Inter-generational Wealth: Nature or Nurture?

31.03.2016 • Investing

From Gowdie Family Wealth (AUS) –

Wealth can only be accumulated by the earnings of industry and the savings of frugality.

John Tyler
US President (1841–45)

John Tyler was born into an aristocratic and politically connected family on 29 March, 1790.

His father, John Tyler Sr., was a judge in Virginia, and friend of Thomas Jefferson (US President 1801–09). Tyler Sr. also served in the House of Delegates, and the lower house of the Virginia General Assembly alongside Benjamin Harrison V(father of William Harrison, who was US President for a month in 1841).

John Tyler’s mother, Mary, was the daughter of a prominent plantation owner.

According to Wikipedia, Tyler’s father was ‘willing to pay high wages for tutors who would challenge his children academically.

John Tyler Jr. was a lawyer before entering politics (just like his father). It would appear Tyler Jr. was very much a product of his family environment.

I assume his succinct views on wealth accumulation were also formed by the influences in his family and business life.

These days, Tyler’s message of industry and frugality would not win him the US Presidency. In fact, he’d be knocked out in the presidential contenders’ first round. After all, we live in an age where politicians pander to societal demands for instant gratification.

But that’s a story for another day.

The reason for looking at John Tyler’s background h and how it shaped his career choices and beliefs a is to underline the powerful influence your family environment has on your children.

If Tyler had been raised by a poor family, in all likelihood he’d have experienced a completely different life. Even if he possessed a higher than average intellect, the access to knowledge and opportunities, in all probability, would have been denied to him.

-Read More Here-

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