How to be an Heiress: Habits to Stay Wealthy and Wise

“Prepare to become an heiress,” Nora Ephron once said.

How can you not be a bit envious of that kind of privilege?

Heiresses are different from the likes of you and me. Most of us can only hope to inherit our mothers’ collection of tea-cozies. What’s it like to inherit millions? Or even billions? Excusing the trauma and the target on your back, of course.

As the saying goes, the first generation builds. The second generation maintains. And the third generation loses it all. So surely, most heiresses aren’t partying up like Paris Hilton and splashing across the cover of People’s gossip rag.

But what sets them apart from … lottery winners?

Simple: they understand the complexities of wealth stewardship.

Even if Hollywood and media might have tarnished that image of heirs and heiresses the past several decades (or did they?), they are often what many aspire to regarding wealth. (Old money vs New money – which one would you prefer?)

An heiress’ habits and lifestyle choices provide a unique glimpse into the behaviours that contribute to sustaining and growing personal fortunes.

And we can all learn from that if we want to grow our own fortunes. Lack of family legacy or not – its starts with us.

Heiresses stand at the intersection of legacy and strategic foresight, where inherited wealth meets prudent management.

This allows heirs to capitalize on opportunities within and beyond their afforded privileges.

While they didn’t earn their wealth, they’re responsible for growing and sustaining it.

Lest, their family legacy crumbles to shame and dust. No pressure. Here’s what you can learn from Heirs and Heiresses to make your legacy – and wealth – last.

(In other words, be a Rothschild and not a Vanderbilt.)

Key Takeaways

Adopting disciplined financial and investment strategies is essential for wealth growth and sustainability.
Heiresses often integrate ethical considerations and socio-economic impacts in their wealth management.
Balancing personal development with privacy and security is a critical aspect of the heiress lifestyle.

Profile of an Heiress

An heiress is a woman who is legally entitled to inherit significant wealth, property, or titles, typically through inheritance. An heiress typically embodies a unique blend of privilege and responsibility, often inheriting not only wealth but the duty to preserve and enhance a family’s legacy.

How They Manage Wealth and Legacy

Financial Management

Heiresses romanticize financial literacy and strategies – but never make money the master. Where she lacks the knowledge, she’s humble enough to seek advice from good counsel.

Investments. Good money management doesn’t just think about wealth in years – they think about generations. It’s not about jobs, but about buying the best investments that will make you more money. The ones that prioritizes long-term growth and income generation.
Asset Diversification. In other words, never have all their eggs in one basket. Diversifying investments across different industries and asset types can mitigate risk. If there ever is a decline in one sector – which will undoubtedly happen – the damage is minimized. So never have everything in real estate. Buy some stocks and bonds, too.
Risk Management. You might not be able to predict the next Enron, but you can protect yourself from it. They take calculated and informed risk – otherwise it’s just gambling. Betting the house on what your astrologist said is beyond foolish.

Socio-Economic Impact

The spotlight and attention are on them – an awesome leverage! If one has that much influence, it can set the precedent for social norms, trends, and change on a wider scale.

Philanthropy. Most heiresses have historically played pivotal roles in philanthropic endeavours. It’s not just a commitment to various causes, but shows how they redistribute wealth and provide resources to underfunded sectors. (An example of such commitment can be found in education and healthcare initiatives bolstered by high-SES individuals.)
Social Responsibilities. They are commonly involved in movements aimed at improving social equity and fostering sustainable practices. Leading by example, their participation inspires efforts from every income bracket to help your fellow man.

Professional Development

Education and Learning. Gossip Girl, much? Heiresses tend to have access to premier educational resources, grooming them for roles in society and business. Not to mention rubbing shoulders with other heirs. They often attend prestigious institutions, sometimes following family tradition. Even if there’s a lack of prestige, continuous learning, from formal education to specialized skills, equips everyone to manage their money effectively and make informed decisions.
Networking and Relationships. Broadening relationships in every sphere and industry is an adventure in itself. It stems from an intellectual curiosity, connecting one another. Through events, one is exposed to a wider range of people and relationships that is otherwise not possible in the everyday bubble. Forging alliances is both personally fulfilling and professionally advantageous.
Public Appearance. A carefully curated appearance not only is elegant and approachable – but good manners and respect. You’d never go to a wedding in crocs and sweats, would you? Maintaining a positive public image isn’t so much work, but rather they embody the life they live.

Wealth Preservation

Your rich uncle bequeaths his entire fortune to you. Are you just going to blow it all on a one month extravagant vacation? Or are you going to be strategic to make sure this new wealth lasts forever?

Estate Planning. It’s uncomfortable to talk about because it deals with the uncomfortable truth: death comes for us all. So how much is the government going to take from you and your family? Dealing with irrevocable trusts, wills, and powers of attorney, protect your family assets now. So when the unexpected undoubtedly happens, you won’t have to deal with surprises or a large amount of legal hurdles and taxes.
Succession Planning. If you’ve seen Game of Thrones, you’ll know what happens to noble houses when in the wrong hands. Who will succeed in the leadership roles to ensure operational continuity? Just because an heiress is entitled to the role, it doesn’t mean she is prepared for it. Which mentorship and training programs are necessary and how long is the gradual transfer of responsibilities appropriate? When you’re in a leadership role, you’re responsible for the whole ship and everyone in it.

And yet…

Even with the best accountants, everyone starts off as a beginner with a simple budget sheet like this…

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Personal Development

The number one predictor of economic success is not IQ, but emotional intelligence. Anyone can be smart, but heiresses come with their own unique difficulties. If you can’t heal or get in control of what’s going on in your heart and spirit, what’s inside your head will matter not.

Self-Improvement. This is not limited to just formal education or expanding their resume. They set clear goals for themselves personally, even if it won’t be recognized. Evidenced by experts recommending a diverse range of literature to expand one’s knowledge.
Health and Wellness. A balanced diet and regular exercise is not “vain” but a non-negotiable. Mental health is given equal importance, practices such as meditation, journal, or yoga aids in stress management. Just as making decisions when angry leads to a bad outcome, cultivating healthy habits that significantly improve wellbeing leads to a better life overall.

You might be pondering

…why bother? You’re not inheriting an empire.

That’s not the point!

An empire certainly starts with you. Being an heiress is more than a title or aspiration. It is a mindset of the wealthy and responsible.

The journey to be financially literate isn’t reserved for the wealthy. It’s a mindset available to anyone willing to cultivate discipline, foresight, and a deep sense of responsibility towards their assets.

Rather than thinking we are different than the heiresses of today, draw inspiration from those who have mastered the art of wealth stewardship.

Remember, true wealth isn’t measured by the assets in your portfolio but by the impact of your legacy. Thinking like an heiress can guide your path, where ever you may be starting off.

So be it the collection of mama’s tea-cozies, that distant rich uncle, the lottery, or you building the next Amazon – you’d honor your ambitions and the generations that follow. What could be better than that?

How to be an Heiress: 12 Habits To Stay Wealthy and Wise

Key Takeaways

Profile of an Heiress