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- Herausgeber: John Wiley & Sons
- Kategorie: Fachliteratur
- Serie: Bloomberg
- Sprache: Englisch
Sustain and grow your family’s capital throughout generations
Families need to have vision and foresight to sustain the family’s capital throughout generations. Unfortunately, many of them build wealth effectively but find, near the end of their lives, that it has little sustainability to prepare the next generations that will be the beneficiaries of their hard work.
Passing the Torch teaches high net-worth families how to foster a strong family dynamic to be truly generational. Inside, first-generation wealth creators will learn how to create a culture of sustainability and growth and endow subsequent generations with the tools and mindset necessary to prosper. Subsequent generations will learn how to receive the torch, sustain and grow the family’s capital and pass the torch to the next generation.
• Discover the importance of emotional intelligence
• Learn to view generational wealth from a behavioral lens
• Transcend financial instruction to find a sense of purpose and direction
• Map out your family’s legacy
Whether you’re consulting an advisor or taking matters into your own hands, this is the essential reference you need to sustain wealth for generations to come.
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Veröffentlichungsjahr: 2018
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Table of Contents
Cover
Title Page
Foreword
Preface
From Shirtsleeves‐to‐Shirtsleeves in Three Generations
My Story
True Family Wealth
Why Are You Reading This Book?
CHAPTER 1: What You Perceive Is Missing Drives You
Perceiving a Lack of Money and What That Can Ignite
The Power of Knowing What's Most Important to You
Live Your Destiny and Leave Your Mark
CHAPTER 2: The Wealth Creator Extraordinaire
Live with a Vision and a Mission
Vision, Mission, Dream, and Legacy—Building Your Powerful Family
CHAPTER 3: The Genius of the Wealth Creator Extraordinaire
Traits of a Mentally Empowered, Intelligent Person
Understand and Apply Universal Principles
CHAPTER 4: The Wealth Creator Extraordinaire as a Business Leader
Unlocking the Leader Inside
How to Be a Great Businessperson
CHAPTER 5: The Wealth Creator Extraordinaire as a Money Manager
CHAPTER 6: The Wealth Creator Extraordinaire as a Family Leader
How to Build Powerful and Strong Family Relationships
Eight Keys to a Successful Marriage
Traits of a Family Leader
CHAPTER 7: The Wealth Creator Extraordinaire as a Social Leader
Guideposts for Leading
Tips for Leaders
Shaping Your Legacy
Philanthropy, a Thinking Man's Gift to the World
CHAPTER 8: The Wealth Creator Extraordinaire as a Health and Vitality Leader
Healthy Eating and Drinking Habits
The Value of Exercise and Body Movement
The Value of Breathing
The Value of Rest and Restoration
The Body‐Mind Connection
Is Gratitude the Key to Unlocking Happiness?
The Twenty‐One‐Day Gratitude‐Habit‐Forming Process
CHAPTER 9: A Conversation with Dr. John Demartini
CHAPTER 10: Principles of the Demartini Method: Based on Universal Laws and Truths
Principle 1
Principle 2
Principle 3
Principle 4
Principle 5
Principle 6
Principle 7
Principle 8
Principle 9
Principle 10
Principle 11
Principle 12
Principle 13
CHAPTER 11: A Conversation with James E. Hughes, Author of
Family Wealth
CHAPTER 12: My Letter of Wishes for You
The Wealth Model
Afterword
Note
Index
End User License Agreement
List of Illustrations
Preface
FIGURE 1 Etymology of the word
wealth
Guide
Cover
Table of Contents
Begin Reading
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PASSING THE TORCH
Preserving Family Wealth Beyond the Third Generation
Ilze Alberts
Copyright © 2018 by Ilze Alberts. All rights reserved.
Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
Published simultaneously in Canada.
No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per‐copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750–8400, fax (978) 646–8600, or on the Web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748–6011, fax (201) 748–6008, or online at www.wiley.com/go/permissions.
Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.
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Library of Congress Cataloging-in-Publication Data
Names: Alberts, Ilze, 1958- author.
Title: Passing the torch : preserving family wealth beyond the third generation / by Ilze Alberts.
Description: Hoboken, New Jersey : John Wiley & Sons, Inc., [2018] | Includes index. |
Identifiers: LCCN 2017059968 (print) | LCCN 2018010658 (ebook) | ISBN 9781119486459 (pdf) | ISBN 9781119486435 (epub) | ISBN 9781119486442 (cloth)
Subjects: LCSH: Finance, Personal. | Families. | Wealth. | Estate planning.
