Getting 4 Generations of Family Together – Episode 631

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[00:01] Welcome to the prosperity podcast Prosperity thinkers, welcome to the podcast today. We’re gonna be talking about four generations now You’re probably wondering what does four generations mean. It’s an exciting event in Kim’s world share what this Spectacular for generation thing is all about. Well, thank you so much. That’s a great word spectacular And you know, I think in today’s world we sometimes use those amazing incredible Spectacular words sometimes too much and so they’ve lost some of their meaning but this is really that times a hundred and it’s because I get to go to Oregon and be with my father who’s in his mid 80s and still working part-time He serves the local university for the student teachers and it’s just so awesome to continue to see his wisdom

[00:57] continue to be shared and then myself of course and Todd and our daughter Kaylee and her two children who are both under the age of two and I love that because Our two children were both very close in age and this is gonna be on our family farm there in Oregon Which is you know, you say that and that could mean anything but it’s 40 acres. It has cows It still does hey my dad has help with the farm and yet he still gets up and goes out and does chores every day He has a dog. He loves his life there My mom’s been gone for a long time and it’s just so awesome to see all the good that can occur in that space and you know, it’s interesting because Many people don’t have access to a place like a farm

[01:45] I actually heard three people three separate people the other day say they’ve never picked berries I’m like what? What do you mean? And Nancy was like, well, where would I pick them? Well, you go to a farm and you pick them But I guess you know not everybody gets that experience and thankfully farms are being brought into the cities these days So that’s my challenge to everybody go find a place where you can pick berries this summer It’s so fun when you were mentioning that like the four generations were together And you mentioned the two under two I immediately thought there’s gonna be some stained fingers and just berry juice everywhere Yes Absolutely and dirt and oh my gosh This is so good for these kids and thankfully they have a backyard and get to do some of that as well

[02:40] But yeah, there’s nothing like Oregon berries and fruit I mean the Willamette Valley is just known for that and so it will be a very special week and it should go on public record that many generations because you know siblings and nieces and nephews in our family do own life insurance and Utilize it for the awesome emergency slash opportunity fund that it is and I’m so so grateful Grateful for that Absolutely. There’s a couple of things to unpack in here some we’re gonna take related to the finance and Things of that nature and then I want to do a couple of things around Personal and that growth let’s go personal first. So I’m going to borrow this one from Dan Sullivan and you’ve known Dan Sullivan and for decades and decades and

[03:38] one thing that Dan does is that he Has surrounded himself when he was younger. He surrounded himself around people that were much older to get their wisdom Now that Dan is more aged we’re gonna say older because Dan’s gonna live to be in his hundreds Yep, Dan surrounds himself or at least is intentional to have some younger people around him to fuel the energy that in Innovation and those things so talk to us a little bit about the four generations because I imagine kids grandkids Grandkids not quite as much but we’ll get some wisdom. They’ll get some kindness and some love there and That will and your dad will get some Innovation and some life and energies put into him talked about it Oh, it’s so well said and I do know that Dan Sullivan still purposely invites a young person in their 20s to lunch

[04:36] Every month to have that very purposeful dedicated time to really learn from the thinking that goes on in a young person’s mind and So it is interesting, you know We talk about the mid 80s often as if those people are old and I just saw somebody from Shreveport, Louisiana celebrated her 110th Birthday recently and that’s going to be more and more common And so that’s why it’s so important that we as people in our world are Just getting older and older age-wise that they’re getting Older but not old and so I think that’s an awesome thing that my dad has really dived into and yes It’s easier on a farm. He’s forced to get up and go feed the cows every morning, etc but people in the city can find a way to do that too and

[05:29] Then that connection to the younger generation It’s so easy to be frustrated with their music irritated at the time they spent on their phones, etc, etc And yet I was actually just at a conference and there were people there in their early 20s that were you utilizing linkedin in a way that was so Amazing and they shared it and all of us that have lots of decades triple in business We’re all learning from them I mean, it was fabulous and of course they were learning for our wisdom and then when you hit those grandchildren that really young generation I Absolutely know without a shadow of a doubt and I know because I’ve seen the proof in so many young adult children that those young adult children were

