CHAPTER 1Complete Wealth
In the late 20th century, when Family Wealth was published, its subtitle was Keeping It in the Family.
Many readers assumed that the “it” referred to money. After all, doesn't the proverb—“shirtsleeves to shirtsleeves in three generations”—refer to a family's economic condition?
From this assumption, an entire industry has grown, an industry aimed at helping families correct their family dynamics to preserve and grow their financial capital.
Likewise, many readers, family leaders, and advisers have concluded that the most important thing is to seek to beat the proverb and do what it takes to keep their financial capital in the family.
Right Understanding
But this conclusion is wrong.
The “it” is not money. It is ...
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