Think Generational Wealth
English
Welcome to the Think Generational Wealth podcast. Where I discuss current topics regarding generational wealth and personal finance. The goal of this podcast is to inspire you on beginning your journey of financial independence.
I grew up not being financially educated as mis padres (my parents) came to America in the early 1980's to escape the hardship in Haiti at the time. As many other millennials born to these parents, many of us were not educated pass beyond putting money in the bank in return would give you low return rates.
I made it my mission to study on how money works and actually implement what I have learned and hopefully inspire many others to begin their journey on financial freedom.
Spanish
Bienvenido al podcast Think Generational Wealth. Donde discuto temas de actualidad relacionados con la riqueza generacional y las finanzas personales. El objetivo de este episodio del podcast es inspirar a usted en el inicio de su viaje de independencia financiera.
Crecí sin educación financiera ya que mis padres vinieron a América a principios de 1980 para escapar de las dificultades en Haití en ese momento. Como muchos otros millennials nacidos de estos padres, muchos de nosotros no fuimos educados pasar más allá de poner dinero en el banco a cambio le daría bajas tasas de retorno.
Hice mi misión de estudiar sobre cómo funciona el dinero y en realidad poner en práctica lo que he aprendido y espero inspirar a muchos otros a comenzar su viaje en la libertad financiera.
Portuguese (Braizilan)
Bem-vindo ao podcast Think Generational Wealth. Nele, discuto tópicos atuais sobre riqueza geracional e finanças pessoais. O objetivo deste episódio do podcast é inspirá-lo a iniciar sua jornada de independência financeira.
Cresci sem educação financeira, pois meus pais vieram para os Estados Unidos no início da década de 1980 para escapar das dificuldades do Haiti na época. Assim como muitos outros millennials nascidos desses pais, muitos de nós não recebemos educação além do que colocar dinheiro no banco e, em troca, obter taxas de retorno baixas.
Tornei minha missão estudar como o dinheiro funciona e implementar de fato o que aprendi e, com sorte, inspirar muitas outras pessoas a iniciar sua jornada rumo à liberdade financeira.
Think Generational Wealth
Ep 116: The Independence Gift Over Inheritance Debate
What if the greatest gift you could give your children isn't money, but independence? Inspired by Jackie Chan's audacious decision to donate his $400 million fortune to charity instead of passing it down to his children, this episode of the Think Generation of Wealth Podcast invites you to ponder the true legacy of wealth. Join me, Amir Estimo, as I recount a thought-provoking conversation with my wife on the controversial idea of not leaving an inheritance. Together, we explore how this radical approach could reshape family dynamics and challenge our preconceived notions about generational wealth.
In this first segment of a compelling two-part series, we unravel Jackie Chan's bold parenting philosophy against the backdrop of his complex relationships with his children. Through this narrative, we delve into the broader implications of wealth distribution in families and its impact on future generations. Tune in to this episode if you're a parent contemplating your legacy or simply fascinated by the unexpected decisions of celebrities. Get ready to question deeply held beliefs and consider the powerful role of self-sufficiency in securing a lasting legacy.
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Related Episodes
- Ep 113: The Power of Land Ownership: A Key to Generational Wealth
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- Ep 78: Whatever You Want Is The Other Side Of Hard
- Ep 77: How You Can Fix Your Own Credit With Five Simple Steps
This podcast is sponsored by Starvelle Talent Group. Our goal is to help the culture build Wealth Assets Prosperity. We appreciate you taking the time to listen to this episode and share the content if you find value.
Welcome to the Think Generation of Wealth Podcast, and this is episode number 116. I am your host, amir Estimo. I appreciate you listening in today's podcast episode because we have a wonderful show for you today, probably a wonderful topic, and we will dive in in a minute, but before we do that, first of all I'd like to say I appreciate you taking the time to listen to this podcast episode. As this podcast, you could be doing anything in this world, but the fact that you're listening to today's podcast episode is much appreciated. Second of all, this podcast episode is brought to you by Starville Talent Group. Okay, now let's dive into today's podcast episode. So, today's podcast episode. I think it's an interesting topic. This kind of goes different from what we're accustomed to with this podcast.
Speaker 1:The podcast is called Think Generation of Wealth, obviously. So Think Generation. Of course, this is about you know generational wealth, and not just some. You know anything in assets, but it's also, and I would say probably, mindset and mentality teaching. So emphasis, vamos a the symbols, like they say, let's get started.
