WEBVTT
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[SPEAKER_00]: Hello and welcome to the Shai Perspective Podcast.
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[SPEAKER_00]: I am your host, Shai Parks.
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[SPEAKER_00]: Here on the Shai Perspective Podcast, we create space for real conversation centered around community, relationships, family, personal growth and life in general.
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[SPEAKER_00]: This podcast is all about honesty, understanding, encouragement and sharing perspectives that connect us all through everyday life experiences.
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[SPEAKER_00]: Today's conversation is one that applies to us all.
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[SPEAKER_00]: Today we will look at generational wealth.
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[SPEAKER_00]: Have you secured your future?
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[SPEAKER_00]: Have you secured the future of your children?
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[SPEAKER_00]: Do you own anything?
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[SPEAKER_00]: Do you have anything to leave to your children, your airs or your family?
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[SPEAKER_00]: Generational wealth refers to financial assets, such as property, knowledge passed down from one family generation to the mix.
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[SPEAKER_00]: It acts as a financial cushion allowing airs to start adulthood,
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[SPEAKER_00]: with security.
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[SPEAKER_00]: Rather than starting from scratch.
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[SPEAKER_00]: Common vehicles includes real estate, family businesses, stocks, bonds,
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[SPEAKER_00]: In the African-American community, I would say we are doing a better job at until I did my research.
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[SPEAKER_00]: But I can tell you how we are doing a better job at generating generational wealth.
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[SPEAKER_00]: This topic that it was, it is important to me now because I know exactly what generation of wealth means.
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[SPEAKER_00]: That was a time when I really didn't know what it was, but you know, just like I always have seen on this podcast as you grow older, you become wiser and you learn.
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[SPEAKER_00]: African-American generation of wealth currently reflects significant persistent disparity.
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[SPEAKER_00]: That's what my research said online.
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[SPEAKER_00]: It said the average African-American household has a approximate income of 44,100,000.
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[SPEAKER_00]: compared to other races, which the majority of those races have 284,310 dollars a month coming in.
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[SPEAKER_00]: Home ownership now is the disparity in the African American community.
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[SPEAKER_00]: Home equity is the primary driver for generational wealth.
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[SPEAKER_00]: Only 43% of black Americans own their own homes.
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[SPEAKER_00]: compared to segment 3% of other races, making the black household wealth highly concentrated and more fragile during market fluctuations because only for what if 3% of us own houses?
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[SPEAKER_00]: Liquid assets and debt.
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[SPEAKER_00]: The median household, African American household,
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[SPEAKER_00]: have student loan debt, which are large debt.
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[SPEAKER_00]: That's mean if you have two educated individuals with children to educate it after Americans, with children, they have approximately 26,000 dollars owed in student loan debt.
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[SPEAKER_00]: Okay, that's a substantial amount of debt.
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[SPEAKER_00]: Okay, first generation wealth, many affluent black American families and first generation wealth creators emphasize the critical need for structure to state and financial plan to transfer assets effectively.
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[SPEAKER_00]: Okay.
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[SPEAKER_00]: So let's look here, how to be a financial wealth.
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[SPEAKER_00]: Okay, shy, how do you, how am I gonna be a financial wealth?
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[SPEAKER_00]: If you have a start, be a linear financial wealth.
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[SPEAKER_00]: First about accumulation, frugal spending, that's something that we do not like.
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[SPEAKER_00]: We like to buy nice, the majority of us like to buy expensive nice things.
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[SPEAKER_00]: That pretty much we don't need, but feeling frugally is just basic buying what you need and nothing else.
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[SPEAKER_00]: That's how you accumulate wealth.
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[SPEAKER_00]: Also, maximize your income.
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[SPEAKER_00]: Okay, let's say taking on a second job doing some contract work.
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[SPEAKER_00]: I'm working your full-time job and eating maybe going to McDonald's and even generate more income, aggressively paying down debt.
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[SPEAKER_00]: You have to pay down debt and become debt free.
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[SPEAKER_00]: So you can free up your capital and start investing, okay?
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[SPEAKER_00]: Asset accusations that mean reinvesting your money.
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[SPEAKER_00]: reinvesting your mind to be a wealth um real estate growing businesses you know reinvesting your money you know let's say if you got a free in
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[SPEAKER_00]: who has started the business.
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[SPEAKER_00]: You may want to be a silent partner in that business.
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[SPEAKER_00]: You may say, well, I work with you, give me like 5% and you make it a return on it.
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[SPEAKER_00]: You know, if you see one of your friends got a business, you want to invest in them, go ahead and do it.
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[SPEAKER_00]: That's a great thing.
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[SPEAKER_00]: Okay, I think about in this, I think about Oprah Winfrey.
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[SPEAKER_00]: There's a lot of wealth of people.
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[SPEAKER_00]: And a lot of times you look at people's wealth, they invest their money into real estate.
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[SPEAKER_00]: Oprah has houses everywhere.
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[SPEAKER_00]: From doing my research, she's a good example, but there are a lot of other people that I know who have real estate.
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[SPEAKER_00]: um they invest their money in real estate, this how you make your money is by by home, selling them, making your money.
