Stephen Lewis

speaker

38 appearances 1 recordings 1 series first heard Nov 2018 last heard Nov 2018

Stephen Lewis’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Inheritance: The Mistake of Not Passing Down Knowledge · 26 Nov 2018 podcast

and not always being in the position of having to go to the generation above them to get answers.

Research has shown that one of the number one indicators

of success in the future is the ability for our next generation, our heirs, to be able to delay gratification.

A lot of this research came out in the 1960s with the marshmallow test that Stanford became so famous for.

The marshmallow experiment was an experiment in the 1960s where they would put a marshmallow or a cookie or something in front of about a five-year-old child, and they would say, if you don't eat the marshmallow by the time I come back in about five minutes, I'll bring you a second marshmallow.

And what they did was they observed them not only that day on whether or not they would eat or not eat the marshmallow, they followed them for years and years into their lives.

And they were able to determine that those children that were able to delay gratification, not eat the marshmallow, in their future lives had better SAT scores, better life coping skills, better body mass indexes, and overall more success in life.

How dare they say that they're not good for us?

It's all a matter of how you eat the marshmallow that makes the difference.

So the compounding effect is the ability to have money last generation after generation when there's more resources asking for the use of that money.

So think about how the next generation after getting married and having kids tends to be a larger generation than the one before.

And then the one after that, even larger.

So often families will start breaking money up into small buckets so that each individual person can do what they would like to do with that money.

And when they do that small bucket breakup, they lose the efficiencies of scale of the larger investment pool.

The families that have been the most successful over time, when you look at the

The DuPonts, the Pritzkers, some of the most famous families in history, they have run their family money as a business and they run it with governance and they run it with a board of advisors and they keep the money together as much as possible so that they get the investment opportunities.

They get the efficiencies of scale and they get better fee structures and overall better result for generations to come.

Thanks, JR.

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