Who doesn’t dream of having more money than they’ll ever be able to spend? Dynastic wealth does have its charms. Money that lasts for generations (e.g., forever). Family and business legacies that span centuries. And names like Vanderbilt, Mellon, Rockefeller, and Ford that are synonymous with financial success.
But the $64 billion question is: How do you create a family dynasty? The first step, of course, is creating massive wealth. You can’t pass along a family legacy or a fortune to your children, grandchildren and great grandkids until you’ve accumulated $10 million or $30 million or $100 million or more. Jaleigh White, director of Baird Family Wealth, offers this definition of a family dynasty: “The generation that has created the wealth will not consume it during their lifetime.” We’re talking about money that’s built to last a long, long time. And, more importantly, money that stays in the family forever if invested and managed properly.
