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Why Rich Kids Hate Their Parents

July 18, 2012 by CarlosV Leave a Comment

I have to admit that I’m not entirely original when it comes to the title of this article. I took it from Franco Lombardo’s latest book entitle, “The Great White Elephant: Why Rich Kids Hate Their Parents”. The book says a lot of things about the wealth of the rich families in Canada. (Mr Lombardo is a wealth advisor based in Canada.)

Lombardo’s work is based on his observation that when it comes to wealth succession from first generation to the second, there is a dismal 70% failure rate among the wealthy families. It seems to confirm the old Chinese Proverb that goes like this: “A family’s wealth seldom lasts beyond 3 generations.”

Lombardo contends that there is more to Estate Planning that goes beyond expertise of lawyers, accountants, financial planners and investment advisors. Funny but no matter how sophisticated they are in dealing with the issue of wealth transfers (meaning passing it from one generation to the succeeding generations), wealthy families fail miserably in dealing with the emotional issues the family members have to deal with. The family’s Great White Elephant is sabotaging the whole process of succession planning.

During his interview with USA Today, Lombardo said, “The emotional component just wasn’t being dealt with. The more money families have, the more these problems are magnified.”

He also identified the three common reasons why wealthy kids hate their parents.

White Elephant

A white elephant is a metaphor that represents something which, when possessed, causes burden instead of giving value (like hapiness) to its possessor.

1. Wealthy parents don’t say, “No” to their kids. You know… the kind where parents give anything that their children want. This is a perfect recipe for raising spoiled kids. But wealthy parents can’t seem to connect this relationship.

They say too much love can kill you, but I think it’s exaggerated. However, here is a fact: too much love can spoil your kids.

2. Not spending time with their kids. Acting as if everything revolves around money is especially dangerous for the rich families. A lot of wealthy parents seem to be addicted to money that to the point of relegating time with their kids on the side lines. While many of them think that they can make up for the lost time by giving their kids money, well it actually only adds insult to the injury. “Money is the wrong currency to pay back lost time,” Lombardo said.

Author’s Note: Rich or poor, I think once you become a parent, you should take to heart the meaning of song, “Cats in the Cradle.” The song is rock, but it nails down the message quite effectively. Watch the video below and pay attention to the lyrics.

3. Societal Influence. What’s true in about people’s attitude toward the rich in Canada is also true here in the Philippines. Realizing that the society at large actually makes fun of rich kids, wealthy parents instruct their children to hide their wealth to blend naturally with everyone. In other words, these kids spend a large part of their growing up years with their real identities camouflaged so they can be accepted by the crowd. Unfortunately, children grow up to resent their parents for teaching them such a “fake” display of behavior.

In the Philippines, the society’s influence is even worst. As a nation, we hate the rich.

However, here’s one irony that bothers me the most: We hate the rich, but at the same time, we also wish to become one of them.

~~~

References:

  1. “The Great White Elephant: Why Rich Kids Hate Their Parents” can be purchase at http://www.veritage.ca.
  2. Visit Franco Lombardo at his website.

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Filed Under: Money and Finance Tagged With: Estate Planning, Get Rich, Money

7 Ways To Get Rich in the Philippines

May 23, 2012 by CarlosV 19 Comments

“If you stay here in the Philippines, you’ll never be rich.”

Those words came from my cousin who is a seaman.

When I was a kid, I was determined to become a seaman. Well-meaning as they truly are, my elder folks back home somehow led me to believe that it’s the only way you can become rich at the cheapest amount of investment in school. And from my observations of my own family and close relatives, it’s not difficult to tell who from among them has fattest wallets. I was convinced. I have to be a seaman.

I have two close friends — a couple — who are overseas workers. Every time we meet when they are back home in the Philippines, the husband would always say there is “no hope” for anyone to become rich here in the Philippines.

“Look at the salaries of your employees,” I remember him say. After a long pause and some kind of mental calculation, he continued, “I could earn at least 10 times as much if I do the same thing abroad.” That is, his one month salary abroad is equivalent to a year’s hard work here the Philippines. What a magic geography can do!

Do you agree? Isn’t it ironic why every Filipino’s dream is to flee from the Philippines?

I beg to disagree. That’s why I decided not to become a seaman. I could go on arguing why such kind of thinking is fundamentally flawed, but I’d rather not elaborate it here.

Suffice it to say that it is highly possible to become rich in this country. It can be done. A lot of people are doing it already. You, too can make it here!

Let me show you some of the ways.

1. Be Born Rich

Some guys are lucky to be born to a rich family. There is nothing wrong about this. If this is you, you owe it to yourself and your parents to keep the family wealth, preserve it, and let it grow for the future generations.

2. Marry Rich

Everybody loves shortcut. When it comes to wealth transfer, the marriage certificate is the ultimate shortcut ever devised by mankind.

“If thy marry for money, thy surely will earn it.” –A wise, anonymous lady.

3. Enter Showbiz

A lot of Filipinos could sense it already. That’s why when an audition for a talent search is conducted at some place in the country, people would flock to go there, endure the hardships just to get their ration of riches and fame… even just temporarily.

“The celebrity syndrome. When people forget who they are and start to believe what other people say about them.” –Paulo Coelho, The Winner Stands Alone

4. Become A Boxer

make money

A Wanna Be A Billionaire So Freaking Bad

If you can pull punches like Pacman and you’ve got foot works that could beat any breed of chicken, by all means don’t be shy… come out in the open… box.

Just make sure you know how to get the attention of Bob Arum and insist on fighting in the land of the free, home of the brave. That’s where big bucks are coming from.

But here’s the trick: you have do the boxing there (therefore, earn there) and live here in the Philippines. That’s like becoming an OFW, but you only have to really work hard for 1 month out of 12. And your earning potential? That’s directly proportional to how many elite boxers you can knock on the floor in the early rounds.

Let’s get ready to rumble?

5. Play Lotto

The game of chance is as old as mankind. In the Philippines, there are two kinds of gambling: legal and illegal — talk about double standards. If you should try to make it, you have to know the difference. Lotto tops the list of my recommendations.

6. Fool The People

If it already runs in the family or you’ve got the right connections, this route is either easy or bloody. And those who have taken the journey could tell you how good it is to be in power.

Tell the people that your main vocation in life is to become their servant. Plus, you love the poor, too. But never, ever tell them the ultimate truth: you don’t want to become one of them, or live where they live, or eat what they eat.

You only have two potential enemies here: your own conscience and the other guy who is always planning to kick you from your sit.

7. Own A Business

Seriously, this is the best chance left for most of us Filipinos to make it financially. You can’t be re-born to a rich family; at least not in this lifetime. Marrying a rich guy/gal is really like playing the lottery. Most of us don’t have a remarkable talent we could proudly take outside videoke bar. And we would rather just watch boxing over cable TV than actually be in the ring.

Business… Let’s give it some thought.

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Filed Under: Doing Business, You On Business Tagged With: Get Rich, Make Money, Start-up

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