From Vern Gowdie – Gowdie Family Wealth (Australia) –
Building wealth is a challenge.
There are all sorts of pitfalls — economic, commercial, legislative and legal snares…and poor advice.
Ducking and weaving through these challenges is what builds resilience, providing you with perspective. It’s these experiences — over many years or decades — that you draw upon when making decisions on how best to position your hard-earned wealth.
Building wealth requires a certain set of skills — dogged determination, street smarts, opportunism, a single-minded focus, and a willingness to take risks.
Yet, in spite of these admirable wealth-building qualities, statistics show nearly 70% of intergenerational wealth transfers fail due to a breakdown in communication and trust within families.
Why the high failure rate?
Is it because wealth builders are so busy that they forget or ignore the importance of being bridge builders?
‘This chasm that has been as naught to me
‘To that fair-haired youth may a pitfall be;
‘He, too, must cross in the twilight dim;
‘Good friend, I am building this bridge for him!’