New Delhi, Feb. 13 -- Investor and financial education advocate Robert Kiyosaki, best known for his personal finance book Rich Dad Poor Dad, often shares advice on social media. In LiveMint's Quote of the Day, we highlight his warning about how family fortunes are often destroyed by the third generation.

"First Gen builds the fortune. Second Gen enjoys the fortune. Third Gen loses the family fortune."

The quote means that the first generation typically builds wealth from scratch through hard work, sacrifice, and financial discipline. They understand the scarcity and value of money because they have experienced struggle.

The second generation, raised in relative comfort, often lacks the urgency and hunger, and risk appetite of their par...