Multigenerational | Wisdom, Wealth, and Wellness

Good morning, good afternoon, good evening. Depending on the part of the world you’re in. This is Jonathan Satovsky of Satovsky Asset Management. And on today’s episode of “Seeking Wisdom, Wealth, and Wellness,” I want to talk about transferring multigenerational values.

Why do I bring this up? I was with someone today and they said, “You know, I don’t care about leaving money to the next generation. If I die with zero, that’s fine with me.” Well, that would be fine if someone knew when they were going to pass, they knew their longevity, their health care costs, and they knew all this other stuff.

So, for me, I think planning multigenerational—financially, morally, ethically, value—wise is a valuable thing to do. You should think like an endowment, a sustainable endowment for 1, 2, 3, 4, 5, 6, 10 generations. And how would you think about the decisions you make in impacting your grandchildren’s children?

That’s how I think about it. But then again, I’m not perfect. And I’m sure I fail in that regard periodically.

But an interesting statistic to share is that according to the conversation I had with a group called Tiger 21, in some of the wealthiest families in the world, 86% of families with wealth over $10 million do not last into the third generation. It’s a concept called “shirt sleeves to shirt sleeves.” And engaging 2nd, 3rd, 4th generations about values, about ethics, about morals, about money, about contribution, about impact—it takes honest, open conversations and challenging one another’s thoughts. But how do you keep it together?

You got to keep rooted somehow.

So it all starts with a conversation on your path to Wisdom, Wealth, and Wellness.

Have a great day.