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[SPEAKER_00]: Preservation shifting towards protecting asses, establishing ERACs, creating wheels, creating trust, and minimizing your tax exposure.
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[SPEAKER_00]: Okay, financial assets, again, those are the trust, those are life insurance policies.
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[SPEAKER_00]: In most African-American families, we do a lot of life insurance.
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[SPEAKER_00]: That's what happened in the past, but now people are acquiring real estate, they're saving their money, more estate planning, we're learning.
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[SPEAKER_00]: So life insurance, policies, investment portfolios and you know just compounding growth and benefiting from it.
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[SPEAKER_00]: estate planning, estate planning is critical.
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[SPEAKER_00]: I tell you anybody, if you don't have an estate planner, if you don't have someone who has worked with you and knows about financially, what it's going to take for your longevity of your life is where is leaving generational wealth.
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[SPEAKER_00]: because you need to make sure first of all that you're going to be secured through retirement.
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[SPEAKER_00]: You may leave to be a hundred or something.
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[SPEAKER_00]: And I mean, your generation of wealth will come after that, um, financial education, passing down money without teaching airs how to manage it.
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[SPEAKER_00]: I often leads to wealth depletion, okay?
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[SPEAKER_00]: We're gonna get more into that.
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[SPEAKER_00]: Education is important when you look in that generation of wealth.
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[SPEAKER_00]: Because guess what?
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[SPEAKER_00]: You leave it to your generation and they don't know how to manage that money.
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[SPEAKER_00]: Don't know how they invest it.
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[SPEAKER_00]: They don't know how to do nothing with it.
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[SPEAKER_00]: You leave it to them.
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[SPEAKER_00]: You might just go ahead on and drop it in there because they don't know how to manage it.
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[SPEAKER_00]: So this is my next question.
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[SPEAKER_00]: Why does generational wealth disappear?
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[SPEAKER_00]: Okay?
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[SPEAKER_00]: Once you leave it to them, what happens?
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[SPEAKER_00]: Okay, the first generation, okay?
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[SPEAKER_00]: We think about first generation.
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[SPEAKER_00]: That's the built-in.
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[SPEAKER_00]: That's the person that went down, all the way down in the ground, and built an empire from scratch.
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[SPEAKER_00]: That's the first generation, the builder.
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[SPEAKER_00]: They put everything they had into it.
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[SPEAKER_00]: They put everything they had into it.
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[SPEAKER_00]: I think about my grandfather, my great grandfather,
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[SPEAKER_00]: He scrubbed and put everything he had into working, into farming.
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[SPEAKER_00]: Those are the people that worked hard to gather up, laying in everything back in the days on first generation.
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[SPEAKER_00]: Second generation is the maintainer.
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[SPEAKER_00]: Okay, inherits the wealth.
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[SPEAKER_00]: Okay, the maintainer inherits the wealth.
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[SPEAKER_00]: And basically, they just maintain it.
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[SPEAKER_00]: They pretty much, you know, just don't try to struggle to gain more.
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[SPEAKER_00]: They just kind of maintain it and just let it float.
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[SPEAKER_00]: In this, the maintainer is the one who is supposed to be teaching.
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[SPEAKER_00]: the next generation.
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[SPEAKER_00]: They're supposed to be teaching the third generation.
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[SPEAKER_00]: But a lot of them just maintain it and don't educate them.
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[SPEAKER_00]: So therefore, the third generation is the spender, okay?
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[SPEAKER_00]: The spender never experienced financial hardship.
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[SPEAKER_00]: often feeling entitled or lacking financial discipline, they have no discipline in the splendor.
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[SPEAKER_00]: They slowly erode the remaining possible through lavish spending and poor investments.
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[SPEAKER_00]: That's what the third generation splendor does.
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[SPEAKER_00]: Okay, 70% of wealth of families lose their wealth.
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[SPEAKER_00]: It has been in the statistics that I studied to prepare as far as it is.
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[SPEAKER_00]: It says 70% of wealth of families lose their wealth in the second generation.
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[SPEAKER_00]: That means the maintainer.
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[SPEAKER_00]: lose 70 percent.
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[SPEAKER_00]: Okay, 90 percent of families lose that generation of wealth in the third generation.
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[SPEAKER_00]: That's the spender.
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[SPEAKER_00]: So they only have 10 percent left.
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[SPEAKER_00]: 90 percent of the whole thing is gone of the empire.
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[SPEAKER_00]: Okay, in America, in all races, we have to learn how to save money and live frugally.
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[SPEAKER_00]: Just you only need what you need.
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[SPEAKER_00]: You don't have to live all these.
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[SPEAKER_00]: I'm not saying don't buy like some things that you want.
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[SPEAKER_00]: I can give you an example, just like me.
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[SPEAKER_00]: I always wanted a Louis Vuitton M. M.
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[SPEAKER_00]: I always had one of the ever since I was in high school.
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[SPEAKER_00]: I wanted a loose for ton in M. M. Okay, I saved my money.
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[SPEAKER_00]: I saved, saved, saved, saved, saved, saved.
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[SPEAKER_00]: Okay, that's something that was nothing that I needed but that was something that I wanted.
