13 min listen
Robert Balentine - Three Principles for Enduring Wealth and Legacy
Robert Balentine - Three Principles for Enduring Wealth and Legacy
ratings:
Length:
47 minutes
Released:
Nov 4, 2021
Format:
Podcast episode
Description
Tune in to hear:- The old American adage of “shirtsleeves to shirtsleeves in three generations” seems to be an enduring sentiment across many other cultures. Why is it such a tricky thing to sustain wealth across multiple generations and what can be done to remedy this?- Why is pointing the finger at the third generation an overly reductive approach? What could the first generation do differently to help sustain their wealth legacy?- For those who want to leave a financial gift to future generations, how can we overcome this found money / “house money” effect. How can we make it feel more tangible, real and earned?- How can families with means teach their kids the attitudinal aspects of wealth preservation, like thrift and scarcity? Do they have to impose limitations where there are few or is there another way to do so?- In his book, he encourages people to not mistake their wealth with their legacy. What exactly did he mean by this?- Why is it important to distinguish between your business, or personal practice, and the business of your family?- How does a margin of safety look different for an entrepreneur vs. an investor in capital markets?- How can we see the world through the eyes of our grandchildren and great-grandchildren when we’ve never met them? Also, how can we avoid our natural tendency to scapegoat the upcoming generation for our problems?- How can we begin to overcome the great amount of wealth inequality in our nation?- How can one think through charitable giving, that actually moves the needle, with their clients?www.firstgenerationwealth.comwww.balentine.comCompliance Code: 2778-OAS-11/1/2021
Released:
Nov 4, 2021
Format:
Podcast episode
Titles in the series (100)
Humankind's Greatest GIft Is Also Its Greatest Liability: If bees organize by innate mandate and chimps through tight-knit social interactions, the miracle of human ascendance in the animal kingdom owes to a penchant for behaving in accordance with social narratives. To put it bluntly, we act as if the stories we make up are real. As Harari writes in the magisterial Sapiens, “As far as we know, only Sapiens can talk about entire kinds of entities that they have never seen, touched or smelled.” A monkey can say, “There is a caribou by the river” but could never communicate that, “The caribou by the river is the spiritual guardian of our city.” This ability to communicate about the unreal allows us to create all manner of social structures that help bring about predictable human behavior and that reliably breed trust. The State of Alabama, the Catholic church, the Constitution of the United States of America, the inalienable civil rights of man: none of these things are “real” in the by Standard Deviations with Dr. Daniel Crosby