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F
amily Wealth

Many times in financially successful families, the 'shirtsleeves to shirtsleeves' proverb is at work. Those in the first generation roll up their shirtsleeves and create wealth. Members of the second generation manage the wealth. But by the time it gets to the third generation, they have lost the meaning of work and spend the fortune down. This leaves those in the third generation back to rolling up their shirtsleeves.

Wealth needs to be redefined as a family's human, intellectual, and financial capital. Successful families focus on the impact of the human and intellectual capital, and use the financial capital to enhance the first two.

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