The Power of Generational Wealth

It's More Than Dollars and Cents

Gerald C Grant III, Jr. Gerald C Grant

• Publisher: G&G Enterprises of Miami, Incorporated
• Year: 2020
• ISBN:
  9780982645338
• Edition: 1
• Topic: Personal Development
• Subtopic: Personal Finance

No matter where you start on the journey of building wealth or how wealthy you end up, when it's all said and done, whatever you've accumulated will be left behind. What better legacy can you leave behind than the power of generational wealth? Unfortunately, it's not always as easy as just leaving everything behind.

Gerald, Jr. has helped many people take the necessary steps needed to create financial wealth with his first book Bold Moves to Creating Financial Wealth. Now, this father and son book is designed to help those people get to the next level in order to successfully pass their wealth on for generations and generations to come.

The Power of Generational Wealth will...

• Help you define what wealth means to you
• Expose the myths about generational wealth
• Help you establish a strong foundation to build and maintain wealth
• Show why having a plan to transfer your wealth is so important
• Identify who should be on your board of advisors
• Give you tips on how to implement and execute your plan

“The Grants have written a stimulating book that cannot be ignored by anyone who wants to truly understand why the wealthy get wealthier. Concisely written in a step by step fashion, The Power of Generational Wealth invites the reader to first ponder the concepts of a “Generational Wealth Plan”. Through clever use of examples, personal experiences, and business research, the Grants provide a blueprint that not only encompasses laying the foundation of your plan but takes it to the next level by instructing the reader in building, implementing, executing and troubleshooting your plan!

Rudy Saldivar

ProAdvisors Coach, Master Coach

U.S. Naval Academy, Annapolis, BS
University of Notre Dame, MBA

The Power of
Generational Wealth™

The Power of
Generational Wealth™

by

Gerald Grant Jr. MBA
&
Gerald Grant III MBA

G & G ENTERPRISES OF MIAMI, INC.

G&G Enterprises of Miami, Inc. is not owned by, operated by, affiliated with, and does not conduct the business of, Equitable Advisors, LLC (Equitable Financial Advisors in MI & TN), Equitable Network, LLC (Equitable Network Insurance Agency of California, LLC) or any of their affiliates. The Power of Generational Wealth is a registered Trademark of Gerald Grant, Jr and Gerald Grant III.

This book is for general informational purposes only, and no part of this text should be considered or relied upon as investment, tax, accounting or legal advice. You should seek the services and counsel of your own tax, legal and other applicable professionals before proceeding with any course of action. Investing involves risk, including loss of principal invested. Equitable Advisors, LLC (Equitable Financial Advisors in MI & TN) and its affiliates do not provide tax, accounting or legal advice and make no representation as to the accuracy or completeness of any such statements, statistics, data, or opinions provided herein.

PPG-151654(06/20)(exp.06/23)

Copyright © 2020 All rights reserved.

No part of this book may be reproduced, stored in a retrieval system or transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of the publisher.

Published by:

G & G ENTERPRISES OF MIAMI, INC.

P.O. Box 566567

Miami, FL 33256-6567

[phone]

ISBN: 978-0-9826453-2-1

ISBN Ebook: 978-0-9826453-3-8

Library of Congress of Congress Control Number 2020904001

Printed in the United States of America

Contents

The Power of Generational Wealth™

Acknowledgments

To The Readers

Introduction

1 Defining Wealth

2 Misconceptions about Generational Wealth

3 The Foundation

4 Have a Plan

5 Who Should Be on Your Team?

6 What Should Be in Your Plan?

7 Implementing the Plan

8 Executing the Plan

9 Blind Spots- The Effects of Not Planning

Final Thoughts

About The Authors

Acknowledgments

We would like to thank our colleagues and friends for their continued support on our journey of writing this book.

We must thank Rochelle Adger, Robert Roots, and Simone Ruiz for their efforts and assistance with editing and proofing this book. Also, thank you to Reyna Noriega for designing the book cover.

