You may have heard the old proverb, “Shirtsleeves to shirtsleeves in three generations.” In Japan, the expression goes, “Rice paddies to rice paddies in three generations.” The Scottish say “The father buys, the son builds, the grandchild sells, and his son begs.” In China, “Wealth never survives three generations.”
Around the world there are many variations on this theme, all used to describe the tendency of the third generation of a family to squander the wealth obtained by the first.
The Three Generation Cycle
The First Generation comes from a life of hardship and is determined to make a better future for themselves. They are willing to work hard and make the sacrifices necessary in order to achieve their goal. By their later years, their efforts have paid off. They enjoy a more comfortable lifestyle, often with assets to pass on.
Their children, the Second Generation, grow up a witness to their parent’s struggle and understand the importance of hard work. Although they now live a more comfortable lifestyle, they may still remember a childhood filled with frugality. Because of this awareness, they make sound educational and financial choices that help them build upon the foundation their parents worked so hard to create. By their later years, the second generation has acquired even greater wealth.
The Third Generation, however, has no memory of want or struggle. They only know a life of plenty and often lack an understanding of the work that went into building the lifestyle they now enjoy. Not surprisingly, the third generation has a tendency to squander what their grandparents and parents worked so hard to achieve. Thus the Three Generation proverbs.
Avoiding the Three Generation Cycle
Keeping family stories alive gives younger generations a chance to better understand and appreciate their parent’s and grandparent’s contributions as well as the work needed to build and maintain family wealth. By combining awareness of one’s family history along with thoughtful strategy for the future, families can help ensure family wealth continues beyond the third generation.
Capture the life story of a parent or grandparent -in their own words – for your family to know and celebrate.
Here at Family Line Video, we produce Family Documentaries, modern-day memoirs that weave a filmed interview with a loved one, together with family photos, documents, maps and other memorabilia to bring their stories, history and memories to life.
To learn more, visit www.FamilyLineVideo.com.
A Family Documentary is a gift your family will treasure for generations to come.
Family Line Video, LLC
Family Documentary Production