Valuetainment - October 17, 2022


How Billionaires Lose It All


Episode Stats


Length

6 minutes

Words per minute

209.51286

Word count

1,458

Sentence count

118

Harmful content

Misogyny

1

sentences flagged

Toxicity

1

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

Why is it that so many billionaires don't make it past the third generation? Why do they have a trust fund or something like that? Why does their great-grandson have a Ferrari or a Mercedes? I'll tell you why.

Transcript

Transcript generated with Whisper (turbo).
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
Toxicity classifications generated with s-nlp/roberta_toxicity_classifier .
00:00:00.000 I had a weird conversation last week that I want to share with you that has to do with generational
00:00:04.020 wealth. And right now, we're taking a deep dive in generational wealth. You know, the Medici family,
00:00:09.440 the Rothschild, the Rockefellers, the Vanderbilt. We have hundreds of pages on generational wealth
00:00:14.740 that is going to lead to a webinar here soon, but stay tuned. I want to share two stories with you.
00:00:18.760 One is what happened with a conversation I had that's a weird conversation. The other one is a
00:00:22.760 story that's going to inspire and get you thinking. And if you get value out of this video, give it a
00:00:26.680 thumbs up and subscribe to the channel. So I'm going to get right into it. So Aaron McKee is a
00:00:30.940 basketball player, NBA, former basketball player that's a coach now, who played for a guy named
00:00:36.120 John Chaney, legendary coach from Temple. And John Chaney told him something once. This video has
00:00:41.240 been going viral. It's an unbelievable message. Here's how it goes. He says, John Chaney says it
00:00:47.240 to him. John Chaney says, my grandfather walked 10 miles every day. My father walked 5 miles every
00:00:55.120 day to school. He says, I drive an Escalade. My son drives a Mercedes. Most likely my grandson will
00:01:02.800 drive a Ferrari. However, my great grandson will be walking again. Did you get that? So grandfather
00:01:09.580 10 miles, father 5 miles, himself Escalade, son Mercedes, grandson Ferrari, great grandson will
00:01:16.320 be walking again. Why is that? So the person that walked 10 miles worked so hard for their son to
00:01:22.340 only walk 5 miles. And then they work so hard. So John Chaney can go get an Escalade. And he works
00:01:27.940 so hard. So his son can have a Mercedes. And he works so hard. So his grandson can have a Ferrari.
00:01:32.180 And then great grandson loses everything again. Why is it that so many billionaires, their generational
00:01:36.320 wealth doesn't make it to third generation? Do you know the Vanderbilts were the richest people in
00:01:41.260 the world? And there's not a single Vanderbilt you know today. And when Anderson Cooper, when his
00:01:47.580 mother was talking to me, he says, mom, how much money should I be expecting since we're a sixth
00:01:52.080 generation Vanderbilt? Mom says, son, you don't have a trust fund coming your way because someone
00:01:57.460 screwed it up by the second generation, by 165,000 square foot vacation homes is what they were doing.
00:02:04.340 Anyways, what's my point? Here's my point. I'm having a conversation this last week with one of our,
00:02:10.480 somebody that I'm mentoring and I'm helping them out with their business plan.
00:02:13.520 And the conversation goes and we're talking, talking, talking. All of a sudden they say,
00:02:18.260 well, look, you know, you've, you've now made a lot of money and you know, so it's,
00:02:22.600 you have a lot of money now in investments and bank and all this other stuff. And I noticed
00:02:27.320 they've gotten extremely casual and soft in the way they do business. Their standards used to be very
00:02:34.680 high, but now it's all casual. And I'm like, on a flight back, I'm thinking about these guys thinking,
00:02:40.580 why have these people all of a sudden got so casual? So I call back. I said, I got to talk
00:02:46.760 to these guys. So I get on the phone, I call them and I say, Hey, the other day when we were talking,
00:02:51.260 you made a couple of different comments. And I noticed those comments you made,
00:02:55.720 your standards have dropped since June 27th. Why is that? Silence. I'm actually curious. I want to know
00:03:03.820 because June 27th is the day where the event took place when we sold one of our insurance companies.
00:03:09.940 And I said, do you think that just because I all of a sudden got access to a ton of capital
00:03:16.940 that I'm all of a sudden going to slow down and kick back and relax the next day?
