Wisdom That Outlasts Wealth: Lessons From the Previous Generation

I keep this picture close—a small keepsake on a bracelet that I wear everyday. It’s a snapshot of two people I love: my grandpa and my son, Brecken. When I look at it, I don’t just see a moment in time; I see generations of wisdom being passed down. My grandpa lived to be 15 days short of 92 years old. And, in those 31 years I knew him, he never stopped learning.

He was a man of habit, a man of curiosity, and most of all, a man who understood the value of things that money could never buy. He hated using his cell phone but was also intrigued by it. He had no desire to chase the latest trends, yet he had an endless appetite for understanding how the world worked. And through it all, he remained rooted in timeless principles—principles that shaped my life… And now, the lives of my children.

If there was one thing my grandpa never let go of, it was his typewriter. Long after computers were in every home and smartphones were in every pocket, he would sit down at his old typewriter to write checks, make lists, or put his thoughts onto paper. To him, it wasn’t about efficiency—it was about intention. He wasn’t opposed to new technology, but he saw no reason to change something that worked. He believed in doing things with purpose, in valuing the ‘why’ behind every action. I didn’t fully appreciate it at the time, but that typewriter was more than just a machine. It was a symbol of a mindset—the idea that not everything old needs to be replaced, that wisdom outlasts trends, and that consistency is often more powerful than novelty.

In a world that constantly tells us to chase the next best thing, my grandpa had the rare ability to pause and ask: Do I really need this?

One of the most valuable lessons my grandpa taught me had nothing to do with money—at least, not in the way most people think about it. We rarely spent money on entertainment. Instead, he had a knack for finding adventure in the things that cost nothing at all.

We’d go for long walks through the woods, rent books for free from the library, or sit on a park bench watching the world go by. He had a simple way of showing me that life’s greatest joys are rarely tied to a price tag. This principle has stuck with me more than I ever realized as a kid.

Today, I see so many people putting off experiences, telling themselves, “We can’t afford that right now.” But the truth is, the best things in life—the moments that stay with you—usually don’t have an admission fee.

Grandpa understood this deeply. He didn’t just teach me about financial responsibility; he taught me how to live richly without needing to be rich…

And ironically, that kind of mindset is what ultimately builds lasting wealth—not just in dollars, but in fulfillment.

When I started my real estate journey, I was just 21 years old. Like most people at that age, I didn’t have the capital to buy my first investment property. But my grandpa had been paying attention. In fact, he was the one who first introduced me to the idea.

As he read the morning newspaper one day, he saw an ad for a local class on real estate investing. In his old-school way, he put his camera phone to the side, grabbed some scissors from the drawer, clipped it out, slapped a stamp on an envelope, and mailed it to me.

Him, my dad, and I went to that real estate class together, in a small hotel conference room in Alsip, Illinois. We sat and listened to the success stories, and when I decided I wanted to go for it, he was right there with me.

He was excited to be a part of it, but when it came time to invest, he did something that has stuck with me ever since. Originally, the plan was for him to fund the deal while my dad and I did the work. When the house later sold, we would split the profits.

But before signing on, he asked one simple question: “What if we lose money?” My dad and I looked at him and said, “Well, then we will be splitting losses.”

Without hesitation, he said, “How about we just do a loan with a set interest rate?”

It was a moment of pure wisdom. Everyone loves the idea of getting rich, but few are willing to take less in order to avoid unnecessary risk.

My grandpa understood himself well enough to know that at that stage of life, he didn’t need to take on the stress of uncertainty. And that’s why he had the financial stability to invest in the first place—because he never let the hype of riches cloud the wisdom he had built over decades.

As a kid, I spent my summers living with my grandpa. No matter what he had planned for the day, I was with him. He didn’t go out of his way to manufacture “life lessons”—he just lived according to his principles and brought me along for the ride. Now, as a father, I find myself doing the same.

Whether it’s a business meeting, a trip to the bank, or checking in on an investment property, I try to make sure one of my kids is with me. Recently, while we were out running errands, Brecken asked if we could stop at Culvers. My response was a simple, “sorry buddy, not today.”

He looked at me, his curiosity spinning and asked, “If you own entire apartment complexes, why can’t we afford Culvers?”

I smiled at his brutally honest question and said, “It’s not that we can’t afford it—it just isn’t a good use of our money.”

That moment stuck with me. Most people go through life believing that if they can afford something, they should buy it. But that’s not how wealth is built.

The true question isn’t Can I buy this?—it’s Should I?

Does this align with what really matters? Does this decision serve a greater purpose, or is it just a momentary impulse?

I realized that day that the biggest financial lessons aren’t taught in big speeches or complicated investment strategies. They happen in the small, everyday decisions—the ones that shape how we think about money, value, and purpose.

My grandpa lived that way, and without even realizing it, he passed that wisdom down to me. And now, with every little moment like that with my kids, I see the chance to do the same. Because true financial freedom isn’t about being able to afford more. It’s about knowing when the value outweighs the cost.

There’s a statistic that has always stuck with me: most family wealth is gone by the third generation.

It made me wonder—if the money is usually gone by then, how much of the wisdom is lost too?

Because here’s the thing: money itself isn’t the true legacy. It’s the principles behind it—the discipline, the patience, the understanding of how to use it as a tool rather than a goal. My grandpa wasn’t loaded, but he also never struggled for money…

Because he understood how to put it to work. The Grand Vision Family Office was built on this idea. It’s not just about preserving wealth—it’s about preserving the mindset that allows it to grow in the first place.

When I look at this picture of my grandpa and Brecken, I realize that decades ago, that was me sitting in a chair next to him.

I didn’t know it back then, but those lessons would one day shape the life I have now.

And now, I think about Brecken. I hope that when he looks back on his childhood, he remembers more than just the moments. I hope he remembers the lessons.

I hope he never loses his curiosity—that relentless pursuit of understanding. I hope he grows with the confidence to be his unique self, to stand against the crowd when his principles demand it.

But more than anything, I hope he looks back and knows, without a doubt, that I was intentional as a father. That I lived my life in a way that reflected my values. That I taught him hard lessons, even when it was uncomfortable.

That I didn’t put in the hard work so I could leave him a bucket of money one day, but rather a strong foundation built on the wisdom of the generations before him… So that he could go further than I ever could.

That’s what legacy really is. Because when wealth fades, when the trends come and go, wisdom remains. And that’s the kind of inheritance that never runs out.

-Mike Neubauer
P.S. If you’d like to learn more about me, and
why I take the time to write these articles,
I shared a bit more on this page:
GrandVision.co/why-i-write

*Because common sense isn't always 'common', here is the legal disclosure:
This article is for informational purposes only and does not constitute financial, investment, tax, or legal advice. Grand Vision Companies ands it affiliated entities do not guarantee the accuracy or completeness of the information provided. All investments involve risk, including potential loss of principal. Readers should conduct their own research and consult with a professional advisor before making any financial decisions. I am not an attorney, CPA, or financial advisor.