Classification: LCC HG179 (ebook) | LCC HG179 .A399 2018 (print) | DDC 332.024/016—dc23
LC record available at https://lccn.loc.gov/2017059968
Cover Design: Wiley
Cover Image: © BestPix / Shutterstock
Ignite and pass the torch. Unlock the high net worth in every family member for the ultimate prosperity and fulfillment of the family for generations to come.
I dedicate this book to my fellow torch igniter, Roelf Alberts, and our children we are passing the torch to: Charne, Jacques, and Louis‐Franz. May it shine brightly on your path.
Foreword
by James Hughes
It is my privilege to join Ilze Alberts' journey as she imparts the wisdom of her deeply lived life of commitment to helping families and the individuals who compose them thrive and flourish.
In the book you are about to enter, Ilze offers you the gift of her awareness of what has helped families avoid the entropy that leads to their early dissolution in three or less generations and what those few families do who thrive and flourish beyond three generations.
She will share with you that it is in the great virtues of family harmony, family support of individual dreams toward all family boats rising, and family defining itself as its positive connections of affinity 1 + 1 = 3, that a family discovers and sustains its journey to long‐term flourishing.
She will help you to appreciate that a family consists of four qualitative (spiritual, social, intellectual, and human capital) and one quantitative (financial) capitals. She will encourage your awareness of a frequently missed truth that a family's long‐term success lies in growing the first four and dynamically preserving the fifth as a resource to grow the first four.
She will offer you the wisdom that a family who does not in its second, hopefully its first, generation form the intention, as its highest purpose and ambition, to flourish for many generations to come cannot succeed. To break the shirtsleeves‐to‐shirtsleeves proverb so often true, it must practice that intention through seeking to enhance the journeys of happiness of every family member, toward each having a meaningful life, all toward the whole family flourishing.
Valuably, Ilze brings to the challenge of helping your family flourish a depth of psychological mindedness and awareness of the gifts of positive psychology's developmental practices and assessments that I have not encountered in such abundance elsewhere.
By combining virtue, psychological mindedness, and proven individual family member and whole family developmental practices, Ilze charts the course for your family to flourish for seven generations and beyond.
I have deeply enjoyed my journey with Ilze in her professional life of service to human flourishing, now continued and artfully shared as a gift to all families in Passing the Torch: Preserving Family Wealth Beyond the Third Generation.
I have every confidence that as you and your family now accompany her on her journey to help your family flourish through her gift to you of her wisdom and experience; through her helping you imagine your family preserving its wealth, its human, intellectual, social and spiritual self; through her encouraging and informing your endeavors to enhance the journey of happiness of each of your family members, all toward your goal of your whole family flourishing; and by adopting and living out the philosophy Ilze imparts, that yours will be one of the very few families who truly flourishes.
I look forward to greeting you on our pilgrim's way as we walk together with Ilze to accomplish your high worthy purpose, the thriving of each of your family members and the preserving of your family far beyond three generations.
Preface
The purpose of this book is first to create awareness in families that it is the birthright of every family to be a powerful unit for generations to come. Second, I want this book to create the awareness in families that it is the birthright of every family member, as individuals, to have the opportunity to unlock their highest potential for their ultimate fulfillment, meaning, inspiration, and prosperity. Third, bonds of affinity that exist between family members are stronger than blood bonds. It's important to form bonds of affinity if the family is to continue for generations as a powerful family. Fourth, it is my heart's desire to assist families for multiple generations to develop the know‐how, the skills, and the human behavioral understanding to keep the family vision growing until the momentum of the snowball keeps on to such an extent that the impact and influence of that vision will be felt seven generations from now. Fifth, I wish to assist families in becoming inspired to create and maintain a family vision for multiple generations, to empower the family in transforming the proverb from shirtsleeves‐to‐shirtsleeves in three generations.
From Shirtsleeves‐to‐Shirtsleeves in Three Generations
In Japan, there's an expression, “Rice paddies to rice paddies in three generations.” The Scottish say, “The father buys, the son builds, the grandchild sells, and his son begs.” In China, “Wealth never survives three generations.” Around the world there are many variations on this theme, all used to describe the tendency of the third generation of a family to squander the wealth obtained by the first generation.