00:03:21.200 So did you think I was going to treat a massive moment like this financially the way you would
00:03:27.980 have maybe treated it? Because to you, this would have been such a monumental moment.
00:03:31.720 Don't assume I'm slowing down just because I had a big exit or all this capital came my way.
00:03:38.980 I said, let me explain some to you what my biggest concern is. What's that?
00:03:44.080 So for me, I have four kids. I have my 10 year old, my nine year old, my six year old,
00:03:48.400 and my 15 month old named Brooklyn. My 10 year old see me work. My nine year old see me work.
00:03:55.100 My six year old see me work. Can you imagine if let's just say by the six year old, you know,
00:03:59.500 we have all this money now where my youngest daughter never knows about a hard dad works.
00:04:05.040 He only, she only knows how hard that used to work. Where it's kind of like, yeah, I mean,
00:04:10.400 everybody tells me how hard that used to work. I've never seen him work hard because when I was born,
00:04:14.840 dad was always home. He was golfing. He was kicking back. I never saw him work. He was just chilling,
00:04:18.720 put on weight, gained a lot of weight. He was just relaxing, having a drink every day. And
00:04:22.320 I don't think I've ever seen my daddy work that hard. Just told everybody what to do and stayed
00:04:26.440 home all day. That's unfair to her. Well, the reason why generational wealth doesn't get passed 1.00
00:04:32.320 down is because generational habits don't get passed down. Like John Cheney told the story to
00:04:39.800 Aaron McKee, about 10 miles, five miles, Cadillac Escalade, Mercedes, Ferrari, back to walking again,
00:04:46.320 because you've heard this phrase before. It's not me telling you this first. You've heard this many,
00:04:49.980 many times before. Tough times create strong leaders. Strong leaders create good times. Good
00:04:54.060 times create weak leaders. Weak leaders create what? Tough times. And this cycle keeps going. So
00:04:57.780 you, as a leader watching this, you have a family. You got to sit there and say, what do I want to do
00:05:01.860 my family? Is it just, Hey, I made the money. So my kids don't have to work that hard. Bullshit.
00:05:08.380 Absolutely not. It's not how this thing works. No way. I created wealth. Let's just say you do, 1.00
00:05:15.920 or you have an incredible life right now by creating wealth or an incredible life. You've
00:05:21.120 picked up a lot of great habits. What is more important to pass down to them. Isn't the money.
00:05:26.920 It's the habits. So if you're watching this right now, yourself say, man, this kind of stings a little
00:05:32.280 bit. I fully understand. I have kids. I have a family and I've done okay for myself. And I would like
00:05:38.920 some of the habits that I picked up throughout this journey to be passed down to the people I work
00:05:43.880 with. Most importantly, to be passed down to the kids that I'm raising. Because if I don't,
00:05:49.480 I'm just going to be raising four spoiled kids that think it's okay to go through whatever they're
00:05:53.940 doing because their daddy or their family has money. And I don't like kids like that. I never
00:05:58.360 did in high school. So I'm not going to raise kids like that. And you got to be thinking about
00:06:02.120 it for yourself as well. Fastest way to judge somebody if they have a big vision. And if they think
00:06:06.040 they think big is to see what they do when they get nice money coming their way. It doesn't matter
00:06:10.060 what it is. First time I got $10,000, that was a lot of money to me. First time I got
00:06:13.580 $50,000, that was a lot of money to me. I'd never made $100,000 before. First time I made
00:06:16.940 $100,000, oh my God, I'm a billionaire. Right? Matter of fact, it felt very different than the
00:06:21.060 last one. But it doesn't matter. You're going to have moments in your life. And every time you level
00:06:25.280 up and you start experiencing things, value more the habits and the character you're developing more
00:06:33.380 than the money that's coming your way. Because the habits and character get stronger, more money and
00:06:37.780 success is going to come your way. Having said that, I did a video about parenting, how to raise
00:06:41.360 successful children. If you've never seen this, click here to watch it. And on November
00:06:46.100 17th, I'm hosting a webinar around generational wealth. That's an hour webinar. If you want
00:06:51.060 to join me on this, it's going to be limited seating. Click here to get yourself registered
00:06:54.860 and I'll see you on November 17th. Take care, everybody. Bye-bye.