I always ask myself does "Generational wealth" considered financial success?
An individual doesn’t have a choice in having "Generational wealth" but he/she can have a choice in "Self-made wealth" and I think "self- made wealth" is a better option for building character. Because if you have the character of a wealthy individual, you can’t go wrong and you will always have money in your pocket. I think most people who have self-made wealth started small and with their intelligence and risks made they build their wealth.
If people want to keep the generational wealth in the family, they must educate their offspring on how to handle money. This will ensure them have the money for a really long time. But, I think "Self-made money" is more reliable than the "Generational money" because the individual has worked hard to get that money and he/she doesn’t let that money to slip away so easily. This is rewarding for the individual because he/she was actively involved in the process of making this money and he/she knows how hard it is to make it and how hard it is to contain it and keep it safe.
Some may be blessed with both of these. Those are lucky and smart and have great parents. Because I believe, we learn how to handle money from our parents and if they are lazy or incapable, it will affect us. On the other hand, when we have smart parents, we can be confident in the methods we use to contain that money and then again make our own money. It all comes down on how we are educated in this regard. It is surely challenging but it is achievable.
I think life is easier for those who have "Generational wealth" they can get help from experts on how to handle the money when they don’t have the knowledge. It is easy for them to pursue their passions because there is no financial pressure. And I think parents don’t want their hard earned money to be blown away or wasted, they want to pass it onto their children so they live a better more comfortable life. So that they would not need for money.
Overall, who to consider wealthy and successful is a touchy subject. One that requires careful examination because it is dynamic. And, wealth in any kind is a true blessing whether it is generational wealth or self-made wealth.