According to studies, only 30 percent of family businesses built by one generation are passed on to their children, and only 10 percent of those businesses ever reach a third generation. One reason suggested is that the third generation doesn't possess the same set of values, work ethic, and perspective because of their very different experience growing up.
The first generation struggles hard to rise above their current conditions to achieve a more comfortable life for themselves and their family. They work hard, diligently save their money, and by their later years have something of value to pass on.
Their children, the second generation, grow up as a witness to their parents' struggle and understand the value of hard work. Although they now live a comfortable life, they can remember a childhood filled with frugality and perhaps even poverty. Because of this, they make educational and financial choices that help them build on what their parents created. By retirement, they have, most likely, acquired even greater wealth.
The third generation, however, has no memory of want or struggle. They've only known a life of plenty. When the family wealth is passed onto them, they lack the values and skills necessary to maintain the health of the assets. If universal proverbs and small business statistics are to be believed, the third generation squanders the resources their parents and grandparents worked so hard to achieve. Thus, the three‐generations cycle.
Figure 1 shows the etymology of the word wealth.
FIGURE 1 Etymology of the word wealth
The word wealth in Middle English is welthe, which refers to weal, on the pattern of health. Wealth means well‐being and prosperity. It is the right of every person to be prosperous and live with well‐being and fulfillment.
It's also the right of every person to have the following opportunities:
To live an extraordinary and exemplary life and to raise culture and society through it
To serve vast numbers of people. It is in service to others that meaning of life increases
To develop a transcendent mindset about money and wealth and to understand the universal principle of fair exchange
To have access to higher education for mental empowerment
To have access to specialized health care for optimum health and vitality.
My Story
Changing the predictive outcome that follows the from shirtsleeves‐to‐shirtsleeves in three generations proverb has taken on tremendous value to me. Why am I doing whatever it takes in an attempt to find out how? It's common knowledge that a void drives a value on something; whatever we perceive to be missing, we strive to fill it. This is certainly true for me, and the reason lies in my story.
My father grew up with wealth yet when he died, he was financially dependent on his children. As the daughter of parents who lost all our family wealth (they were the third generation), I wish to raise awareness, facilitate the mindset, the desire, and the appropriate skills for my children and me to transform the from shirtsleeves‐to‐shirtsleeves in three generations proverb to enable our family to create and grow family wealth for multiple generations. In that way, we take action to live extraordinary lives that raise the culture we live in and obtain the best opportunities to grow and expand our family for the ultimate fulfillment, well‐being, and prosperity of every family member for multiple generations. By doing this, we have a greater opportunity to invest in our world society and contribute to the raising of world standards in education and health. Our wealth can unlock more opportunities for education and health worldwide. Family wealth through generations is not exclusively for the benefit of the family, because it's through the acts of service and unlocking of opportunities for society that family wealth transcends the generational family to become the cosmic family.
We do not resent our parents for the actions and choices they made. I am grateful that through their choices I developed a big void regarding generational wealth. That void has given me a life purpose and meaning. I can use their lack of insight and knowledge as a springboard and through study, research, and practice, I can find inspiring ways to transform the cycle for my family and, in the process, empower my children and their children and their children—for multiple generations.
I'm certain that I'm not the only parent who has asked myself the following question: “I'm spending so much time, energy, and money on my children's mental development by sending them for the best education, but what am I doing to educate them about understanding human behavior and being financially wise?” Acquiring knowledge, understanding human behavior, and being financially skilled and wise will be the three most important influences I can have on the next generation's lives. By sharing the gift of knowledge, human behavior skills, and financial skills and wisdom, I share the gift of empowerment in all areas of life.
True Family Wealth
A family's true wealth consists of:
The talents, personalities, and genius of each family member
. There is no higher value in the balance sheet of a family than
human capital
. Each individual family member is an asset (and a liability) and each family member is a valuable source of knowledge, a potential contribution, and an inherent value because of the unique individuality.
The family's story, or narrative
. Every family has an origin and a history and the narrative of every family is unique, playing an important role in the development of society worldwide. Each family's narrative is a beautiful and colorful piece of a masterful tapestry. The choices and decisions of your previous generations have a direct impact on your life right now. You come from their choices, decisions, and actions. Your choices, decisions, and actions will equally have an impact on the next generations for years, decades, centuries, millenniums. Who knows how far reaching the effects may be?