Speaker 1:So, because for me, I was looking at a, a topic, I was like actually trying to find some content for the podcast, and I came across something. And I came across and the headline says jackie chen says he won't pass down 400 million fortune to his son if he's capable. So I said okay, well, I dived in and read about it and basically jackie chan said I'm not leaving nothing for my son, I'm gonna leave this money for charity, wow. And I said hmm. So my wife was sitting there and I said me and my wife was sitting there and I said me and my wife had a discussion. It was an interesting discussion because she says I agree, I was like you agree, huh, what do you mean? And she says no, I'm not leaving nothing for my kids. And I said, well, I mean, that's the whole premise of us. If you have kids, you know, if you have kids, you want to be able to leave them something. And I mean her reasoning was she had some really good points, but I thought what I thought is I thought was funny because I said man, you know that's that's not. You know it gave me something to think about. Was funny because I said man, you know that's that's not. You know it gave me something to think about.
Speaker 1:And I come here and I say this because we this is going to be a two part episode. So I'm going to talk a little bit about this and then, after that next week's episode, we're going to dive in more into, like, the analytics of it. So I'm a I'm a data net, I'm a data guy by nature, so we're going to dive into the analytics of it. So I'm a, I'm a data net, I'm a data guy by nature, so we're going to dive into the analytics of this. Um, so when her and I got her and I had this discussion and I said to myself I said, man, I wonder how many other people think like this, thinks like this. And I said, you know what, let's dive in. This would be a great topic for the podcast. So first of all, let's take a read. So this is from RepublicWorldcom and it says Jackie Chan says he won't pass down 400 million fortune to his son. If he's capable, jackie Chan plans on leaving nothing behind for his kids from his massive Hollywood fortune. He also builds his argument in favor of this harsh decision.
Speaker 1:Jackie Chan has a rather strong stance when it comes to the topic of parenting. The actor's unstable relationship with his two children that's key there is known to the public owing to multiple negative statements the sibling duo has made against their father over the years. Chan recently said that he does not plan on listing his son as a recipient of his hefty Hollywood-earned fortune. So here's three things you need to know 1. Jackie Chen's estimated net worth clocks in at $400 million. 2. Chen has two children, jc Chen, 40, and Etta NG. Chong Lam recently claimed that her father, jackie Chan, has abandoned her. Okay, and it goes on, says Jackie Chan does not plan on passing his fortune to his son, jc Chan.
Speaker 1:Jc Chan has been rather vocal about his displeasure with how his son, jackie Chan, has been rather vocal about his displeasure with how his son, jc Chan, turned out. In an interview with the International Publication, the actor revealed how he believes that JC Chan has no discipline, in addition to not knowing how to hold a respectful conversation. He also made clear that, as and when the actor will pass away, his son will have no chance of inheriting his fortune. So the actor elaborated that his children have him as a father, unlike other people who have to fight their own battles. The 69-year-old actor has relayed how he would rather give away his money to charity as opposed to pass it on to his son. Money to charity as opposed to pass it on to his son. He said if he's capable, he can make his own money. If he is not, then he will. He will be just wasting mine. Wow, that's powerful right there and goes on to again uh, jackie chan wants his children to make their own fortunes.
Speaker 1:In an excerpt from his autobiography Never Grown Up, the karate kid actor recalls how he never bought a first plane ticket for his son, although the actor himself flies first class. Explaining his logic, the actor shared how his family, his children, simply have the opportunity to fly first class because they are his children. He instead has always tried to ensure that they sit in economy. However, his attentions have inadvertently gets bumped up to first class. His son has always inadvertently gets bumped up to first class, okay, by virtue of traveling with him.
Speaker 1:Jackie's son, jc Chan, is a musician and a actor, not having made his mark as such in either field. Now it talks about the daughter Etta. In Chong Lam claims Jackie Chan abandoned her. In Chong Lam is Jackie Chan's estranged daughter. The two have a strained relationship since her birth as she was conceived as a result of the actor's extramarital affair. So we're not going to get too much into that. Obviously, you know that's something else.
Speaker 1:Ok, but anyways, I saw two things like the two things to take away here. Okay, one of course, we see that he does not have a good relationship with his kids either, or, but it looks like with his son. He may be a little bit more closer to his son than the daughter. So the interesting thing he says is his children need to learn how to make their own money, otherwise they will be wasting his. They got to be capable. So capable not learned, but capable is if you can work, if you can walk, talk, listen, run, you can go make some money on your own. So the interesting part in this, what I found interesting was is the fact that this is, this is a. He's probably not the only one. Like I said, my wife felt the same way, not in the sense that she's not, she doesn't have a relationship with our kids, but she does our kids, but she does the. Her mindset is is that if I have to work hard, i'ma teach you, but then you have to go work hard and make your own.