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[SPEAKER_00]: So I worked hard, I worked hard, and I saved my money, and I finally went and purchased it.
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[SPEAKER_00]: And it was two years ago.
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[SPEAKER_00]: And even when I got to the store, I had a real nice consultant that worked with me.
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[SPEAKER_00]: I was asking my sister before I purchased it.
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[SPEAKER_00]: I said, do I really, really, really need this purse?
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[SPEAKER_00]: Um, but it was something I had saved for.
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[SPEAKER_00]: So I bought it.
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[SPEAKER_00]: I think that is a good way of spending because I waited and I saved for it and I said aside for it.
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[SPEAKER_00]: That's what we don't want.
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[SPEAKER_00]: We want to purchase it then.
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[SPEAKER_00]: That's how we get in credit card debt.
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[SPEAKER_00]: That's how we are not able to invest our money because we just what we see we want to now.
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[SPEAKER_00]: I want the EMM, I want it now, I don't want to wait, but I waited and I bought it when I wanted it.
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[SPEAKER_00]: When I had enough money to get it, I bought it.
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[SPEAKER_00]: So, if you say $5 a week, let's say, if you say $19, you say $2 a day.
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[SPEAKER_00]: Seven days, that's $14 a week.
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[SPEAKER_00]: If you start putting $14 back every week, I don't care if you put it on a jar, in your house, or outside you dig your hole and put it in you.
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[SPEAKER_00]: You, if you start saving two hours a day by the end of the year, let's say if you start in January or in a decent, there will be a lot of money just saving two hours a day.
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[SPEAKER_00]: All $5 a week, if you can do $5 a week, that just thing from January to December, that will save you a lot of money, put it up where you will not touch it.
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[SPEAKER_00]: You said, okay, this is my two hours a day or this is my $5 a week, I'm not going to touch it.
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[SPEAKER_00]: Just let it go.
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[SPEAKER_00]: You have to start somewhere.
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[SPEAKER_00]: It doesn't matter when.
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[SPEAKER_00]: And it does not matter what age.
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[SPEAKER_00]: It does not matter what age.
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[SPEAKER_00]: I said the best baby shower gift to give in a baby is a peaking bank.
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[SPEAKER_00]: I love giving those.
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[SPEAKER_00]: Those are great gifts.
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[SPEAKER_00]: It's never, when that baby is small, if you start putting five, 10, 10, 10, 25, sitting there, that baby by time and getting five, that bank probably fooled up, they can take it to the bank and you can teach them how to start gaining their wealth, how to start saving money.
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[SPEAKER_00]: that's what we have to do to make generations better.
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[SPEAKER_00]: We have to teach them how to save money.
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[SPEAKER_00]: Also, so what to do now?
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[SPEAKER_00]: If you want to leave generational wealth for your kids, your
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[SPEAKER_00]: you got a start and what you need to do is start with the smallest credit card and a mile up and start with the small one and go on up and just start knocking them out.
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[SPEAKER_00]: My mom, what she used to do, she would cut them up.
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[SPEAKER_00]: My mom was attacking when she was spending a credit card.
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[SPEAKER_00]: She would buy something she would go on to pay it out.
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[SPEAKER_00]: But when she got tired of that credit, she would just cut it up.
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[SPEAKER_00]: Even though the count was a clause, because you know they say if you close the count in the future, create it.
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[SPEAKER_00]: The best thing is, cut it up, don't use it.
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[SPEAKER_00]: Just have self-discipline.
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[SPEAKER_00]: The second thing is buy house, invest in some buy house, buy business, get something that will be for your generation to come.
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[SPEAKER_00]: The next thing is start long-term investments.
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[SPEAKER_00]: That's the hours the full one pays.
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[SPEAKER_00]: the money markets, things like that, start your long-term investment.
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[SPEAKER_00]: This when you need to, you know, start investing into your retirement because one day you're going to retire.
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[SPEAKER_00]: You're not going to be able to work out your life.
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[SPEAKER_00]: You're going to get older.
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[SPEAKER_00]: You're not going to be able to, so you're going to need to invest your money into something long-term to last for you and your generations.
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[SPEAKER_00]: put in a state plan in place.
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[SPEAKER_00]: There's what I tell y'all that a state plan.
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[SPEAKER_00]: You need to get in a state or financial plan or to help.
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[SPEAKER_00]: You don't have to have one if you don't want.
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[SPEAKER_00]: You can read up and you can play on a state plan if you want to.
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[SPEAKER_00]: But it's good to talk with somebody else to get a perspective of it.
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[SPEAKER_00]: And share your financial wisdom.
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[SPEAKER_00]: That's the thing.
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[SPEAKER_00]: Share your financial wisdom.
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[SPEAKER_00]: No matter the young folks don't want to listen, we need to share our financial wisdom.
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[SPEAKER_00]: And that's what I try to do for my nephew.
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[SPEAKER_00]: Sometimes they think I'd be first in that deal.
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[SPEAKER_00]: But I try to tell both of those boys about generational wealth.
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[SPEAKER_00]: and saving money, because the thing is, and I got to give it to them, they took young guys and they do really good, but when they buy stuff, they like really nice experiences stuff, like tennis shoes, stuff like that.
