Building a Family Bank The Key to a Lasting Financial Legacy

there are three dimensions of what I call authentic or true wealth and I would say well maybe you stole that from them maybe in your effort to uh make life easy for them because it was so hard for you uh you uh robbed them you stole from them the ability to uh overcome challenge there wasn't a millionaire left in the bunch it was all gone it should have been worth billions by then in fact his grandson said it has left me with nothing to hope for nothing definite to seek or strike for inherited wealth has been a real handicap to happiness whoa in my company three-dimensional wealth um we believe it's more important that values are understood before the assets are valued then they can be brought into balance and Harmony to provide ever increasing results so I'm Doug Andrew and I've been a financial strategist and retirement planning specialist now for five decades helping thousands of people uh optimize assets minimize taxes and Empower what I call their authentic wealth which is more than just the money so the secret I think to uh our success is that we approach things from a holistic uh view in other words uh this is about three dimensions instead of just one and I learned this early in my career as I began to meet with many very successful people many of them multi-millionaires and even billionaires and uh they would come in and often I would ask them so how did you create this wealth this Empire uh and U tell me your story most of the time they would say oh Doug um yeah I went from rag to riches I was raised uh after the Great Depression and my parents uh taught me uh the value of work I went out and and picked cherries for two cents a pound I delivered newspapers and and earned a nickel for a week on every newspaper a customer and so forth man I have worked so hard throughout my life um my kids will never have to work as hard as I did well uh those same people would come in 20 30 years later in retirement and I'd say how's how how's it life going and many times they would be a little bit downtrodden um forlorn and they'd say Doug I don't know uh what's wrong with our kids and now we're grandkids they don't even know how to work and I would say well maybe you stole that from them maybe in your effort to uh make life easy easy for them because it was so hard for you uh you uh robbed them you stole from them the ability to uh overcome challenges you always said what made a man out of you is how you had to overcome the setbacks and challenges and then you thought you were doing your kids and grandkids a favor by avoiding all of those hardships and just giving them handouts when maybe you could have been there to give him a hand up but not a hand out and now you're wondering why they're in around saying mom dad will you pay for can I have when do I get my share and so this is what we call entitlement and it's what motivated me to write this book entitlement abolition it's a 200 Page book because these people would say Doug how do I abolish or get rid of this entitlement mindset uh where my kids and my grandkids now uh they they were sort of born on uh third base and and grew up thinking they hit a triple and uh I don't know how to cure this entitlement mindset they're waiting around to get their share mom and dad went uh and it's me me me and so that's why the subtitle of this book is how to lead your family from me to we together we are better and there's all kinds of stories of families that U uh money actually ended up hindering or hurting them than helping them and uh there are two families that I actually tell the stories in the book I don't endorse these families by any means but it's the it's the Vanderbilt family and the Rothchild family uh because Cornelius Vanderbilt was like the Bill Gates or Elon Musk of his time he died in 1877 and um he didn't leave behind much to charity in fact less than 1% of the $105 million Fortune uh to uh a philanthropic cause Central University which became Vanderbilt University do you know it took 96 years until um 100 20 of his descendants gathered together at Vanderbilt University for their first family reunion there wasn't a millionaire left in the bunch it was all gone it should have been worth billions by then in fact his grandson said it has left me with nothing to hope for and nothing definite to seek or strike for inherited wealth has been a real handicap to happiness whoa and so we call this shirt sleeves to shirt sleeves in three generations uh uh by the third generation uh going to the fourth they were rolling up their shirt sleeves having to work again and the fourth generation in the Vanderbilt family were like what now we're one of them we have to work ah yeah it's tough to cure that attitude now um Abraham Lincoln said the worst thing you can do for those you love is the things they can do for themselves uh Robert Frost said every affluent father wishes he KN he knew how to give his sons the hardship that made him rich but we don't want to see our kids suffer and and we make the mistakes that then of of of bailing them out rescuing them and uh giving them handouts no we want to be there to give them a hand up not a hand out it's sort of like if you help out a butterfly as it's beginning to emerge in the measure of his full creation as a mon Monarch out of the chrysis uh it will die uh when we see our kids struggling it's tempting to help them out we don't want them to die you want to be there to assist or give them a hand up but don't give them hand out and so this is uh where you want to be able to capture the wisdom the knowledge the attitude the skills and the habits to pass on how to fish to your kids and grandkids instead of just dumping a bunch of fish in their lap so that they'll be self-reliant to be captains of their own soul to handle any curved ball life throws at them now in uh my book entitlement abolition uh I contrast the Vanderbilt family with the Rothschild's family again I don't endorse these families by any means but uh mayor amshel Rothchild died in 1812 and he built a banking Dynasty in Europe and uh they had several children and among them five uh excuse me four sons that that they um would assign to European capitals they would communicate back and forth with homing pigeons uh when to buy and want to sell the point is this when mayor amshel rild died he didn't leave behind um uh an inheritance or an entitlement he left behind a system I call it a family bank now it's not a Chartered Bank it's it's a concept ual bank it's a repository uh but he left behind the knowledge attitude skills and habits which uh if you take the first letters of those four words knowledge attitude skills and habits it spells the acronym K I would rather leave behind the K than the C how to fish instead of dumping fish in their lap now now then I'll feed them for a lifetime that's what uh the Rothchilds did so they had three rules U they loan their heirs money if they needed help with the colleag education or or to start a business and and the loan had to be P paid back to the family bank with a nominal interest rate uh you could go into a joint venture you could buy out uh the family Bank share but it wasn't just uh oh you're just part