The mental capital of the family—the mental abilities and exposure to education represented by the family members
. Growing up in a family with the financial means to afford excellent education to the family members contributes to the advancement of the mental capital of the family. The different life experiences, exposure to global experiences through travel, and exposure to knowledge all contribute to wealth of the family's mental capital.
Emotional intelligence of the family
. Families with exposure to wealth have more opportunities to develop their emotional intelligence simply because they can afford to pay for mental health services, personal life coaches, and programs and seminars that teach emotional intelligence. They have exposure to books, online products, international conferences, and tertiary education—all of which help develop their self‐confidence and self‐esteem. Money does not buy happiness, but money can buy many opportunities for self‐development, empowerment, and emotional intelligence.
The family's health and vitality
. Physical wealth refers to the opportunity to have optimal health conditions. Good health increases with specialized medical services, a healthy diet, and physical exercise, taking supplements, and the awareness and desire to look after your health. The more educated families are, the more the family's purpose and vision encompasses something bigger than themselves. The more members of the family have a sense of meaning in their lives, the higher the value they place on health and vitality, because the body is treated as the vehicle to take extraordinary service to the world.
A
healthy family is a wealthy family.
Social network and interactions
. Family members build a network over their lifetimes. Families do not live as islands, and the quality and endurance of social networks and interactions add to the impact and influence of each family member as well as the family as a unit. Like attracts like and the quality of friendships and social networks is a reflection of the endearing characteristics of the family. The lack of quality friendships equally reflects the lack of the family to build endearing friendships with significant people outside of the family bonds.
A family's financial wealth
. Family wealth is built by a man (husband, father) or a woman (wife, mother) or by a man and a woman (husband, father and wife, mother) who perceive a big void in their financial well‐being and therefore in the financial well‐being of their family. This big void acts as the driving force and intrinsic motivation to build wealth for the family. The void, or absence of financial means, becomes the fuel in the family‐wealth engine. Money is a form of energy. Money as a form of energy flows where it is valued and appreciated and looked after and where it has a purpose beyond acquiring material things. Once the wealth creator understands the snowball effect of wealth creation, the wealth being created often takes on a more significant purpose; its purpose becomes bigger than just creating a great life for the family. The wealth creation transforms into a vision and legacy for the family, sometimes for generations. Philanthropy becomes part of the family's outreach into society and the meaning of the family wealth creation lifts up many individuals and families. This is also when the shirtsleeves‐to‐shirtsleeves in three generations proverb starts to be a factor for the family to consider.
Why Are You Reading This Book?
It's highly likely that you're either the visionary and wealth creator of your family wealth or that you're the next generation and you wish to shift the energy of the shirtsleeves‐to‐shirtsleeves in three generations proverb. You may also be a professional service provider to high‐net‐worth families. This book is written with the intention of providing some answers to the big question: how do we change or transform the cycle of the shirtsleeves‐to‐shirtsleeves proverb? Can we even change it at all? Since energy can't be eliminated, perhaps it can only be transformed.
In his book Family Wealth, James Hughes tells us, “Family wealth is not self‐perpetuating. Without careful planning and stewardship, a hard‐earned fortune can easily be dissipated within a generation or two.” He has made a valuable contribution in proposing a theory and method for practicing successful wealth preservation. Throughout my writings, you'll find James Hughes' work has had a significant impact on my way of thinking and understanding the preservation of family wealth. I am deeply grateful for his impact and influence on my understanding and thinking.
Sir Isaac Newton said, “I'd rather stand on the shoulders of giants than in their shadows, for then I can see further.” James Hughes is one of the giants on whose shoulders I'm standing to see further. I have indeed spent many hours pondering a possible transformation of the energy of the shirtsleeves‐to‐shirtsleeves proverb. This book is my contribution to offering possible ways to do that.
Another giant on whose shoulder I'm standing is the human behavior specialist and polymath, Dr. John Demartini. Throughout this book, his impact and influence on my understanding of human behavior will be keenly evident. He has taken my understanding of human behavior where my training as a psychologist could not.
My wish is that the combination of many masterful minds will shine light on the transformation of the energy of the shirtsleeves‐to‐shirtsleeves proverb.
CHAPTER 1What You Perceive Is Missing Drives You
Every person has unfulfilled wishes and dreams. As human beings, if we keep on perceiving something is missing, we feel unfulfilled. It's the perception of emptiness, or a void, that becomes the driving force for a person to take some action or perform some service and gives it priority and importance. Without a perception of the void—the feeling that something is missing—people often will lack drive.
