We have all heard and seen the effects of generational wealth. We talk about the families that have it with both reverence and envy. We talk about trust—fund babies with jealousy. We look at them and say “They didn’t earn the money it was given to them.” In a recent conversation, I had with a wealth-building expert and Guru, Jasper Smith. We talked about the habits that lend to generational wealth and generational poverty. These habits teach our children to have a backup plan so they can succeed on their own terms, and not have to struggle with a paycheck-to-paycheck life. Imagine being able to send your children to university without huge loans or finding a second mortgage. You can send your children to school for the best of education, and when our children get married they can have help to pay for a home and all that goes with it. We see what the wealthy do for their children, but we believe it is out of our reach. Jasper wants to change our habits as families. He has methods to teach the habits so that we have wealth to back us up so we can reach our goals. We can start accounts for our children or grandchildren to build wealth for our future generations’ habits that we can master and teach to our to all our generations. When we look at the wealthy families we think that they have of one of their ancestors was lucky and invented something that caused a bunch of money to happen. For example, the Kellogg’s who have generations of trust funds and a breakfast food Empire during the Great Depression of the 1920s as a family they stuck together and began to build.
Yes, cornflakes were part of that building block and wealth. When a child is born, this is what we do and list accounts are open when a child enters school another set of accounts are opened at every milestone towards adulthood, a set of accounts and parameters are handed down to ensure success and to limit financial struggle.
Families with generational poverty have habits and language that always have habits in language that don’t always support and build up to success. Some habits will ensure that your children will live the same lives as their parents. Sometimes practices build character and some practice and to family struggles. Jasper wants to teach habits that build and end generations of poverty and create wealth.
Listen to our Conversation Here
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