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Understanding and Building Generational Wealth: Lessons from the Vanderbilt Family
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It’s easy to hear famous names like Hilton and Disney and presume these families are so wealthy their children will always be rich without lifting a finger.
What does it truly mean to build generational wealth, and how can we prepare our children to manage it wisely? Those are the profound questions Dustin and RJ examining in our latest episode, inspired by the fascinating story of the Vanderbilt family. This family was once the richest on the planet, but due to a series of missteps, their vast fortune dwindled. We're unfolding the details of their intriguing history and identifying the lessons we can learn from their experience.
Our conversations don't halt at merely leaving a hefty sum for our children. We're delving deeper into the essence of generational wealth by emphasizing the importance of instilling the right habits and life skills in our children. Drawing from our personal experiences growing up in family businesses and valuable lessons our fathers imparted to us about self-sufficiency, we explore methods to prepare the next generation for wealth building. This episode is a compelling discourse on the real meaning of generational wealth, and we're certain it will leave you with valuable insights to contemplate.
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Power Quotes:
We don’t talk about money enough. It’s such a taboo topic. -RJ (10:13)
Leave them the opportunity to go out and create wealth. -Dustin (8:36)
My kids are going to be OK if they have the lessons and the skills. -Dustin (10:33)
Generational wealth is a myth. It’s generational lessons and habits. -Dustin (19:13)
Provide them the tools. Not an open checkbook. -RJ (19:58)
We’ll teach them to fail forward, but we have to teach them to fail. -Dustin (20:15)
Chapters
1. Understanding and Building Generational Wealth: Lessons from the Vanderbilt Family (00:00:00)
2. The Myth of Generational Wealth (00:00:01)
3. Generational Wealth and Teaching Life Skills (00:06:51)
4. Lessons in Generational Wealth (00:12:52)
92 episodes
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