Speaker 1:Okay, now here's another example. So we have so that's jackie chan, we have aaron spelling, um, and, and if you can google, it says that Aaron Spelling left his wife, candy the majority of his estate, which was estimated to be worth 500 million. Uh, I don't remember when he died. Let me see when he passed away. It looks like he passed away a while back ago, um, yeah, whatever years ago, um, but it says the majority of his Aaron Spelling's estate went to his wife, candy Spelling, after he died of whatever in 2006. And he left his daughter, tori, with nothing. And the reason he didn't if you guys remember the show man Rose Plays 90210, growing up, that's you know that's early 90s show. Aaron Spelling was the creator of those content. He died in 2006. He left his daughter, tori Spelling, with nothing, and one of the reasons why he didn't leave her with anything is because she was not financially responsible.
Speaker 1:There's another thing Shaq, shack, shack not leaving his kids. He's saying it's my money, not their money, and another one. So, as we can see, the theme here is we see Jackie, we see Aaron, and even shack has made mention of not leaving any wealth for his kids and they have to go learn or capable of making their own money, and I agree, I agree. Um, I think for me is, if the kids don't understand financial education, they will not, even if you were to leave them a dollar, that dollar will be a penny later on, because the kids today especially don't really take into account for tomorrow. So if you work hard and, of course, then generational wealth, you work hard and you leave your wealth and your kid just spends it. Where? At what point we are going to stop the generational curse? Because me even me, coming from Haitian descendant I don't have a father that had four hundred million dollars of net worth.
Speaker 1:But one thing I can say is my parents did not teach me that much about money. They always told me you need to save money, but they didn't tell me this is how you go make money besides going to get a job. So growing up it was you go to go to graduate high school, you go to college, get a good job, buy a house and then that's it. But as you get older, you start to learn more and more. Yes, that's one part you can do that if you want, but that's not the entire of how wealth is developed and born and made. So you as a person who you build all this wealth, and then your kids, who are not, you know, they may be trust fund babies. They don't have an understanding how money works and then they take your money or take your wealth and spend it. All that does is keep the generational curse going and going and going.
Speaker 1:I believe you can get them a head start if they are financially and they are mature enough to deal with that. But if they are not, because when you look at these headlines you say, man, you know, leaving your kids nothing. But when you read the context you say, you know what? I agree, you got to be able to teach your kids to be responsible financially. Even as adults, we struggle with that. We struggle with not being financially capable ourselves. I think there's statistics we'll talk about this where 49 or 51% of the US don't even have $1,000 in their account Emergency. Let's say they needed $1,000 right now they don't have it 51%. There's another statistic that even if you make $100K, you're still struggling. People who are not making $100K are getting bumped down to almost middle class, and now the middle class is probably going to be that's not even going to be a thing. It's either high wealth or nothing.
Speaker 1:So I thought that was interesting because if you work hard, I just wonder how many people agree with Jackie Chan. Now we got two separate instances. So we see that he has a daughter they don't have a relationship, doesn't look like he was in their life and then his son. They don't have a good relationship themselves, and the things he talked about was respect, capability, leaving money, leaving net worth, his net worth for charity. So if you make your money now, let's say, my question is is that, does everybody feel that way? Now, what if you do have a good relationship with your children and you still feel that way? What makes you feel? Is it because, hey, I work hard for this and they're not going to appreciate it? Hard for this? And if they're not going to appreciate it? Or is it that, hey, if I'm gonna teach you how to make this money or how, not even because, let's say, your father could be an actor but you're an engineer, so not, the making part is not the fake, it's how to grow and keep your wealth. How does that happen? So I'm interested to see how many people feel this way about this topic.
Speaker 1:But today's episode, again, it's a two-part. We're going to talk about next week, we're going to dive in more into the numbers and then after that. But today's episode was more of an awareness and to really make you think, after going over this with Jackie Chin, aaron Spelling are they in the right and if you feel they are in the right? Or, let's say, they're in the wrong? If they're in the wrong, why are they in the wrong? But if they're in the right, why do you feel they're in the right? Okay, all right. So, uh, thank you for tuning in today's podcast episode.
Speaker 1:If you liked more content like this, you can subscribe to the podcast episode, which is going to drop every Wednesday 6 AM, central standard time. Also, if you want to learn about land, you can check out my YouTube channel ideal land properties that's. That's the company that I'm associated with, and if you have land to sell or you want to learn about land, you can subscribe to the YouTube channel. Also, too, if you are someone who is looking to transition your career, you can follow me on LinkedIn. My company, starville Talent Group. We specialize in placing company with talent with business to fulfill their needs. So if you're a business owner, you're a small business, whatever you are, and you're looking for talent, we can assist with that. Or if you're someone that's looking to transition into any of the careers of engineering, technology and science. You can reach out to us and we can also help out with that. All right, thank you again. Much love Next week, peace.