Generational Wealth: How to Preserve and Grow Your Money
The greatest generational wealth transfer in history is currently taking place. In the upcoming years, trillions of dollars and assets will be passed from baby boomers to later generations. Real Vision’s Haley Draznin is joined by Mike Boyd, an Australian expat living in Singapore who specializes in the world of multi-generational wealth creation, family enterprise, and family office investing. Generational wealth typically doesn’t surpass the third generation, but Boyd discusses how to set up a value system of wealth that focuses on making decisions for long-term success. Filmed February 22, 2020.
Key Learnings: 80% of generationally wealthy families are experiencing wealth for the first time. Investing in things like a family constitution, having intentional family meetings, developing stewardship, and establishing a family governance system will help create more sustainable means for future generations.