It see it like cost efficiency. To get the most out of every dollar. If a purchase can truly make me happy, or supply me with good memories, then I factor the value received into the cost paid. I think the mistake most people make is to use credit cards to buy stuff they don't need, or stuff which doesn't last, or stuff to impress other people but which doesn't make them happy or help them improve themselves (and with that grow their wealth). It's a challenge to be efficient but it's also one of the important ways to not just grow wealth early on but to maintain it for the long term (really long term, as in multiple lifetimes).
If we think in the context of not just our lifetime, but five lifetimes forward, then how much wealth do we really pass down? Some of it could be in good genes we have if we win the genetic lottery. Some of it could be in knowledge we pass down if we've had the sort of life to make us wise. Some of it could be stuff like homes, real estate, stocks, or crypto. The point is that during our lifetime if we achieve multi-generational wealth, in any form, then the biggest challenge becomes how to maintain it indefinitely.
We cannot take any wealth with us so by being efficient with how we spend we can have more to pass on because wealth will have more time to grow. A lot of what I'm saying is theoretical and based on research I've done from learning about some of the wealthiest families in history. These families with multi-generational wealth don't waste money on flashy crap but are serious about the topics of inheritance, marriage, wealth preservation.
Interesting, I've never looked at it from that perspective. I do agree though, buying things that have intrinsic value can be a big part of cost efficiency.
When it comes to passing down wealth, I also never looked at that in detail. I imagine income generating assets that have very long lifespans are the best bet for this, but what exactly are those assets? I keep thinking if property.
That's interesting that you have researched some Of The wealthiest families in history. I didn't know that this was their method.. I think that I will try and adopt it to certain aspects of life! At the moment I have three income streams and I am really trying to add Steemit as a fourth at the moment. I personally don't have any income generating assets that provide a lot of income, although I do have a few generating small incomes that have the potential to grow. You have really sparked my interest. Thanks!