There is that saying that wealth is lost in 3 generations - meaning that if you attain true wealth then by the time your grandchildren get it they will spend it all. Now, not only do they need to worry about that but inflation too!

Such legacies needs to be intentional hence such families have to have sets of principles and guidelines to follow. For such wealthy legacies to keep on booming they must operate their families like an institution. 

The way we see technology has advanced so much that people today don't have to work as hard as their parents did. Maybe they don't value things because they are hard earned. 

A failed son to me is one that makes the same mistake their father made because most times our fathers are mostly a source of inspiration to us and that is why most people follow their father's footsteps and that is why most people don't. Jakie’s son might not be doing what his father did because he knows what we don't know and don't want to do the same mistakes.

I agree with the fact that times have changed most people that inherit their father's fortunes want to do things differently.

Life has changed a lot and I think technology has definitely spoiled us. It has made it so things are way more convenient but at the same time, we don't work nearly as hard. Everyone's experience is different and I also think that it also tends to make it hard to pass on to the next generation. 

Being born into a successful family, or successful parents, can indeed a blessing and a curse. There is the likelihood that one doesn't reach the level of success their parents attained, get comfortable with the silver spoon they have been born with, and then lack the desire to seek something solid for themselves.

Indeed, generations are changing, and so is the definition of success with every new one. How success was defined a decade ago is different now.

I wonder how *X Æ A-12* would find success in his own terms with having to live under Elon, his father.

Wonderful thought provoking post, very true, rich kids will definitely not work as hard as their successful parents and it's understandable. The money is already there  and there is no motivation to get more of it. So all they do is lay back and spend it. Is there a chance to create another facebook, apple, number one single by Michael Jackson or hit movie by Jackie Chan? Definitely not.
So let them enjoy the fruits of their parent's work. Thank you for sharing and happy Sunday :}

There's this misalignment between the two generations, they value or understand things differently. I think the wealthy individual passing into the inheritance to the next generation always want things to go as he/she wanted and this is sometimes hard to achieve.  Sometimes, people are unappreciated of the hard work because they simply didn't experience it or what is it really about. 

Most times, parents forget to teach their children the values that helped them become successful, and when death comes knocking, they realize that wealth might harm the children even more. The movie “The Gift” is basically about this concept. Until parents teach children important life lessons, the generation coming after will have misplaced priorities and will struggle to keep the legacy they’ve been handed.

Part of the reasons is this ,young people of nowadays are very lazy ,the don't want to work before they eat,they prefer to be on their bed for food to come meet them.
I am so sorry for this next generation