Growing up in a picture-perfect Instagram world, thinking about the value of money and the effort required to preserve it can be concepts far from our children’s minds. No wonder then, that 70% of affluent families will lose their wealth by the second generation and 90% by the third.
We put this alarming trend to the test by exposing the children of two families to their parents’ hard-earned fortunes in real time. Watch The Family Fortune to see just how easy it is to lose it all.
Step inside the vault and let us give you an interactive tour of your own family fortune.
As a single mother, Nomfundo worked hard to build her business empire while holding down her day job. She put in late nights and extra hours because she knew that creating a legacy for her children could only come from hard work. Today, Nomfundo has risen from employee to accomplished owner of a successful IT company and a cigar lounge. A scrupulous saver from an early age, she doesn’t owe a cent on her properties or businesses.
Stanley grew up in a large single-parent family, so every month was a financial struggle. With no hopes of going to university, he began his career as a builder. His current business failed twice before it finally took off. He suffered many setbacks along the way, having to re-mortgage the house and sell the family car, but today Stanley owns Africa’s biggest manufacturer of jacuzzis, saunas and underfloor heating.
Nomfundo and Stanley have both learnt first-hand that it’s one thing to be wealthy, but quite another to stay wealthy. Teaching this vital lesson to their children, however, is another story altogether. Having grown up with luxurious lifestyles, thinking about the value of money and the effort required to preserve it are concepts far from their minds.
At Sanlam Private Wealth, we know how to help families grow and preserve their wealth over many generations, not just the present one.
We craft bespoke wealth and investment solutions for the discerning investor who shares our tried-and-tested philosophy of following facts, not fads. That’s why Intellidex has named us SA’s top wealth manager for three years running.
We help to secure the transfer of your wealth to the next generation by assisting you with local and offshore trusts and international estate planning, exchange controls and tax matters across jurisdictions. We also facilitate family meetings and offer training to trustees.
Source: Wall Street Journal
Source: Money Magazine
Source: Sanlam 1/1 Private Collection
Source: Strictly Business LTD
We don’t just understand the complexities of wealth, but of families, too. Speak to us about growing and preserving your wealth for generations to come. Call us on 021 950 277 or fill in the form below for one of our portfolio managers to contact you.