[06:17] raised From the beginning of their life. I’m talking day one If you can’t do day one do day 30 if you can’t do day 30 do year one If you can’t do that do year seven like wherever you are When you start to remember that you are raising adults You’re not raising children You are raising adults to be financially competent to be disciplined and responsible and Figure out love and Be positive and learn how to take a breath and it’s so cool because if you’ll let yourself as a parent Learn along with them because we do learning in layers Which means that we need to relearn things sometimes or we need to learn the same thing a little deeper or whatever it is If you’ll let yourself as an adult raise that young adult and learn along with them and be

[07:21] Okay being wrong and be okay learning things from your charge You know literally whatever age they are you will get so much better results and We teach this inside our prosperity parents community where we are teaching those Two and three year olds how to be financially competent at a level. That’s age appropriate, of course Like literally, you know playing with coins Quarters and dimes and that kind of thing learning the whole idea of save spend and share learning the idea behind our three E’s the expectations and the earnings and The other capabilities that we have I won’t get into that too much but that expectation you can have Expectations for the one-year-old for the two-year-old for the three-year-old. It’s so

[08:16] Important that we Remember to do that and my dad raised my sister and I that way I raised the next generation that way and I am already seeing our daughter raise her Children that way and I am so grateful for it. Oh, I love it. You said it’s never Too early to start those things and it’s like anything else if The later you start it can be not always but it can be much harder But it doesn’t mean that it can’t be done Right, so and it can happen. It’s not only important to realize that it’s never too early to start It’s also never too late to start I have 50 and 60 year old people going through the curriculum inside prosperity parents and they’re saying oh my gosh I learned so much it was fabulous. So just having a learning open

[09:11] beginners mind Gets us such good results in our world Absolutely. Yeah, the other piece I was gonna cover on this on the four generations, which is financially related and it’s this that it is a meeting time a specific venue or specific calendar time Where you can get together as a family and as you’ve mentioned in various books You can set your values as you’ve mentioned in perpetual wealth, but it’s also the time if you have corporations You can have the official meetings. So talk about that I’m not sure if you’re you guys are doing that this time or you’ve done it other times Explain those dynamics here and give us a recap maybe Excellent yes, we do it every time and sometimes it’s super formal and lengthy and sometimes it’s crazy fast and informal

[10:06] But it’s so important to treat your family’s environment like a business and You do that monetarily you do that with structure and you’re right inside perpetual wealth We give some very specific ideas around that I would bring in Tom will write as a place to get some additional ideas for How to treat your family as a business structure, you know there’s a lot of people that are w-2 employees and they’ve never really thought entrepreneurially and there’s even families that Think the word business owner or entrepreneur or salesperson are all bad words negative words And you know Maybe it’s because they had an experience where their parents were entrepreneurs and the business was lost or whatever

[10:51] Yet in today’s world more importantly than ever that ownership Mentality that entrepreneurial mindset if you will is critical and so even as a w-2 employee having an ownership mentality of your own job and of the work that you’re doing and Then equally importantly applying that ownership mentality to your family and if you can Insert an LLC find a way to create even if it’s just a little bit of income so that you can take advantage of the Amazing things that are completely legitimate deductions for businesses and apply them to your family It’s also a bit of the family office type of thinking if you will So if you’d rather do some research around the family office structure as opposed to maybe the more LLC structure

[11:42] I mean, they’re really all one in the same But those are terms that you can Google and do some AI research with to Learn how to develop some amazing tax beneficial capability within the generations of your family documented done properly and Beneficial to both Generations or in this case all for it. Yeah, that’s perfect I think the good call to action that would work for listeners now is this if you’re Coming up on summer and the family is getting together. You happen to have generational Grab the book perpetual wealth. I’ve read it. It’s awesome If you’re looking to implement rapidly meaning you’ve got the family event coming up next week Send an email to hello at prosperity thinkers calm You’re going to get a human response back quickly

[12:41] Because that’s for podcast listeners and that way you can get some feedback on what to implement again Like starting out early or starting now is better than never Kim. We wish you the best We hope you get sticky fingers with berries. Enjoy your time with parent Kids grandkids and enjoy your time out there Thank you for listening to the prosperity podcast to take control of your money and have it work for you visit prosperity thinkers calm