Hasn’t “old money” already successfully slayed the “Shirtsleeve to Shirtsleeve” phenomenon?
Yes and no, because the bad habits, bad decisions, recklessness, greed and laziness that can befall lottery winners can also infect a new generation born into old money if the family’s legacy has not been properly cared for.
Typically wealth, especially sudden wealth, will exacerbate existing family issues and disrupt its equilibrium. But not all equilibriums in a family provide balance. New wealth can be spent astonishing quickly with many hangers-on trying to climb the ladder pulling everyone else down as they try to move up, while old wealth, even wealth maintained successfully over generations can find itself isolated and afraid of being exploited or used because of that wealth.
For more on protecting family wealth, check out our new article on Thursday.