It's important for moving forward and for the creative process that people perceive a void in their life. The emptiness creates the driving force and the creative force of innovation. When individuals become truly frustrated with their circumstances and they know life can be better, creative forces enter the mind and innovation is born. Most of life's comforts and enhancements were born out of frustration with what is and the desire to have something better and different.
When you're content and successful, that can be the ceiling for you. But when you have a feeling of discontentment and a perception that you're unsuccessful, the driving force to make a change and to create a better life is born. From birth, our inabilities and discontentment assist us in our milestones. For a baby, the frustration of being immobile creates the desire for movement. For a young child, the frustration of not being comprehended creates the mastery of language. Whatever you perceive is missing in your life, you wish to have.
When a person is sick and has ill health or injuries, health and physical vitality become a priority of high value. When a person perceives himself or herself to be dumb or ill informed, mental empowerment becomes a high value. The man or woman with a perception of social isolation desires friendships and social networks. The person without a family or a couple without children often develop the desire for a family and having a family becomes a high priority. People without a vision and a life purpose seek meaning in their lives. When it's time to choose a career or a vocation, the search for service and finding a vocational purpose becomes of high importance. The search for money and the absence of money can become a strong driving force and a high priority for the man or woman who perceives lack of wealth as creating pain, suffering, challenges, and feeling unsuccessful.
Whatever you perceive is most missing in your life becomes that one thing you seek. Whatever you're seeking, you're willing to spend your time on it without hesitation, and nobody has to remind you to attend to it. You're thinking about it a lot and it dominates your thoughts. What becomes important to you, you wish to read about and learn about, and you have a hunger for knowledge about that topic. Anything you're curious about and desire to know more about will prompt you to put in the time, energy, focus, and dedication to learn about it. You'll have the intrinsic motivation to equip yourself with wisdom and knowledge on that subject. Just by watching what a person reads or searches for on the Internet, you can get a strong indication of what the most important priorities are for that person.
Perceiving a Lack of Money and What That Can Ignite
I've heard many people's stories over the years and I've read enough biographies, books, and articles about successful and financially empowered people to know that most of the time, a perception of lack and void is the innovating trigger for wealth creation.
A family who consulted with me shared their family story, and it echoes many other stories with similar narratives. The first generation (man or woman) moved at a very young age from one country, which at the time of exit was in a financially disempowered state, to a country with better prospects. Some of these émigrés are as young as fourteen years old. The young man or woman arrives in a foreign country—the proverbial promised land—with very little money, education, or possessions. The individual narrative will be different after arrival, but typically the story goes like this: They start working as blue‐collar laborers, learn to speak the language, and start to make an income. This humble beginning—and the dire need for money for pure survival—ignites in the man or woman the extraordinary character traits of survival, self‐growth, entrepreneurship, innovation, creativity, and perseverance.
The first generation—with the high focus, attention, time intensity, high drive, and dedication to fill an empty wallet—develops a highly concentrated and narrow focus on wealth creation. The struggle leads to the development of character, determination, the willingness to work hard, and perseverance. Many of them become larger‐than‐life figures. It's understandable that when a void gets filled and what has been missing is provided, the idea of ownership is an easy next step for the person creating the wealth. It's undeniable that what you perceive to be your highest, most important priority becomes your identity and your destiny in life. It's inevitable that your focus, intention, attention, intrinsic motivation, time intensity, and inspiration become part of who you are, defining your identity, what your life demonstrates, and what you're known for.
What are the most important mindsets and life‐long habits that these individuals develop when they focus their intention on creating wealth—first of all, narcissistically, for improving their own lives and second, altruistically, for improving the lives of their family? These mindsets and habits are recommended for every generation. Just as money can grow like a snowball in a family, the same is true for mindsets and habits. They can also grow like snowballs in a family until the mindsets and habits become part of the family's DNA.
They Have a Vision for Their Family's Wealth Creation
They know that the secret to creating and growing wealth for their family is to have a big enough reason to want to do it. The desire to grow and create wealth to buy more things is not a good enough reason, although wealth does make it possible to buy more things. A bigger reason makes it more worthwhile. They chose to create and grow wealth for their family to give them the best as well as to make the world a better place. Imagine how fulfilling it would be if you, like Bill and Melinda Gates through their foundation, focused on increasing health conditions worldwide. In Family Wealth, James Hughes says, “A family can successfully preserve wealth for more than one hundred years if the family governance and practices are founded on shared values that express the family's differentness.” This can only be done if someone is creating and holding the vision for the family—a vision for at least a hundred years.