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[SPEAKER_00]: And that's a lot, but I'd be, you know, they kind of all little frugal with everything, but sometimes they do buy nice things, but I try to teach them and tell them, for the next generation so that they wouldn't know how to say money.
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[SPEAKER_00]: You have to teach your kids that early.
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[SPEAKER_00]: So, in the last thing I wanna talk about, not everyone wants to do generation with.
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[SPEAKER_00]: Not everybody really wants to do generation with.
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[SPEAKER_00]: Some people say, I'm spending my money next.
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[SPEAKER_00]: I'm not saving my money for nobody.
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[SPEAKER_00]: I'm spending the every time that I have.
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[SPEAKER_00]: Some people leave life, they travel, they go to concerts, they just spend their money.
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[SPEAKER_00]: Um, and they don't worry about generation.
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[SPEAKER_00]: Well, they say that their kids need to go work and get a job and start their own wealth.
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[SPEAKER_00]: They're not going to leave them netting.
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[SPEAKER_00]: So you got to think.
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[SPEAKER_00]: Some people don't want to deal with generation of wealth.
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[SPEAKER_00]: But I think generation of wealth is a good thing.
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[SPEAKER_00]: If you have children, you shouldn't want them to be struggling and left with nothing.
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[SPEAKER_00]: Um, and one thing I tell you, my mom always told me, my mother and my father both was factory workers.
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[SPEAKER_00]: They did very good, we had great lives, I'd never let for nothing.
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[SPEAKER_00]: But my mom always told me my sister that she wanted us to do more than her in my day.
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[SPEAKER_00]: That's the reason why I think she works so hard to educate her girls.
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[SPEAKER_00]: And actually, some ladies that she worked with, it surprised me.
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[SPEAKER_00]: They came and told me they said, she keyed up your mom was proud of her girls.
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[SPEAKER_00]: Because she felt me and my sister had the what she wanted us to do and she wanted us to be college-educated.
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[SPEAKER_00]: Her and my dad both graduated from high school, but they decided to just go to work and get married.
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[SPEAKER_00]: But,
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[SPEAKER_00]: I thank God that both of my parents taught me way of.
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[SPEAKER_00]: They taught me how to spend, how to pay my bills and everything.
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[SPEAKER_00]: So that's what we have to do to maintain generation of wealth.
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[SPEAKER_00]: And I would like to thank you all for listening in to the shy perspective podcast where tonight's episode was on generation of wealth.
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[SPEAKER_00]: It was a great topic.
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[SPEAKER_00]: And I want to make sure that every day that you make someone else's life better on care one person at a time.
19:52.689 --> 19:55.073
[SPEAKER_00]: Have a good night and be blessed.
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[SPEAKER_00]: Hello and welcome to the Shai Perspective Podcast.
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[SPEAKER_00]: I am your host, Shai Parks.
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[SPEAKER_00]: Here on the Shai Perspective Podcast, we create space for real conversation centered around community, relationships, family, personal growth and life in general.
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[SPEAKER_00]: This podcast is all about honesty, understanding, encouragement and sharing perspectives that connect us all through everyday life experiences.
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[SPEAKER_00]: Today's conversation is one that applies to us all.
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[SPEAKER_00]: Today we will look at generational wealth.
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[SPEAKER_00]: Have you secured your future?
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[SPEAKER_00]: Have you secured the future of your children?
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[SPEAKER_00]: Do you own anything?
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[SPEAKER_00]: Do you have anything to leave to your children, your airs or your family?
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[SPEAKER_00]: Generational wealth refers to financial assets, such as property, knowledge passed down from one family generation to the mix.
01:12.936 --> 01:19.079
[SPEAKER_00]: It acts as a financial cushion allowing airs to start adulthood,
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[SPEAKER_00]: with security.
01:22.151 --> 01:24.213
[SPEAKER_00]: Rather than starting from scratch.
01:25.074 --> 01:31.701
[SPEAKER_00]: Common vehicles includes real estate, family businesses, stocks, bonds,
01:33.177 --> 01:42.141
[SPEAKER_00]: In the African-American community, I would say we are doing a better job at until I did my research.
01:42.801 --> 01:50.204
[SPEAKER_00]: But I can tell you how we are doing a better job at generating generational wealth.
01:52.017 --> 02:02.520
[SPEAKER_00]: This topic that it was, it is important to me now because I know exactly what generation of wealth means.
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[SPEAKER_00]: That was a time when I really didn't know what it was, but you know, just like I always have seen on this podcast as you grow older, you become wiser and you learn.
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[SPEAKER_00]: African-American generation of wealth currently reflects significant persistent disparity.
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[SPEAKER_00]: That's what my research said online.
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[SPEAKER_00]: It said the average African-American household has a approximate income of 44,100,000.
02:37.127 --> 02:49.172
[SPEAKER_00]: compared to other races, which the majority of those races have 284,310 dollars a month coming in.
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[SPEAKER_00]: Home ownership now is the disparity in the African American community.
02:55.514 --> 03:00.196
[SPEAKER_00]: Home equity is the primary driver for generational wealth.
