One of the challenges of wealth is the phenomenon "shirtsleeves to shirtsleeves in three generations". That is, wealth tends to be created by the first generation, hoarded and protected by the second generation, and dissipated by the third generation because the wisdom and entrepreneurial spirit of the first generation doesn't reach the third generation. Professor Ian Robertson studies and writes about "The Winner Effect" from a neuro-psychological perspective. The blog post below describes "The Winner Effect" in the British royalty but it's a danger that lurks in any successful family business today.
The Psychological Challenge of Being a Prince
Amidst the celebrations of the birth of a British prince, it is worth thinking about what this may mean psychologically for a youngster who will turn 18 in 2031.A look back at his forebears gives …
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