What can we pass on to our kids? What leaves a lasting effect, statistically? Money? Reputation? Reasoning skills…?

On recent episodes we’ve explored trust funds, affluency, and wealth insulation. So a natural stone for us to look under next: Legacy. What can we leave our kids? And, more importantly, what can we leave our kids that will be worthwhile in the generations to come?

In Part 1 we’ll discuss the money side Legacy. We’ll take a look at national statistics for inherited businesses, trust funds, and the mega-wealthy Scrooge McDucks who leave their kids mountains of cash...and how quickly that gets spent. We’ll also look at family reputation, and look at the psychology of growing up in a successful or popular parent’s shadow.

For historical context we’ll be covering the death of an infamous mob lawyer - Easy Eddie - and how his sacrifice might have paved the way for his son to become one of the greatest military heroes of WWII...and eventually have an airport named after him.

History Links:

https://allthatsinteresting.com/butch-ohare-easy-eddie

https://www.navytimes.com/news/your-navy/2018/12/26/the-incredible-life-and-terrible-death-of-the-navys-first-world-war-ii-ace/

https://www.stlmag.com/The-Butch-OHare-Story/

Science Links:

https://hbr.org/2012/01/avoid-the-traps-that-can-destroy-family-businesses

https://www.newretirement.com/retirement/average-inheritance-how-much-are-retirees-leaving-to-heirs

https://www.marketwatch.com/story/one-in-three-americans-who-get-an-inheritance-blow-it-2015-09-03

https://www.thecut.com/2018/04/what-its-really-like-to-have-a-trust-fund.html

https://www.marketwatch.com/story/heres-why-90-of-rich-people-squander-their-fortunes-2017-04-23

https://www.businessinsider.com/how-parents-influence-kids-popularity-2017-8