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Generational Wealth Pt. 2

Sep 24, 2023

t has been about a year, since; I did my first blog on generation wealth. I have added three more trademarks under my belt and developed a publishing company called Murphy Madison. I am trying to be very intentional with my life as I work on all these pieces to bring this puzzle together in my lifetime. I can see it clearly I just pray I have enough time to see the impact.

I think about Arie a lot as I am putting these pieces together and my hope is that my children will also be a part of what my wife and I are building. Every journey comes with its ups and downs, and twists and turns, but that is just life. 

I read David Greene’s book quite a few times. The book is called,“Giving it all  away”. David Green is the owner of hobby lobby, a multi billion dollar company. He has Christian values that I appreciate very much, and I have been taking some lessons from him. One of the things I love the most is that he starts everyone from the bottom, everyone has to learn every aspect of the business. This is a beautiful model to follow and this is my aim and everything that we build.

If you plan to use your lifetime to build something and get the financial literacy to keep it. Then, you have to make sure the next generation do the same. Here are three takeaways that is important to passing down wealth:

When passing down generational wealth, consider:

1. **Education:** Ensure beneficiaries understand how to manage wealth responsibly and make informed financial decisions.

2. **Values and Communication:** Clearly communicate family values and expectations to maintain a sense of purpose and unity.

3. **Legal and Tax Implications:** Work with professionals to navigate legal and tax complexities, optimizing the wealth transfer process.