If you desire inter-generational wealth, you’ll need to know what is in this book.
I’m pretty sure I’m breaking all known copyright laws but this is very good stuff. It’s a list of 10 things that you need to be aware of as it relates to passing wealth on to your children in a way that empowers them to be producers. As opposed to entitled brats! (my words) You can click on the image so you can read the writing.
By the way this is from a book I posted about last week called The Millionaire Next Door.
I read this section this morning. When I read the question “what is risk?” I answered it for myself before I kept reading. Interestingly enough my definition was completely unrelated to the authors answer (I was thinking about investment risk) but THIS was the biggest thing I learned in our first year of our Advocare distriuborship.
What is your definition of risk? And are you using your gifts to mitigate that risk?
This is from the book I mentioned here.
EOC is defined in the last full sentence of the page. This resonates with me because my parents give my siblings and I nothing. No money, no gifts beyond wedding presents and other normal things. Is that good or not good? I don’t really know except that at age 45 I am grateful for the things that they did give us. A sense of belief in ourselves, counsel when we have questions, love and 25 billion other intangibles.
But money? Never. The reason: they didn’t have any. I’m sure it kills them that couldn’t provide us with more or better things but in our conversations today they are very pleased by how all of us turned out. In my experience this concept of EOC makes a person weak. In 100% of the people who I know that get EOC there is a lack of development – there’s no internally generated PUSH to make something happen. EOC retards potential in an otherwise highly gifted person.
Iin the last 10 years I have seen EOC recipients make a choice that they want independence and they have achieved incredible results. In the end it’s a choice we all have to make, be dependent or independent. Regardless of the choice we make, we have to make the right moves so that we don’t have unintended consequences on our kids.
2 questions that I would love to read comments on:
– Are you on EOC?
– Are your adult children on EOC?
By the way this is from a book I posted about last week.
I’ve been getting into some recent discussions about money. Not necessarily making money but how to preserve, invest and grow what you already have. I’m very tight lipped about this subject b/c it’s highly non-duplicatible AND somewhat scary.
@Kimberly Buttar and I don’t have a savings account, IRA’s, 401K’s, SEP IRA’s or any kind of money manager. We also don’t believe in the tooth fairy, santa claus, US Monetary Policy or the that the governments will / wants to take care of us.
We follow guides like Robert Kiyosaki and David Novac, movies like Inside Job and utilize “non-traditional” methods of growing what we make. Some of these “non-traditional” methods are:
- Taking 100% personal responsibility for our results – wins & losses.
- Investing in our own financial education like Elevation Group, Wealthwise Education and Robert Kiyosaki’s projects.
If you believe that you will have more money at any point in your life, the next question will become (if it hasn’t already) how do I keep more of what I make? How can I pass on what I make? By far the most helpful resource has been Elevation Group b/c of the how to’s.