Rich kids have the best life compared to all of us. But the main problem is that they are often ill-informed on how to handle their inheritance money. That alone, is the main reason why they are likely to squander away their parents' hard-earned money, according to experts.

The Williams Group wealth consultancy say that 70% of extremely affluent families will lose their wealth by the second generation.


90% will lose it by their third generation.


The reason for it is that most of them have no clue of the value of money, or even how to handle it.


By generation 3, all is doomed.


It also takes the average recipient of an inheritance 19 days until they buy a new car.


So if they're not taught or trained on how to spend their money and grow it, they'll most likely be like the 99% once more by the 3rd generation.