navigating generational wealth
I go back and forth about how well I want to set the boys up financially when they are older.
As of right now, I’d like to be able to gift them a significant amount of money when they are in their 30s, assuming they continue to have good heads on their shoulders and are doing well independently.
I’d like to gift them money at that stage of their lives because I am hopeful that what I live and talk about rubs off on them, that they have a good understanding of who they are, what they value the most, and that they are pursuing, if not already living their authentic life. Experience has shown me, through others and my Pursuit, that finances are often the final piece of the puzzle for most people, and either the fear of the financial risks or that actual financial obstacle keeps them from fully embracing the life they were created to live.
We can debate whether or not finances should matter, but the truth is that in today’s society, and I can only assume it’ll continue to be true, finances play a real and psychological barrier for people looking to live their authentic lives.
Knowing that I could tell them to pursue the version of their Self they are being called to be and that they have runway or seed money to bring it to reality would be a tremendous gift I’d love to give them.
If I take it one step further, it would be really cool to do this for future generations—have a family fund that gifts money to future generations to help them bring their authentic lives to reality with a boost of capital.
This is how I think about the generational wealth I want to build.
The generational wealth I’d like to pass down through generations is one part financial and one part the ability to live authentically–I think the financial component will be the smaller of the two.
When I think about the generational wealth I’d like to build, I’m not pursuing a net worth big enough to ensure future generations never have to work or make any list of the world’s wealthiest families.
Instead, I’m thinking of a bigger definition of wealth that extends beyond finances–a definition that includes love, happiness, contentment, purpose, health, experience, and more. This definition includes avoiding Bronnie Ware’s 5 Regrets of The Dying and, most importantly, living an authentic life. This definition requires money, but it is not defined by it; the financial gift in my goal of generational wealth is a tool to eliminate the real or psychological obstacle of money.
If through my actions, my words–both actual and content—and a gift of money, I can help my boys live their authentic lives and even extend that to generations beyond them, I will have built a level of generations' wealth that will change the world, yet not be a dollar amount that will touch what other generations' wealth amounts need to be.
In today’s episode of LifeDesign+ my guest Bogumil Baranowski shares how he views generational wealth, what he’s seen through clients and other investors, and how helps clients navigate the topic of generational wealth.
The subject of generational wealth is only a fraction of the episode–I didn’t know we’d touch on it when I asked Bogumil to join me.
Tune in to hear how his childhood in Poland shaped the way he views money and life, along with how he has been living his authentic life doing all of the things he loves to do.