They Adapt the Best Strategy and Priorities to Create and Grow Their Family Wealth
Whenever I ask a group of people, “Who wants to be financially independent?” most people put up their hands. The reality is that less than 1 percent will become financially independent. To enable you to be true to your heart's desire to create and grow wealth for your family, you need to develop the right strategy, mindset, and priorities to do it. Set your attention on it, spend your energy on it, read and learn about it, talk about it, think about it, and be inspired about it. Learn to create and grow wealth through great service delivery and a strategic building up of wealth. Forget about quick fixes and overnight success. Strategies build wealth.
They Adapt the Eighth Wonder of the World
Albert Einstein referred to compound interest as the eighth wonder of the world. They understand the eighth wonder and know their money grows, even while they're sleeping. They develop the healthy habit of saving. Saving is another way to look at paying yourself first. The wealthiest people in the world keep a big portion of their wealth portfolio liquid, another form of saving. The more you save, the more money flows to you, because money goes where it is appreciated. Your emotions, thoughts, and feelings about your wealth will be less volatile the more you save, as your savings acts as your cushion.
They Learn to Manage Their Emotions about Money
Warren Buffett is famous for his wealth accumulation and for saying, “Until you learn to manage your emotions about wealth, you will not get more money to manage.” Feelings of guilt, fear, shame, and uncertainty are not the feelings of a wealth creator for the family. Instead, they develop the skill to make swift decisions with certainty and listen to their own genius inner voice. They learn life skills to manage their emotions.
They Value Teaching Their Children Good Money Habits
They start when the children are young and make it their focus and aim to teach them good money habits. They know children learn the most by watching them. They neither spoil them nor become a scrooge. I have to add that the most powerful families that build generational wealth for the benefit of the family and society start with educating their children when they're very young. Many first‐generation parents who create wealth, however, do not focus on financially educating their children, and they often raise financially disempowered children. For these families, the proverb is waiting to come true.
They Understand the Importance of Husband and Wife Teamwork
The axiom “Behind every great man there's a great woman” indicates that one's chances of success increase if one has a great partner. A study by Brittany C. Solomon and Joshua J. Jackson of Washington University in St. Louis shows that “having a conscientious spouse can boost your income.” Such couples know that the more closely they're aligned and working as a team, with the same goals, vision, and dreams for the family, the more successful they'll be in creating and growing the family wealth. The wealth creation is not the job of one person. They understand it's a joint effort of supporting each other and delegating tasks and functions to each other to make the “business called their family” more streamlined.
They Develop the Habit of Delayed Gratification
We live in a time of immediate gratification—having what we want without delay. Until you make peace with the habit of delayed gratification, you'll prefer spending your hard‐earned money rather than growing it. The wise wealth creators save their money until they have at least three to six months of income saved, then they study investment options and start to invest. By offering a great service or product, earning money through fair exchange, saving, and investing money, they steadily grow and increase the wealth they're building for their family. They have a long‐term vision and take the steps toward it daily, and they do it with delayed gratification as their mantra. They don't compare themselves with the Joneses. Rather, they compare themselves to their own goals, dreams, and vision.
The Power of Knowing What's Most Important to You
You can waste your time, energy, and focus if you allow someone else's priorities to obscure your own authentic priorities and what is most important to you. This is one of the dangers rising generations face, meaning all the generations following the first generation of the family. The larger‐than‐life first generation can come across as so successful, so certain, so overpowering, and so prescriptive that their dominance can lead to the projection of first‐generation priorities onto following generations. It's the birthright of every person to live his or her dreams, hopes, wishes, goals, and vision—not someone else's.
In his book The Voice of the Rising Generation, James Hughes explains the rising generation as follow: “The rising generation is not simply young, or second or next. Most fundamentally, it is an attitude or a state of mind. A rising generation is defined not by biology or finances but by psychology. The core element of this psychology is an awareness of growth, possibility and hope. As a member of the rising generation you recognize that you are far from finished. You may have barely begun.” As the first generation has clearly identified and lived their lives according to what is of highest importance to them, so it is the birthright of every following generation.
