Why Most Families Lose Their Money by the Third Generation (And How Old Money Doesn't)

My great-grandfather left the same amount of money to two of his sons. Seventy years later, one side of the family still had it, and the other side had nothing left. Same money, same town, same family name. Here is why most families lose their money by the third generation, the nine quiet habits of the families who keep it, and the simple arithmetic that ruins more families than any stock market crash. Chapters: 0:00 Shirtsleeves to shirtsleeves in three generations 1:09 Henry and Walter: two brothers, one inheritance 3:08 Why fortunes disappear 5:24 1. They pass down a story before they pass down money 6:56 2. They prepare the heirs, not just the money 8:45 3. They spend the income, never the principal 10:26 4. They put a structure between the family and the money 12:01 5. They write the rules down 13:30 6. They plan for the tax and the cash 15:28 7. They keep what cannot be divided in one piece 16:58 8. They protect the money from marriages and lawsuits 18:16 9. They give the family a reason to stay together 19:41 The arithmetic that ruins families 21:42 Three things people get wrong about family money 23:58 The nine habits in one minute, and Walter's great-grandson