Warren Buffett has become a household name due to his massive success in the investing world. What makes him unique is that his story, and the investments he makes, are not particularly compelling. He does not take big swings at risky investing plays. Instead, he looks for high-quality companies that are fairly valued and invests heavily.
In 60% of cases where a family’s fortune is blown, it’s usually exhausted in one generation by the children of the person who created the wealth, according to Roy Williams, president of wealth consultancy The Williams Group. In 90% of the cases where a fortune is blown, it’s gone by the second generation, by the time the grandchildren die.