The Cash Rich Exit Podcast: Son of a Millionaire! Path, Purpose, & Responsibility with Vincent Valeri

Son of a Millionaire! Path, Purpose, & Responsibility with Vincent Valeri

Sep 4, 2018

Vincent Valeri is a Family Business Consultant and Coach with Legacy Capitals, a consultancy firm with trusted advisors, family leadership coaches, and consultants for wealthy families. He holds a master’s degree in management and has worked with several large banks and financial institutes throughout his career. He has first-hand experience with growing up in a multinational family business and utilizes his experience as well as education to help his clients reach their goals and build their legacies.

Vincent joins me today to share his experience as the son of a millionaire and how it has impacted his life and career. He explains how his father’s decision to sell the family business impacted his motivation, sense of purpose, and their father-son relationship as well as his definition of success. He also explains the five “capital areas” self-made millionaires and wealthy families should focus on to prevent wealth destruction.

“The goal of the family - for wealth and continuity - should be the highest level of pursuit for each individual’s happiness in the family.” - Vincent Valeri

Today on I’m A Millionaire...So Now What?:

How growing up in a family business impacted his life and career.
How parenting techniques may impact a child’s sense of entitlement.
Why he felt “cheated” when his father sold the family business.
How his father’s decision to sell allowed him to find his true purpose.
How it impacted his relationship with his father.
How his definition of success evolved from this experience.
The impact of stereotypes and misconceptions regarding wealthy families.
The five “capital areas” wealthy families need to focus on.
How family businesses impacts family dynamics and individuality.
How focusing exclusively on financial wealth can often compound worries for wealthy families.
The two main reasons for wealth destruction.
What legacy planning is and how it impacts the entire family.
What it means to adopt a first generation mindset.
The difference between being rich and being wealthy.

Vincent Valeri’s Fun, Frank Advice for Self-Made Millionaires & Wealthy Families:

Don’t be naive to think that having financial richness itself will allow for family harmony and continuity. Money alone will not solve all of your problems.
The action that we have to take as humans - as family members, as wealth creators - is we really have to be intentional with what we want. Be intentional about the legacy you want.

Resources Mentioned:

RBC’s Wealth Transfer Report 2017

Connect with Vincent Valeri:

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