Generational wealth.

Bitcoiners talk about it often. Building citadels, starting a multi-generational legacy.

It sounds incredible on paper, but there are two questions I find myself asking when I think about this tooic:

Who would I be if I inherited wealth?

Who will my children become when they inherit what I leave for them?

Most of us didn't come from money. We have to hustle, and our struggles define us. Our willingness to work hard & smart, to do what needs to be done for the good of our families, is a common trait amongst bitcoiners. It's what we want to instill in our children.

This doesn't mean we throw our kids out in the wilderness and see if they survive, but we do have a responsibility to make sure they understand the struggle. That they know what it's like to be in the trenches of life. That they don't take for granted that which we climbed out of when we sought a better way via #Bitcoin.

This is also why it's incredibly important for us to take care of our health, because these parental responsibilities don't end when our kids turn 18. These life lessons take decades to learn, and we need to be there for our children, grandchildren, and great grandchildren, should we be so lucky.

Your day will come. When it does, make sure everything you worked for is in good hands. 🧔

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Discussion

Really like this yes

I often worry I haven't sufficiently bettered myself to ensure my son becomes the man he has the potential to be. It's a daily motivator that I often fail to heed.

Bro, you already succeed when that is your goal. Always trying to better yourself is the best role modelling you can do šŸ’Ŗ

Needed this. Thank you!

My kids will need to learn the value of being productive and finding their calling. I started my bitcoin journey in a mountain of debt and less than $10K in savings in my late 30s. I saw this as possibly the only path to be able to leave them with anything.

your inheritance comes from your parents, from the lessons you learn and the people they are to you. It's not about the bitcoin. It's about the people. Bitcoin just helps us force everyone to play fair. Then it's up to your family.

i dont even got children

so its more difficult to inherit

but maybe a oil painting of myself

will capture the spirit

i got a strange feeling that oil paintings

will be trend very soon

Completely agree. I want to raise philosopher kings and queens - children who understand that money can require hustle, but that at its best it is a by-product of being deeply dedicated to what you love doing.

At a larger timeframe and relative to a nation, What you initially described is exactly how empires decline.

My plan is to leave the stack to my children’s future sons, not directly to my children. That way they are motivated to get married and have babies.

My parents had money, but I began working at 13, opening an IRA at 15, tithing 10%, and putting money away for 27 more years at my dad’s direction. College tuition was paid for, but that was it. Everything else has been on my own, and I refused any help with a down payment. I view my upbringing as a fantastic balance of what you are talking about. It’s very doable, and I learned the lessons of hard work, saving, and giving at a young age. His grandkids will get the same education.

The negative views and programming on generational wealth is a psyop to keep families divided and individuals more reliant on the state.

Kids can be spoiled or poorly raised with or without money. Plenty of poor douchebags out there. Putting ones offsprings at a disadvantage on purpose is there I say retarded. I mean what does it say about one self if one’s kids can’t be trusted with money because their character is so weak they will be corrupted or their flourishing will stunted by it?

yes, it's a challenge.

we can help by inspiring them, people learn by imitation, I guess.

if our children see that we work hard and put them first in every situation without hesitation they will do the same.

Low time preference thinking - I looooove it šŸ˜

I’ve known a tiny handful of people who came from ā€œgenerational wealthā€ and every single one of them’s life is a mess. Literally; Be careful what you wish for.

The solution is that you don't set up inheritance in forms of liquid wealth. You set up inheritance in forms of systems and assets that can be built upon by Future Generations. Essentially all energies are expended into two categories first being sustenance and the second being ambition.

Sustenance: The ability to sustain oneself. Usually systems that create food, water, and energy are those one focuses on first.

Ambition: The actions one takes to further one's existential purpose I.E. "I was put on the earth to do this."

Having your heirs expend more energy into the ambition category than the sustenance category is(ought to be) the goal of every human with low time preference.

Create systems for them, not mountains of wealth to sit upon.

Gift them some Bitcoin. Let them lose their keys / password and sell their HODL at the bottom. Let them get the shitcoin bug out of their system before they get access to the family funds.

šŸ’Æ

Maybe the distorting gravity of fiat inheritance is lost of the degradation of character and value that occurs with a lot of inheritance situations.

I tend to feel that inherting sound money, along with a deep understanding of proof of work and other principles that make it sound... will allow my children to stay true to themselves and their deeper character .

Agreed. Wealth doesn’t go past three generations. There’s a good reason this saying is so popular.

Kids need to be brought up to be resilient.

šŸŽÆ

It’s the most ancient of problems, Bitcoin or not. The great stoic philosopher and emperor, Marcus Aurelius, espoused independence and self reliance. Nevertheless, he made the retarded decision to bequeath the empire to his son Commodus, who was a spoiled derelict and who sent Rome into decline, including debasing the currency. He was assassinated 12 years later.

the trick is you make a irrevocable trust that distributes wealth to them after they hit milestones of their own success. Like I'll match the fortune you made at 30, you get so much for having kids, metrics that incentivize them to walk their own fire and procreate to continue the trust. the halving works the same for raising value as it does for folking down descendants less coin but more value over time.

This is Tier 3 of bitcoin.

This is the bitcoin book that has not been written….. yet.

How about, they don't find out until they're 30?

Any Bitcoiners without kids. Sometimes it feels like it's just me in this conversations, and our POV is often lost.

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