Preview Mode Links will not work in preview mode

Each week on “I’m a Millionaire, So Now What?”, Colleen O’Connell-Campbell, Wealth Advisor at RBC Dominion Securities, delivers inspirational stories and practical advice to self-made millionaires and wealthy families. With a focus on financial planning and wealth management strategies, Colleen and her guests cover the critical issues that truly matter to you, including succession strategies, family business governance tips, how to cope with fundraiser fatigue, finding your purpose after losing your family business, and much more.

Sep 4, 2018

There is a global phenomenon occurring regarding the transition of wealth from one generation to the next and building lasting legacies. Statistics show that successful the success of wealth transition begins “dropping off” after the second generation - and by the fifth generation, most once-successful businesses and wealthy families no longer exist or no longer have the wealth they once had to continue passing it to their heirs.

 

On today’s episode, I’m exploring the global phenomenon of the “shirtsleeves to shirtsleeves” curse and why many self-made millionaires struggle with avoiding this “three generation curse.” I discuss several research studies and statistics regarding the success rate of building a lasting legacy and how proper financial literacy and planning impact your family’s wealth transition success. I also share tips on how you can begin to properly plan your succession plan and things you should consider during the planning phase.

 

 

“The statistics are bleak when it comes to creating lasting legacies for families with wealth.” - Colleen O’Connell-Campbell

 

 

 

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

 

  • The global phenomenon regarding wealth transitioning and building lasting legacies.
  • Statistics regarding the survival rate of family-owned businesses and family legacies beyond the second generation.
  • Research study results conducted by RBC in 2017 regarding generational inheritance assets available and the preparedness of asset givers and receivers.
  • The impact that financial literacy has on an heir’s preparedness to receive wealth.
  • The top 4 concerns expressed by affluent parents regarding transitioning their wealth to their children.

 

 

My Top 5 Tips to Prepare Your Children for Lasting Legacies:

 

  1. Get clear about what is important to you - your values.
  2. Start young, start early. Resist the urge to give your children everything they want. Create a system to teach them - age-appropriately - how to spend, save, and share.
  3. Use giving and philanthropy as a springboard.
  4. Assign roles and responsibilities. Hold each person accountable for the completion of their assigned tasks.
  5. Be curious about the next generation’s passions.

 

 

Subscribe to the I Am A Millionaire, So Now What Podcast!

Thanks for joining us for this episode of I Am A Millionaire, So Now What Podcast - the show bringing you inspirational stories, practical strategies, and fun, frank advice for self-made millionaires and wealthy families. If you enjoyed this episode, please subscribe to the show on iTunes and leave a positive review. Don’t forget to share your favorite episodes with other wealthy families and self-made millionaires on social media!