealth for Future Generations
1:38:13 - 1:46:03 (07:49)
The goal for those who want to accumulate wealth is to leave behind just the right amount of money for their children, enough to do anything but not so much that they will do nothing, as stated by the guest speaker in the podcast.
Clips
The speaker shares their experience of working in a resort town and observing successful people deal with money, highlighting their tendency to buy luxury items such as gold coins.
1:38:13 - 1:42:10 (03:57)
Summary
The speaker shares their experience of working in a resort town and observing successful people deal with money, highlighting their tendency to buy luxury items such as gold coins.
ChapterBalancing Wealth for Future Generations
Episode#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
PodcastThe Tim Ferriss Show
The host shares a quote on wealth from the late Warren Buffet, about leaving enough money to do anything, but not too much that they do nothing.
1:42:11 - 1:43:28 (01:17)
Summary
The host shares a quote on wealth from the late Warren Buffet, about leaving enough money to do anything, but not too much that they do nothing. He discusses how to use your savings to benefit your children without raising entitled kids.
ChapterBalancing Wealth for Future Generations
Episode#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
PodcastThe Tim Ferriss Show
The dilemma of achieving personal goals while ensuring that expectations for their children's lives is not left unattainably high is a tough situation for parents.
1:43:28 - 1:46:03 (02:34)
Summary
The dilemma of achieving personal goals while ensuring that expectations for their children's lives is not left unattainably high is a tough situation for parents. The urge to help their children succeed is strong, but they also need to consider that life may take its own course.