03:01.256 --> 03:05.898
[SPEAKER_00]: Only 43% of black Americans own their own homes.
03:06.894 --> 03:22.401
[SPEAKER_00]: compared to segment 3% of other races, making the black household wealth highly concentrated and more fragile during market fluctuations because only for what if 3% of us own houses?
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[SPEAKER_00]: Liquid assets and debt.
03:26.043 --> 03:30.405
[SPEAKER_00]: The median household, African American household,
03:31.349 --> 03:35.330
[SPEAKER_00]: have student loan debt, which are large debt.
03:35.470 --> 03:50.994
[SPEAKER_00]: That's mean if you have two educated individuals with children to educate it after Americans, with children, they have approximately 26,000 dollars owed in student loan debt.
03:51.534 --> 03:54.755
[SPEAKER_00]: Okay, that's a substantial amount of debt.
03:55.878 --> 04:13.334
[SPEAKER_00]: Okay, first generation wealth, many affluent black American families and first generation wealth creators emphasize the critical need for structure to state and financial plan to transfer assets effectively.
04:14.194 --> 04:14.575
[SPEAKER_00]: Okay.
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[SPEAKER_00]: So let's look here, how to be a financial wealth.
04:19.999 --> 04:23.720
[SPEAKER_00]: Okay, shy, how do you, how am I gonna be a financial wealth?
04:24.020 --> 04:26.261
[SPEAKER_00]: If you have a start, be a linear financial wealth.
04:27.121 --> 04:34.003
[SPEAKER_00]: First about accumulation, frugal spending, that's something that we do not like.
04:34.752 --> 04:43.237
[SPEAKER_00]: We like to buy nice, the majority of us like to buy expensive nice things.
04:43.778 --> 04:52.503
[SPEAKER_00]: That pretty much we don't need, but feeling frugally is just basic buying what you need and nothing else.
04:53.063 --> 04:54.824
[SPEAKER_00]: That's how you accumulate wealth.
04:55.325 --> 04:58.086
[SPEAKER_00]: Also, maximize your income.
04:58.447 --> 05:03.610
[SPEAKER_00]: Okay, let's say taking on a second job doing some contract work.
05:04.250 --> 05:14.312
[SPEAKER_00]: I'm working your full-time job and eating maybe going to McDonald's and even generate more income, aggressively paying down debt.
05:14.633 --> 05:18.653
[SPEAKER_00]: You have to pay down debt and become debt free.
05:19.414 --> 05:23.695
[SPEAKER_00]: So you can free up your capital and start investing, okay?
05:24.835 --> 05:28.956
[SPEAKER_00]: Asset accusations that mean reinvesting your money.
05:30.118 --> 05:41.357
[SPEAKER_00]: reinvesting your mind to be a wealth um real estate growing businesses you know reinvesting your money you know let's say if you got a free in
05:42.428 --> 05:45.812
[SPEAKER_00]: who has started the business.
05:45.912 --> 05:48.915
[SPEAKER_00]: You may want to be a silent partner in that business.
05:48.935 --> 05:56.743
[SPEAKER_00]: You may say, well, I work with you, give me like 5% and you make it a return on it.
05:56.963 --> 06:02.289
[SPEAKER_00]: You know, if you see one of your friends got a business, you want to invest in them, go ahead and do it.
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[SPEAKER_00]: That's a great thing.
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[SPEAKER_00]: Okay, I think about in this, I think about Oprah Winfrey.
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[SPEAKER_00]: There's a lot of wealth of people.
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[SPEAKER_00]: And a lot of times you look at people's wealth, they invest their money into real estate.
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[SPEAKER_00]: Oprah has houses everywhere.
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[SPEAKER_00]: From doing my research, she's a good example, but there are a lot of other people that I know who have real estate.
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[SPEAKER_00]: um they invest their money in real estate, this how you make your money is by by home, selling them, making your money.
06:36.626 --> 06:49.476
[SPEAKER_00]: Preservation shifting towards protecting asses, establishing ERACs, creating wheels, creating trust, and minimizing your tax exposure.
06:50.855 --> 06:56.361
[SPEAKER_00]: Okay, financial assets, again, those are the trust, those are life insurance policies.
06:56.841 --> 07:00.886
[SPEAKER_00]: In most African-American families, we do a lot of life insurance.
07:01.386 --> 07:11.417
[SPEAKER_00]: That's what happened in the past, but now people are acquiring real estate, they're saving their money, more estate planning, we're learning.
07:13.334 --> 07:23.374
[SPEAKER_00]: So life insurance, policies, investment portfolios and you know just compounding growth and benefiting from it.
07:24.264 --> 07:27.087
[SPEAKER_00]: estate planning, estate planning is critical.
07:27.768 --> 07:44.028
[SPEAKER_00]: I tell you anybody, if you don't have an estate planner, if you don't have someone who has worked with you and knows about financially, what it's going to take for your longevity of your life is where is leaving generational wealth.
07:44.930 --> 07:49.774
[SPEAKER_00]: because you need to make sure first of all that you're going to be secured through retirement.
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[SPEAKER_00]: You may leave to be a hundred or something.
