My mom and dad weren't rich people to start with and, even though they've had wealth at different times during their life, they still aren't rich today. My parents are "rich in life" or view money as "a means to provide happiness, not the source of happiness". I can grasp that kind of thinking and admire and respect it. I look at my parents and think back on all the good times we had because they weren't reluctant to use their money to do things where others would have stored it away and deprived themselves of the immediate satisfaction that they could have had.
Time steals away opportunities. With three kids that were each growing up faster than they could have imagined, the chance to do meaningful things in life was fleeting. So my parents took the money they had made and, instead of buying stocks, real estate, or some other investment, they invested in us kids to form lasting, meaningful memories. My dad truly held this philosophy and knew exactly what he was doing. It was no mistake that he didn't value money as much as what joy it could bring.
In my dad's mind, he worked enough that he could make ends meet. The rest of the time was spent enjoying life. He could have worked more, brought in more money, and tried to grow his small business into a large business, but he instead stopped when his cup was full and didn't go on to try for more.
I had a good childhood. My dad and mom taught me a lot of things about what's truly important in this world. If you can't enjoy life because of something you're doing, then reevaluate whatever it is you're doing and change it to enjoy life. Life, with all its complexity, purposes, and meaning is inevitably short.
Now, I'm almost thirty, I have started my own family and now recognize how fast life travels when you're watching your children grow up before your eyes, and I'm doing some serious evaluation about finances. I'm still watching and learning from my parents. I read about money constantly, I converse with friends about investments, and I sit and listen to my pastor tell me that Jesus spoke about money more than any other subject during his ministry. I'm impressed with the message that money is continually important to making this life enjoyable.
Besides feeling the ticking clock of my own life, I see that my parents' life has not gone quite as they might have hoped. They recently hit hard times, like most people in America, and have lost their house. My dad's business shriveled until he couldn't stand sitting idly anymore. He finally took his chances without it and it blew away the moment the next breeze came. He bought an RV, fixed it up, sold as many personal possessions as he could, threw the rest in storage, and left to travel the country with my mom. Right now, they're doing whatever work they can find easily to generate some survival money.
As I said, I'm still learning from my parents. My observation is that they've hit difficult times and must somehow find a financial answer to their uncertain future. I'm not naive--I know for a fact that this life always turns in unexpected directions and that many of those surprises are not welcome. For instance, my mom and dad started working a seasonal job to generate income to sustain their standard of living. In the midst of working, my dad twisted his knee and couldn't go on working for several days. This took him out of action and stopped a planned chunk of money from flowing.
I can anticipate that my dad will get better and he'll eventually be back in action. However, as he and my mom get older, we can all expect them to start slowing down--to begin having health problems as they approach the end of their lives. Yes, it's sad and terrible to think of, but it's the one thing that every human being has in common: we all die. Therefore, it's terrible, but realistic and essential to think about.
If my mom or dad has a health problem that requires hospitalization, their plan for minimalist existence and small expenses is out the window. Now, there are medical bills that will damn them fiscally for the foreseeable future. How can a person expect to lift themselves out of debt incurred by a failing body when he cannot rely on that body to make him money any longer? It is grasping at wind. Futile, in the end.
It is then that my parents will need to turn to others for help--no matter how ashamed they may feel, it is a part of life to once again descend into being dependent--only this time, it's without the promise of future independence and exciting freedom (in this life anyway). Some are gifted with a quick and sweet release from this life, but many are not so lucky--many must cope with the reality of relying on others for financial needs and even physical needs.
My dad used to tell me that his retirement plan was his kids. His kids would grow up, get good educations, become successful, and then support him. He was always saying it as a joke, but there was truth in what he said. My dad invested by taking care of his kids. He wanted the best life he could give us. He took great pains to make sure we had all the opportunities he didn't, he made sure we were provided with whatever cool stuff he could give us in exchange for pulling good grades, and he always bragged on our achievements. He did this because he was proud of us and loved us--not because he actually was planning on losing his independence someday and being forced to rely on his kids for his care.
My dad didn't spare anything for himself in the end. He doesn't have a 401k, he never contributed to a pension, and he never made his money work for him. He always worked for his money and his money evaporated like some immaterial substance. Now, even though he hasn't truly met with it yet, he is heading down a path that will take him to a financial vacuum in his final years. Unless something occurs to fill that vacuum, he and my mom will be left with nothing when the need comes.
As I mentioned, my dad's investment was made in his kids. Out of the three of us, the odds were good that one of us would become successful enough to support him and my mom in their old age. I'm fairly sure he never dreamed of making this bet, but it exists nonetheless. We kids are my dad's diversified retirement plan--whether he knows it or not.
This is all to say that I have a personal goal, set in place by my own will, to generate enough wealth that I can not only sustain a high standard of living for my family and me, but also to generate enough that I can support my parents. My financial goal is to become a multi-millionaire at as young an age as possible.
In generation to generation, I believe there should be advancement. I believe that my dad's generation provided its kids with a foundation that began where they left off. Their kids could then go on to build a foundation for their kids and so on. Each successive foundation of advancement should progressively elevate the successive generation to new heights and achievements. This is not the case in reality. Most people fail to provide a foundation for their kids or the kids who were provided a foundation reject it and start over. But for me, I believe I am standing on a firm foundation from my parents and that I can make a better foundation for my kids.
Generational wealth is my goal, in which each generation is provided with the tools and foundation to build greater wealth. My parents gave me a set of priorities, an ethic for education and work, and a foundation to spring from. My goal is to envelop them in my success, to build a great and enjoyable life for me and my family, and to put in place a solid foundation for my children to continue building what I and my parents began.
I will be chronicling my progress toward these goals here. I'll meet with difficulties, I will find success, and I'll share the challenges I've already encountered. The road is rocky and difficult when rising to meet obstacles and enforcing self-discipline. Generating long-lasting wealth is not easy (if it were, everyone would do it). And making a difference in this tiny vapor of a life is particularly skill intensive. However, with all that I have learned, all that I will learn, and all the help of friends, family, and my God, I can do these things. Heck, if God wills it, I can do all things.
This is the Generational Wealth Tycoon blog. This is where I will confide in you and share with you whatever wisdom I can glean about financial wealth building and maybe even a little about life's lessons. Join me and we'll help each other to achieve great things in this life. Thanks for reading my financial thoughts.
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