Grant Cardone Says That 70% Of Wealthy Families Lose Their Wealth By The Second Generation. 'It Was Never Taught, Only Inherited'

Core Insights - Wealth preservation across generations is challenging, with 70% of wealthy families losing their wealth by the second generation due to lack of financial education [1] Group 1: Financial Management Strategies - Grant Cardone emphasizes the importance of trading money for freedom rather than time for money, suggesting that investing more of each paycheck can lead to future financial freedom [3] - The average American saves less than 5% of their paycheck, while millionaires save and invest 20% of their income. Incremental savings of 1% to 2% can be achieved by trimming expenses and boosting income [4] - Compounded returns can eventually lead to earning more from investments than from employment, highlighting the long-term benefits of consistent saving and investing [5] Group 2: Financial Education for Children - Regular discussions about money with children are crucial, as many parents do not engage in these conversations or focus only on negative aspects [5][6] - Personal finance education is often lacking in traditional schooling, making it essential for parents to teach their children the basics of financial management to help preserve inherited wealth [6]