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[SPEAKER_00]: And I mean, your generation of wealth will come after that, um, financial education, passing down money without teaching airs how to manage it.
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[SPEAKER_00]: I often leads to wealth depletion, okay?
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[SPEAKER_00]: We're gonna get more into that.
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[SPEAKER_00]: Education is important when you look in that generation of wealth.
08:15.667 --> 08:17.548
[SPEAKER_00]: Because guess what?
08:17.888 --> 08:21.530
[SPEAKER_00]: You leave it to your generation and they don't know how to manage that money.
08:22.070 --> 08:23.451
[SPEAKER_00]: Don't know how they invest it.
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[SPEAKER_00]: They don't know how to do nothing with it.
08:25.652 --> 08:26.613
[SPEAKER_00]: You leave it to them.
08:26.633 --> 08:31.696
[SPEAKER_00]: You might just go ahead on and drop it in there because they don't know how to manage it.
08:32.892 --> 08:34.953
[SPEAKER_00]: So this is my next question.
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[SPEAKER_00]: Why does generational wealth disappear?
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[SPEAKER_00]: Okay?
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[SPEAKER_00]: Once you leave it to them, what happens?
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[SPEAKER_00]: Okay, the first generation, okay?
08:46.221 --> 08:47.822
[SPEAKER_00]: We think about first generation.
08:47.882 --> 08:49.003
[SPEAKER_00]: That's the built-in.
08:49.824 --> 08:58.410
[SPEAKER_00]: That's the person that went down, all the way down in the ground, and built an empire from scratch.
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[SPEAKER_00]: That's the first generation, the builder.
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[SPEAKER_00]: They put everything they had into it.
09:06.052 --> 09:08.335
[SPEAKER_00]: They put everything they had into it.
09:08.896 --> 09:13.583
[SPEAKER_00]: I think about my grandfather, my great grandfather,
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[SPEAKER_00]: He scrubbed and put everything he had into working, into farming.
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[SPEAKER_00]: Those are the people that worked hard to gather up, laying in everything back in the days on first generation.
09:31.396 --> 09:34.078
[SPEAKER_00]: Second generation is the maintainer.
09:35.099 --> 09:37.000
[SPEAKER_00]: Okay, inherits the wealth.
09:37.360 --> 09:39.983
[SPEAKER_00]: Okay, the maintainer inherits the wealth.
09:40.623 --> 09:42.865
[SPEAKER_00]: And basically, they just maintain it.
09:44.148 --> 09:50.433
[SPEAKER_00]: They pretty much, you know, just don't try to struggle to gain more.
09:51.254 --> 09:54.036
[SPEAKER_00]: They just kind of maintain it and just let it float.
09:54.216 --> 10:00.721
[SPEAKER_00]: In this, the maintainer is the one who is supposed to be teaching.
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[SPEAKER_00]: the next generation.
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[SPEAKER_00]: They're supposed to be teaching the third generation.
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[SPEAKER_00]: But a lot of them just maintain it and don't educate them.
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[SPEAKER_00]: So therefore, the third generation is the spender, okay?
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[SPEAKER_00]: The spender never experienced financial hardship.
10:21.869 --> 10:28.612
[SPEAKER_00]: often feeling entitled or lacking financial discipline, they have no discipline in the splendor.
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[SPEAKER_00]: They slowly erode the remaining possible through lavish spending and poor investments.
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[SPEAKER_00]: That's what the third generation splendor does.
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[SPEAKER_00]: Okay, 70% of wealth of families lose their wealth.
10:45.276 --> 10:51.479
[SPEAKER_00]: It has been in the statistics that I studied to prepare as far as it is.
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[SPEAKER_00]: It says 70% of wealth of families lose their wealth in the second generation.
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[SPEAKER_00]: That means the maintainer.
11:01.114 --> 11:02.636
[SPEAKER_00]: lose 70 percent.
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[SPEAKER_00]: Okay, 90 percent of families lose that generation of wealth in the third generation.
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[SPEAKER_00]: That's the spender.
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[SPEAKER_00]: So they only have 10 percent left.
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[SPEAKER_00]: 90 percent of the whole thing is gone of the empire.
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[SPEAKER_00]: Okay, in America, in all races, we have to learn how to save money and live frugally.
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[SPEAKER_00]: Just you only need what you need.
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[SPEAKER_00]: You don't have to live all these.
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[SPEAKER_00]: I'm not saying don't buy like some things that you want.
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[SPEAKER_00]: I can give you an example, just like me.
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[SPEAKER_00]: I always wanted a Louis Vuitton M. M.
11:51.035 --> 11:53.876
[SPEAKER_00]: I always had one of the ever since I was in high school.
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[SPEAKER_00]: I wanted a loose for ton in M. M. Okay, I saved my money.
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[SPEAKER_00]: I saved, saved, saved, saved, saved, saved.
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[SPEAKER_00]: Okay, that's something that was nothing that I needed but that was something that I wanted.
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[SPEAKER_00]: So I worked hard, I worked hard, and I saved my money, and I finally went and purchased it.
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[SPEAKER_00]: And it was two years ago.
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[SPEAKER_00]: And even when I got to the store, I had a real nice consultant that worked with me.
