The Power of Generational Wealth: It's More Than Dollars and Cents

By Gerald C Grant III and Jr. Gerald C Grant

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

• Language: English
• Publisher: G&G Enterprises of Miami, Incorporated
• Release date: Jul 13, 2020
• ISBN: 9780982645338

Gerald C Grant III

Growing up in Miami, FL with a father who was a financial planner and a mother who was an accountant, finance and numbers seemed to come easy to Gerald. At a very young age, Gerald began going on appointments with his father to see clients on the weekends not really understanding what was going on. As he got older, in high school and in college, he interned during the summers and really started to get a feel for the kind of impact financial professionals can make on the lives of their clients. Prior to going the business, Gerald attended Hampton University, where he obtained his Bachelor's and Master's degree in Business Administration. After a brief stent in Corporate America Gerald decided it was time to pick up where he left off and join forces with his father again. Being a product of the power of generational wealth, Gerald is enthusiastically embracing his father's legacy, while defining my very own. Gerald is committed to helping his clients reach their financial goals, working primarily with business owners, families and professionals. He believes in a full-service educational approach that includes financial strategies for asset accumulation, allocation and protection; as well as business, estate and retirement planning. Gerald currently holds the FINRA Series 7 and 66 securities registration and is licensed to offer life and health insurance and annuities. Gerald is currently involved with several organizations in the South Florida community. Gerald is a member of the 100 Black Men of South Florida and serves as a Co-Chair of the Executive Committee for LINC of the United Way of Miami-Dade. In his free time Gerald enjoys traveling, sports, and spending time with his wife, Chanel, family and friends.

Book preview

The Power of Generational Wealth is an excellent step by step guide to building and understanding wealth for yourself, your family, and for future generations. The Grants’ wisdom, insight and practical knowledge make it a must read for anyone interested in building lasting wealth. Whether you are just beginning the journey, or, you are well down the path, the easy to follow and step by step guidance will empower you to create family wealth for generations to come.

David W. Karr

Equitable, Senior Executive Director

& Head of Wealth Management

The book takes complex material and presents it in a clear, helpful, relatable way. As a longtime financial practitioner with various industry licenses & professional designations, I found it most beneficial as a father! We don’t spend enough energy passing down to the next generation the ideas of a healthy financial mindset, values, and habits. This book gives parents, teachers, and mentors a framework to help do that!

Jason Dummert, CFP®, CLU®

Equitable, Executive Vice President,

Carolinas-Eastern Region

Things I wish someone had told me when I was young, so I am telling my kids now.

Jeff VanderLaan

Campus Ministries, Chief Operating Officer

"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