We were all caught off guard by the pandemic. At hindsight, turbulence did hit us from time to time over the years. We just never know exactly when it would come and wipe out our family assets. It is, therefore, essential to plan ahead to shield our wealth from the next turmoil, so that our wealth can pass on to the next generations and beyond. It is not only a question for the affluent families to consider, but also every one of us.
Education contributes to the Success of I.M. Pei’s Family
One can easily make a fortune but may find it hard to pass it down. “Family wealth never lasts beyond three generations,” as a Chinese saying goes. This pandemic, for instance, has deprived numerous families of considerable income. A thorough planning is, therefore, indispensable for wealth succession. And I.M. Pei’s family is a prominent example of wealth succession with good planning.
The Pei’s family is a rare “noble” family in China. Running a Chinese medicine business since the Qing Dynasty, the Pei’s had become one of the four richest families in Suzhou. Since then, the family has thrived for more than 15 generations, sailing through the dynasty changes, two world wars and the Cultural Revolution unscathed.
The family has its own belief in inheritance. “Legacy of virtue outlives legacy of fortune” was a motto by Pei Runsheng, I.M. Pei’s great grand uncle who was a dye tycoon. Rather than settling down, the family looked ahead to the future. Education, in particular, was their primary focus. They let their children have the best education and groomed them to become talents of their own styles.
Let’s Learn from the Jews who Chose the Right Safe-Haven Asset
Speaking of getting prepared for shocks, what the Jews did in the Second World War showed great wisdom in surviving a storm.
As the most successful businessmen on earth, the Jews’ gold and jewels were all but taken away by the Germans. Their properties, which could neither be sold nor carried around, became a burden. Cash became waste. As such, the Jews exchanged anything valuable into stamps, which were handy yet hard to be found. More importantly, the stamps had better potential to inflate in value than cash itself. After the war, the Jewish people swapped their stamps into other assets, leaving a considerable inheritance to their descendants.
Now, How Would you Pass it Down?
We have no control over how the world works. Yet we can surely help our families prosper. Apart from the formula from Pei’s Family and the Jewish experience, there are even more opportunities for making money nowadays and you may earn your first barrel of gold by hardworking and innovative ideas easily. However, it is always hard to secure your earnings and even pass it down without good plan on wealth management.
Have your ever imagine what you have earn hard could pass on to the next generations? By only inputting limited resources with short saving period, you may still double up your wealth every decade. It may allow your children and next generations to have better resources to deal with every challenges and paves the way to thrives even in the good or bad days.
To know more the effective way to pass Inheritance to Generations after Generations, press here.