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[SPEAKER_00]: I was asking my sister before I purchased it.
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[SPEAKER_00]: I said, do I really, really, really need this purse?
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[SPEAKER_00]: Um, but it was something I had saved for.
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[SPEAKER_00]: So I bought it.
12:39.360 --> 12:47.527
[SPEAKER_00]: I think that is a good way of spending because I waited and I saved for it and I said aside for it.
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[SPEAKER_00]: That's what we don't want.
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[SPEAKER_00]: We want to purchase it then.
12:52.070 --> 12:54.112
[SPEAKER_00]: That's how we get in credit card debt.
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[SPEAKER_00]: That's how we are not able to invest our money because we just what we see we want to now.
13:00.697 --> 13:06.642
[SPEAKER_00]: I want the EMM, I want it now, I don't want to wait, but I waited and I bought it when I wanted it.
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[SPEAKER_00]: When I had enough money to get it, I bought it.
13:10.657 --> 13:18.182
[SPEAKER_00]: So, if you say $5 a week, let's say, if you say $19, you say $2 a day.
13:18.703 --> 13:20.864
[SPEAKER_00]: Seven days, that's $14 a week.
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[SPEAKER_00]: If you start putting $14 back every week, I don't care if you put it on a jar, in your house, or outside you dig your hole and put it in you.
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[SPEAKER_00]: You, if you start saving two hours a day by the end of the year, let's say if you start in January or in a decent, there will be a lot of money just saving two hours a day.
13:41.658 --> 13:50.464
[SPEAKER_00]: All $5 a week, if you can do $5 a week, that just thing from January to December, that will save you a lot of money, put it up where you will not touch it.
13:50.825 --> 13:55.348
[SPEAKER_00]: You said, okay, this is my two hours a day or this is my $5 a week, I'm not going to touch it.
13:55.828 --> 13:56.449
[SPEAKER_00]: Just let it go.
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[SPEAKER_00]: You have to start somewhere.
13:58.912 --> 14:00.675
[SPEAKER_00]: It doesn't matter when.
14:01.516 --> 14:03.799
[SPEAKER_00]: And it does not matter what age.
14:04.099 --> 14:05.681
[SPEAKER_00]: It does not matter what age.
14:06.807 --> 14:11.691
[SPEAKER_00]: I said the best baby shower gift to give in a baby is a peaking bank.
14:12.312 --> 14:13.353
[SPEAKER_00]: I love giving those.
14:13.873 --> 14:15.255
[SPEAKER_00]: Those are great gifts.
14:15.415 --> 14:33.191
[SPEAKER_00]: It's never, when that baby is small, if you start putting five, 10, 10, 10, 25, sitting there, that baby by time and getting five, that bank probably fooled up, they can take it to the bank and you can teach them how to start gaining their wealth, how to start saving money.
14:33.891 --> 14:36.753
[SPEAKER_00]: that's what we have to do to make generations better.
14:36.893 --> 14:40.436
[SPEAKER_00]: We have to teach them how to save money.
14:41.696 --> 14:44.518
[SPEAKER_00]: Also, so what to do now?
14:45.019 --> 14:49.962
[SPEAKER_00]: If you want to leave generational wealth for your kids, your
14:56.268 --> 15:08.238
[SPEAKER_00]: you got a start and what you need to do is start with the smallest credit card and a mile up and start with the small one and go on up and just start knocking them out.
15:10.419 --> 15:13.060
[SPEAKER_00]: My mom, what she used to do, she would cut them up.
15:13.920 --> 15:16.801
[SPEAKER_00]: My mom was attacking when she was spending a credit card.
15:16.821 --> 15:18.601
[SPEAKER_00]: She would buy something she would go on to pay it out.
15:18.921 --> 15:21.902
[SPEAKER_00]: But when she got tired of that credit, she would just cut it up.
15:22.662 --> 15:27.183
[SPEAKER_00]: Even though the count was a clause, because you know they say if you close the count in the future, create it.
15:27.544 --> 15:30.104
[SPEAKER_00]: The best thing is, cut it up, don't use it.
15:30.724 --> 15:32.785
[SPEAKER_00]: Just have self-discipline.
15:33.765 --> 15:43.555
[SPEAKER_00]: The second thing is buy house, invest in some buy house, buy business, get something that will be for your generation to come.
15:44.236 --> 15:47.779
[SPEAKER_00]: The next thing is start long-term investments.
15:48.240 --> 15:51.323
[SPEAKER_00]: That's the hours the full one pays.
15:51.883 --> 15:56.687
[SPEAKER_00]: the money markets, things like that, start your long-term investment.
15:56.727 --> 16:03.593
[SPEAKER_00]: This when you need to, you know, start investing into your retirement because one day you're going to retire.
16:03.633 --> 16:05.434
[SPEAKER_00]: You're not going to be able to work out your life.
16:05.955 --> 16:07.036
[SPEAKER_00]: You're going to get older.
16:07.076 --> 16:15.603
[SPEAKER_00]: You're not going to be able to, so you're going to need to invest your money into something long-term to last for you and your generations.
