Thinking out loud. Combining my inner economist and my inner psychologist.
I used to associate wealth with money or financial resources. And generational wealth as financial or real estate inheritance one gets from previous generations.
Now I realize that wealth or inheritance doesn’t just relate to money. It relates to the value system, mindset, belief system and skills. And it can be either an asset or a liability.
How many people lose their financial wealth, but are able to get it back because of their mindset? Because they know where to find the right information, how to filter information and how to build healthy connections with people.
How many kids from wealthy families reject the mindset and values of their parents and waste that wealth?
And how many people you know, who are the first generation of educated people in their families, and they are not doing financially well because of their mindset, poor man’s mentality? I don’t know. But this mindset and understanding of the world is different from people who inherited a wealth of wisdom in relation to entrepreneurial skills, investment and money management.
I am amazed by people who judge uneducated, low social class people because of the choices they make. And when you start asking the judger about their background you find out that their grandparents or parents were highly educated and wealthy, but lost their wealth due to war, revolutions or pogroms. So, they lost their money, but they didn’t lose other kinds of generational wealth such as access to quality information, ability to network, the value of education, the value of reading books and going to libraries, of investing, of work ethics, etc. They kept their mindset and value system, which helped them make more effective choices from one generation to another.
So, besides money wealth there is a wealth of life’s philosophy, abilities to set boundaries, and prioritize that go from one generation to another. All that affects abilities to build healthy relationships with self and others.
Some of us inherit views of victim mentality and some of us inherit views that we are the creator of yourself and of your life.
Some believe that there is a wizard that will come and make us happy and some believe that we ourselves are responsible for creating our happiness, finding interest, joy and pleasure in life.
Some believe that every day, every morning is a gift of life and that you can find beauty in every moment if you prioritize it in your life.
Some believe that life is ugly and an unending exhausting struggles
Some with an entrepreneurial mindset see opportunities in making money on every corner.
Some are blind to seeing financial opportunities and are struggling to pay their bills each month.
So, wealth or generational wealth is not just about money, it is about mindset, belief system and life philosophy.
I believe that it is crucial for parents to pass on a healthy mindset and life philosophy, which can be developed, reevaluated and adjusted.
What non financial and not tangible wealth did you inherit?