Special thanks to David Karr, Carlos Dias, Rich Campe, Rudy Saldivar, Nat Moore, Jason Dummert, Eric Johnson, Jeff VanderLann, Joe Petry, Sheldon Thomas, Tim Maguire and J. Christopher Noonan for their input and recommended changes to the book.

Without all of your support and assistance through numerous drafts of editing, proofing, and rewriting, we couldn’t have done it.

To The Readers…

Thank you for taking the time to read this book. We truly believe we are in a time that this information is more important than ever. We believe this book will have an impact on your life and on the lives of everyone who takes the time to open it and indulge in the content. If, after reading, you feel it has impacted your life, we encourage you to share this book with a friend or two, so they too can experience the power of generational wealth.

Introduction

No matter where you start on the journey of building wealth or how wealthy you end up, when it’s all said and done, whatever you’ve accumulated will be left behind. What better legacy can you leave behind than the power of generational wealth? When it comes to wealth, it is a tale of the haves, and the have nots. For the most part, the wealthy get wealthier, and the less fortunate remain less fortunate. But what is it that sets the two apart?

The wealthy understand what it takes to build and maintain wealth, and they pass that knowledge on to the next generation. They teach their children how to be good stewards of money. They put them in the best schools and help them get the best jobs. They help them start businesses, and they help them buy their first homes. They work to ensure the financial independence of their children at an early age.

On the other hand, those who are financially less fortunate remain that way because there was no prior generation from which to inherit wealth, and they often lack the tools and knowledge necessary to build their own wealth. They live paycheck to paycheck, so their children don’t learn how to grow their money. They can’t help with a home purchase or a business startup. Their children get little help traveling their path.

Unfortunately, we cannot choose what situation we are birthed into. The reality is the path on which we start our journey can have a tremendous impact on how our lives unfold and where we end up. So, what can we do to alter our situation and smooth the path for our children and their children? We can develop a new mindset. Regardless of the financial situation we were born into, we all have one thing in common: at some point we are no longer going to be here on this earth. No matter where you start on the journey of building wealth or how wealthy you end up, when it’s all said and done, whatever you’ve accumulated will be left behind. What better legacy can you leave behind than the power of generational wealth?

I had the pleasure of writing my first book, Bold Moves to Creating Financial Wealth, which teaches basic financial literacy.1 It was a joy to watch the transformation as people went from living paycheck to paycheck to living a life of abundance. Clients were able to retire with dignity. They were able to help their children go to college, get married, and have families of their own. Many of these clients struggled for many years to become financially secure and accrue assets that they could leave for their children. Unfortunately, I have also seen their legacy squandered because of the lack of discipline and financial literacy in their children. It takes a great amount of self-discipline and financial knowledge to live within your means. It does not matter how much money someone inherits. If they have not been taught how to maintain and build it, they can spend it faster than it took you to build it.

As a parent, I can relate to how many of my clients feel. We want our children to have the things that as children our parents may not have been in a financial position to give us. There is, though, a fine line between helping our children and making them dependent on our support. The power of generational wealth comes from understanding how to build wealth and understanding the importance of equipping the next generation to effectively receive and build upon the wealth being transferred. Transferring assets to the next generation is easy, but transferring wealth that lasts for generations takes a lot more effort. Just because you know how to build wealth doesn’t mean that the next generation has the same level of knowledge and skills. It doesn’t matter how much wealth you accumulate and pass on. If the next generation doesn’t learn how to maintain and grow it, it will soon all be squandered. Understanding that wealth is more than dollars and cents is critical to building wealth that will last for generations.

Many of us spend our whole lives in pursuit of the American dream of achieving wealth and happiness. We work hard to build up a nest egg and provide a quality of life for ourselves and our families. We go through years of discipline, commitment and sacrifice to obtain wealth, but what happens when we are gone? Well, one thing is certain: we can’t take our success and fortune with us. However, just because we can’t take it with us doesn’t mean that our we...

Table of contents

• The_Power_of_Generational_Wealth2