16:16.692 --> 16:19.113
[SPEAKER_00]: put in a state plan in place.
16:19.173 --> 16:21.474
[SPEAKER_00]: There's what I tell y'all that a state plan.
16:21.974 --> 16:25.135
[SPEAKER_00]: You need to get in a state or financial plan or to help.
16:25.615 --> 16:27.696
[SPEAKER_00]: You don't have to have one if you don't want.
16:27.956 --> 16:31.998
[SPEAKER_00]: You can read up and you can play on a state plan if you want to.
16:32.498 --> 16:36.199
[SPEAKER_00]: But it's good to talk with somebody else to get a perspective of it.
16:37.540 --> 16:40.301
[SPEAKER_00]: And share your financial wisdom.
16:41.181 --> 16:42.021
[SPEAKER_00]: That's the thing.
16:42.481 --> 16:44.102
[SPEAKER_00]: Share your financial wisdom.
16:45.327 --> 16:50.411
[SPEAKER_00]: No matter the young folks don't want to listen, we need to share our financial wisdom.
16:50.831 --> 16:52.973
[SPEAKER_00]: And that's what I try to do for my nephew.
16:53.093 --> 16:55.034
[SPEAKER_00]: Sometimes they think I'd be first in that deal.
16:55.414 --> 17:00.158
[SPEAKER_00]: But I try to tell both of those boys about generational wealth.
17:01.050 --> 17:15.656
[SPEAKER_00]: and saving money, because the thing is, and I got to give it to them, they took young guys and they do really good, but when they buy stuff, they like really nice experiences stuff, like tennis shoes, stuff like that.
17:16.556 --> 17:31.432
[SPEAKER_00]: And that's a lot, but I'd be, you know, they kind of all little frugal with everything, but sometimes they do buy nice things, but I try to teach them and tell them, for the next generation so that they wouldn't know how to say money.
17:31.492 --> 17:33.414
[SPEAKER_00]: You have to teach your kids that early.
17:34.444 --> 17:41.046
[SPEAKER_00]: So, in the last thing I wanna talk about, not everyone wants to do generation with.
17:41.086 --> 17:47.027
[SPEAKER_00]: Not everybody really wants to do generation with.
17:47.367 --> 17:49.488
[SPEAKER_00]: Some people say, I'm spending my money next.
17:49.928 --> 17:52.128
[SPEAKER_00]: I'm not saving my money for nobody.
17:52.268 --> 17:54.129
[SPEAKER_00]: I'm spending the every time that I have.
17:54.549 --> 18:02.511
[SPEAKER_00]: Some people leave life, they travel, they go to concerts, they just spend their money.
18:03.291 --> 18:05.272
[SPEAKER_00]: Um, and they don't worry about generation.
18:05.292 --> 18:11.675
[SPEAKER_00]: Well, they say that their kids need to go work and get a job and start their own wealth.
18:11.975 --> 18:13.436
[SPEAKER_00]: They're not going to leave them netting.
18:13.456 --> 18:14.216
[SPEAKER_00]: So you got to think.
18:14.536 --> 18:17.477
[SPEAKER_00]: Some people don't want to deal with generation of wealth.
18:17.978 --> 18:22.179
[SPEAKER_00]: But I think generation of wealth is a good thing.
18:22.880 --> 18:30.143
[SPEAKER_00]: If you have children, you shouldn't want them to be struggling and left with nothing.
18:30.882 --> 18:37.228
[SPEAKER_00]: Um, and one thing I tell you, my mom always told me, my mother and my father both was factory workers.
18:37.268 --> 18:42.132
[SPEAKER_00]: They did very good, we had great lives, I'd never let for nothing.
18:42.573 --> 18:48.438
[SPEAKER_00]: But my mom always told me my sister that she wanted us to do more than her in my day.
18:48.918 --> 18:53.102
[SPEAKER_00]: That's the reason why I think she works so hard to educate her girls.
18:53.947 --> 18:57.948
[SPEAKER_00]: And actually, some ladies that she worked with, it surprised me.
18:57.968 --> 19:02.129
[SPEAKER_00]: They came and told me they said, she keyed up your mom was proud of her girls.
19:03.050 --> 19:09.572
[SPEAKER_00]: Because she felt me and my sister had the what she wanted us to do and she wanted us to be college-educated.
19:11.072 --> 19:16.334
[SPEAKER_00]: Her and my dad both graduated from high school, but they decided to just go to work and get married.
19:16.954 --> 19:17.174
[SPEAKER_00]: But,
19:18.316 --> 19:21.317
[SPEAKER_00]: I thank God that both of my parents taught me way of.
19:21.378 --> 19:25.239
[SPEAKER_00]: They taught me how to spend, how to pay my bills and everything.
19:25.780 --> 19:30.862
[SPEAKER_00]: So that's what we have to do to maintain generation of wealth.
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[SPEAKER_00]: And I would like to thank you all for listening in to the shy perspective podcast where tonight's episode was on generation of wealth.
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[SPEAKER_00]: It was a great topic.
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[SPEAKER_00]: And I want to make sure that every day that you make someone else's life better on care one person at a time.
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[SPEAKER_00]: Have a good night and be blessed.
