We envy people who have generational wealth. Because they don't have to work hard or do anything to make a living. Whatever be the situation, they're financially safe. At least we think so.
I've done that too - bad mouth someone for enjoying their grandparent's or great-grandparent's wealth (because that's what I could do, considering my current net worth.)
But, how did that person, whom we're jealous about, got generational wealth in the first place?
One of their great-grandparents or great-great-grandparents, who had nothing, built something on their own, made enough money, was disciplined when it came to spending and investments, leaving behind enough for their heirs who did the same.
And every successor who followed them conscious about what the wealth means for them and their future generations.
Because even if one successor makes a poor financial decision, their successive generations will have nothing.
It's fascinating when you think about it.
Personal finance gurus might argue saying "If they withdraw 4% of their wealth every year, and if the money grows at X %, the money would last a long time".
But, even for that to happen, discipline is the key. What if they start withdrawing 14% instead? Or fail to re-evaluate their wealth portfolio and reinvest in the right financial instruments?
They might end up with a huge loss.
It's insane!
But, then I realized something personally.
I should be that risk-taker in my family. I should be that great-grandparent for my future generations. The one who took the risk. The one who beat the odds. The one fell, but rose to great heights.
It's like leaving an all-time high score in your neighborhood gaming arcade, challenging everyone else to beat that score.
I want to be that guy. I hope I become that guy.