Last week we looked at some of the traits of people who build wealth for generations. Today we will explore some of the habits of those people. Habits that you can adopt if you are willing to do so.
Generational Wealth Building:
A FIRST HABIT OF A GENERATIONAL WEALTH BUILDER IS THEY COMMUNICATE
Most people make plans and then they tuck them neatly and safely away. Or worse, they only make the plans in their heads and never write them down. Did you ever watch the movie Amadeus. The movie was about Mozart. There is a great scene in the movie where Mozart was commissioned to do an opera. Soliary (another composer) comes to see Mozart to find out how the opera is coming along. Mozart says it’s all done. Soliary says all done that’s fantastic. And he looks around and he says, well where is it. And Mozart says it’s all in my head. (Laughing). Soliary says, “Mozart, Mozart you have to write it down!”
A SECOND HABIT OF A GENERATIONAL WEALTH BUILDER IS THEY ARE INCLUSIONARY
20th century families can’t balance a checkbook or know how to save.
21st century families understand preparing their children for the complexities of finance, auditing, building entrepreneurial muscles, connecting family values, social and intellectual capital.
20th century families make statements like we don’t want them to know what we have.
21st century family knows that transparency with children is more effective than secrets. Channel curiosity rather than deny it.
20th century families have children that don’t fit in
21st century families learn how to incorporate the misfits in imaginative way
21st century families use knowledge not as a tool for control but to share and leverage as a family
A THIRD HABIT OF A GENERATIONAL WEALTH BUILDER IS THEY ARE PRO-ACTIVE
Change from reactive to creative. Start is where you are today. Finish is where you want to be. Along the way you do things, acquire things, have kids, make decisions. If these things are consistent with the goal you move forward. If these things are not consistent then you move backward or to a side road.
Action creates traction. Once you have decided on what knowledge you need and you have done the research to get you to millions, the next step is to take the first step. Many times people spend so much time over analyzing, planning and figuring out all the solutions that they actually never left their office or home and got started. The first step is to take the first step. What classes or workshops do you have to attend, what books should you read, what people should you talk to? Having a wealth building journal is important so you can write down thoughts and more actions steps that come to mind as you take action and move toward your goals.
Thank you for being a part of our Straight Talk community. We educate, transform and inspire business owners and families in changing the way they think and talk about wealth in money, values, beliefs and traditions. By Uniting, Aligning and Nurturing your common purpose and vision you can preserve and protect wealth and leave each generation accomplishing clarity year round. Legacy. What is your Legacy?
We welcome you to share your ideas and thoughts.
PLEASE SAVE THE DATE: Saturday May 4, 2013. 9:00-3:00
We will be conducting a one of a kind interactive workshop along with renowned family business advisor and executive consultant Ken Druck who has national acclaim in his work with family and business transitions. Ken’s book the Real Rules of Life is recognized around the world.
