2857: How to Build Generational Wealth That Actually Lasts (It's Not About Money) w/ Scott Donnell
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What is the main topic discussed in this episode?
If you want to pump your body and expand your mind, there's only one place to go.
What is the true definition of generational wealth?
Mind Pump. Mind Pump. With your hosts, Sal DiStefano, Adam Schafer, and Justin Andrews.
You just found the most downloaded fitness, health, and entertainment podcast.
Why is speaking identity to your kids important?
This is Mind Pump. Today's episode, Scott Donnell came on the show to talk about creating generational relationships So Scott and his team studied the most successful families in America, and he breaks it down and teaches us and you how you can create this generational wealth and success in many different aspects for your family. This is a really fun episode. Now, this episode is brought to you by a sponsor, Huel. This is a meal replacement drink. It's high-protein and plant-based.
What is the core word method for family values?
So this is a great way to have a meal on the go. better than snacks, better than heavily processed foods. It's high in protein. It tastes amazing. And it's really good for you. And again, the protein is high, but it is a meal replacement. So you got some carbs and some fats in there.
How can parents avoid ruining their children's financial future?
Drink it instead of breakfast when you're on the go. Go check them out. Go to Huel.com. That's H-U-E-L.com forward slash Mind Pump. Use the code Mind Pump for 15% off. We also have a sale today. on our workout programs. Buy any MAPS 15 style workout program. Get any other MAPS 15 style workout program for free. Buy one, get one free. It's happening right now. Go to maps15bogo.com.
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Scott, welcome back. I'm back. So we're going to talk about preparing your children for generational wealth. Now, let's talk about wealth. Are you talking about money? Getting them set up with lots of money? What do you mean exactly?
Wealth is way deeper than money. Okay. The key is to not ruin your kids with wealth. See, here's the main thing I want to start off this with. Wealth is way more than money. Like it's generational wealth. It's generational values, generational relationships, generational mindsets and financial competencies. Do you have to prepare your kids, not just for your wealth, but for their own, how to create their own? How to multiply and steward yours, but how to create their own. And wealth is relationships. It's values being passed on. That's true wealth inside of a family. So wealth is way bigger than just money. Okay. But most people, the mistake is they think their job is to die with the highest net worth possible.
And they forget all the other critical pieces that actually stabilize future generations. The values, the relationships, the mindsets, the depth of connection, instilling all the right things in their kids. They don't know how to do those things. And so they think that the answer is just to build as high as a net worth as possible so that future generations are okay. Well, what they don't realize is an entitled kid will destroy your wealth. They'll just be destroyed. And an anxious kid, a victim mindset kid will be swallowed whole by your wealth.
You'll ruin them. See, this is why this is such a big deal. I love this conversation because I know lots of people that are rich that are actually poor. And I know lots of poor people that are actually rich. So a lot of people tie that to net worth all the time. But you can have lots of money and net worth, be absolutely poor in life and miserable. And I know lots of people that don't have a lot. but have incredibly rich lives. And so I think tying that all together is so important if you're going to pass this down for generations. And I know – or at least I won't speak for everybody else, but I'm pretty sure everybody in this room wants to be able to pass that down to our next generation. So is there – when you think of that –
Is there a foundation that you build on when you teach or coach families how to do that? What does that look like? Yeah.
Yeah. So let's start with this question.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:00–0:06
2
What is the true definition of generational wealth?
0:06–0:16
3
Why is speaking identity to your kids important?
0:16–0:46
4
What is the core word method for family values?
0:46–1:01
5
How can parents avoid ruining their children's financial future?
1:01–50:57
6
What are common money traumas that affect children?
50:57–51:42
7
How do money mindsets impact family dynamics?
51:42–52:42
8
What strategies can parents use to prevent entitlement in children?
52:42–1:40:16
Speakers
5 identifiedMore from Mind Pump: Raw Fitness Truth
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