The Family Vault: How To Create Generational Wealth & Keep It
The secrets to generational wealth as a 1st generation wealthy business owner
I’ve been obsessed with the idea of generational wealth for a long time. The idea of creating a legacy that outlives you and empowers future generations to do good in the world is a fascinating topic, particularly when it is incredibly hard to execute in reality.
Generational wealth is often managed poorly. With most squandering it by the second generation, there are systemic issues with how wealth is passed from generation to generation.
The issue starts with the idea that significant wealth must be earned to be retained. Wealth is a byproduct of value, and unless you understand how to create and maintain value in the world, your ability to retain wealth is very difficult.
Particularly as a first-generation wealthy person, you’ve developed a deep respect for wealth. You’ve worked bloody hard for it, you appreciate where you’ve come from and you never want to be back in that position again.
Your future generations will never experience that as you’ll never replicate that hunger and fire in your belly.
This is the crux of where people go astray.
To be successful in generational wealth transfer, you need to pass an operating system, values and rules that ensure that your heirs prove their ability to successfully manage your wealth before they receive it.
This operating system contains your experiences, lessons, frameworks and processes you’ve developed to get you where you are. It aims to distil everything you’ve done to create wealth and hand it over as part of your legacy.
The fundamental principle is that we provide the next generation with as much so they can do anything, but not so much as they choose to do nothing.
I’ve been working on a book project for the last few years on this very topic.
The book is built off this signature system we created
The book will be released over the next couple of months. Let me know if you’re interested in learning more about the project.