of the family so you get this uh or your loan is Forgiven no this is the real world uh the second rule is the the the knowledge and experiences that those airs gained good and bad had to be recorded and shared with other family members or you're out of the loop you you learned from others in the family okay the third rule is you had to gather together as a family to Rea reaffirm your virtues and intentions uh we call it the true wealth philosophy what do you stand for what do you want to give uh back to Society for what charitable causes uh if you did not do that you were out of the loop the point is this guess what happened to the Rothschild's wealth it grew and compounded whereas the Vanderbilt Fortune um dissipated and disappeared and so that's why uh we believe it's more important that values are understood see the Rothchild made sure the values were understood before the assets were valued uh with the Vanderbilts uh it was just carved up and dumped in their lap and unfortunately a lot of uh people wealthy people they go to an attorney and uh the first thing the attorney asks them once they find out their net worth is well how many kids have you got CU what are they going to start doing divided it up that's the number one rule if you want to destroy divide and conquer no but it's it's it's what we call the 4ds they they start dividing up the assets when the husband and wife are are are gone uh chunk chunk chunk chunk is divided up and then sometimes they try to defer Thinking by postponing their saving tax or something and then get then it gets dumped on ill-prepared airs and then it dissipates wealth is transferred Without A system that Fosters responsibility and accountability uh we focus on four Ps instead of 4ds we want to preserve protect perpetuate and ower okay those uh that we care about in our family and so we set up what I call a family bank and this is where the knowledge attitude skills and habits and the money the financial resources are deposited but you can loan your Air's money they can pay it back uh with interest if they need help with a college education or to start a business or to develop real estate or to purchase their first home but it's not a a handout and so you you uh teach them responsibility and accountability if they can't pay back with money then they work it off they mol lons they paint they shampoo carpets and this is what my wife and I did with our six children this has been the secret so uh this is a three-dimensional approach this is like a three-legged stool and uh uh so many people go through life and they're wobbling uh on one leg of the stool money money money many uh spend uh their their Health accumulating their wealth later in life they're spending all their wealth trying to regain that health or they accumulate their financial wealth at expensive relationships with their spouse their kids or their grandkids or their God and and they always on their deathbed uh are saying what was all this for this money I have 5 million I have 10 million but uh my kids haven't come around for years uh my divor my wife uh divorced me years ago I'm bankrupt in the foundational assets the relationships my health uh my my beliefs my values over here my wisdom and and and everything nobody cares uh be because I was focused so much on the money now some people are focused so much on their bodybuilding uh that they ignore everything else and they they suffer with their marriage and their relationships with others because they're so focused on winning the awards uh for bodybuilding or what have you you have to have balance so when people say Doug what is it that you do sometimes I say well I take the wobble out of people's life what I'm talking about is if you're uh wobbling on one leg of this three-legged stool you need to get balanced in all three of these dimensions and it begins by understanding what your values are and aligning all of your uh uh planning to making sure that you are balanced and you clearly State your purpose before you start valuing the assets and how you're going to try to pass them on to Future Generations is this making sense well this is what motivated me to write the book entitlement abolition because a lot of these wealthy successful people uh would tell me uh that um their kids that they thought were they were helping uh were just hovering around waiting to get their share okay Mom Dad will you pay for can I have when do I get my share and so they developed an entitlement mindset and so I wrote this book to help them understand how to um abolish that entitlement mindset how to take your family lead your family from the front from me me me to we together we're better how to set up a trust that is based upon equal opportunity rules of governance instead of equal distribution and uh there's a lot of insights in this book that will help you understand how you can um help those that you care about instead of hindering them by uh teaching responsibility and accountability I teach you how to gamify that and teach it strongly how to have family vacations with a purpose how to have an annual uh grandparents Camp which is one of our favorite things that we do every single summer for our 17 grandkids it's a game changer so if you would like to learn more about what I'm talking about um I'll tell you what this is a 200 Page book it retails on Amazon for 20 bucks plus shipping if you go there and purchase it thank you but um I'll give you a copy absolutely free simply go to entitlement abolition docomo and you contribute a nominal amount towards a shipping and handling I require some skin in the game just like I do my own kids okay I'll cover the rest of that but I'll pay for the book I'll fire out a hard copy to you uh via priority mail now while you're in there claiming your free copy if You' like to listen and learn or watch and learn there's options there for that uh there's also a bundle where you can also uh combine these two together and you can get uh my financial book which also incorporates the strategies here and uh this is a a bundle this is uh called the laser fund and there are 62 actual client stories in here of how we help families uh parents uh teach their kids and grandkids responsibility and accountability with money okay and so uh claim your free copies of these book uh these books if you want simply a copy of this one go to laser fun.com but uh this is really about you and your brighter future but hopefully you get a little bit of taste here of why we believe it's more important that the uh values that you you cherish are understood and you pass those on to Future Generations uh than it is uh be the assets and valuing them and trying to make sure that uh the money uh is maximized as it goes down to your kids CU you know may you may be hurting them more than helping them if it's not done in the right way so claim your free copy and while you're in there if you want to chat with one of our um incredible uh professionals that can help you optimize all three dimensions and help you uh uh minimize taxes over here in this Dimension uh you can reach out and set an appointment uh with these professionals that I oversee so this is to you and your brighter future oh

As found on YouTube

Learn More