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Insider Info: Creating A Financial Legacy

I want to start with redefining legacy. So I came to Australia from the UK when I was 9, and I remember feeling a little of envy to all those 6th, 7th generation Aussies thinking, they are so lucky they’ve been here all these time, they must be really wealthy and really established. Then I realised I moved into the financial wealth that can be further from the truth.

What’s happening is that if you look at any of these studies globally about 2 to 5 per cent of people who have the capacity to create general intergenerational wealth is actually doing it. So what that means is, you guys in this roo, you will make the money your kids will blow it and their kids will have to start over again. That’s what the reality looks like, so we’re not actually getting richer.

And the challenge to this, our focus when in business is on survival were just thinking about how do we put food on the table, how do we keep the business afloat.

When we think of legacy, it’s this really cool idea but quite frankly, it’s very vague, at best you will have an accountant who talked about companies and tax structures and so, but no actually showing you how do you how to go about doing it. And the reality is, I didn’t come from money, and most of us don’t come from money, so weren’t actually taught to show us, here’s your going to be behaving and what we are all ultimately really worrying about is that loves ones will struggle, whether you have kids or you don’t have kids what we’re thinking about is to whoever the recipient of our wealth when we’re not here we dot want them to struggle.

But here’s the thing when you get it right as I said you guys will get to the point where have enough money you don’t need it anymore and then you can start to fill other people’s cups.

A legacy can become this crisp idea, it can be concrete interns of the actions that you have to take if you want to have a hope of creating wealth that lasts beyond your death, And you became the don. You become the person, the mentor, the advisor within the family who’s known as being the really smart with money, really good at driving money forward and then ultimately, what we all want is, regardless of who gets our money , we want to know that when the recipient gets it they will actually know what to do.

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