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Passing on More Than Money
41 Plays1 day ago
Phillip Ramsey explores the concept of wealth transfer, urging listeners to prioritize core values, experiences, and charitable giving over mere financial assets. By focusing on these aspects, Phillip suggests families can empower future generations to independently build wealth and life satisfaction. He introduces an exercise to reframe how we view money and time, emphasizing their roles as investments in relationships and personal growth. This episode delves into understanding wealth in broader terms, offering insights into living an uncommon life by investing in meaningful connections and nurturing a legacy beyond financial inheritance.
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Transcript
Introduction to Uncommon Wealth
00:00:00
Speaker
Everyone dreams of living an uncommon life and the best asset you have to achieve your dreams is you. Welcome to the Uncommon Wealth Podcast.
00:00:12
Speaker
We're going to introduce you to people who are living uncommonly. We're also going to give you some tools and strategies for building wealth and for pursuing an uncommon path that is uniquely right for you.
The Role of Financial Advisors in Wealth Transfer
00:00:27
Speaker
Hello, everybody. Welcome to another episode of the Uncommon Wealth Podcast. where I'm your host, Philip Ramsey. Thanks for tuning in Today, i am super excited about this topic, and I hope you get excited about it as well.
00:00:38
Speaker
And then there's an application part of it. So it's kind of a simple step. It's kind of not. It's just kind of a whole general idea. ah But let me just kind of ah get you in the head of a financial advisor.
00:00:49
Speaker
So normally people really want to be around people when they're when they're changing jobs or changing, um maybe the wealth transfer is changing from one hand to the other hand, from one family to the other family.
00:01:03
Speaker
um And so a lot of advisors will try to hone in on one, maybe retirement. Hey, when you change from your job here and you're moving over to retirement, that's our that's our kind of focus. And they'll try to niche down their marketing strategy. And that's really just a marketing thing.
00:01:19
Speaker
But they they say that we're the best at helping workers transition to retirement. Okay, well, they're doing that because they feel like there's a lot of money exchanging right then. There's a lot of times where they can get their hands on it to manage it.
Beyond Money: Passing on Values
00:01:32
Speaker
um Another time when people are doing this is is calling wealth transfer. So like when one family, like maybe the Patreons of the family are transitioning and they wanna try to do some planning in order to hand that down to the next generation.
00:01:46
Speaker
which makes sense. There's a lot of money on the table. Well, financial advisors will will sit there and be like, hey, we'll help you with your estate planning. That's that's a lot of the times they're trying to get the keyword to estate planning.
00:01:57
Speaker
and And it's important for the record. It's very important. I really struggle with those advisors that just hona hone down into one thing. Although that's the kind of advice I give when somebody's starting a business is like niche down your marketing.
00:02:12
Speaker
That's a brilliant piece of information. I just really struggle with advisors going after one thing because they're just wanting high amounts of money to be able to come in to manage. So that's more of a personal problem, not yours. But so the reason why I think this is interesting is because when you think about wealth transfer and a lot of people and a lot of advisors help people just think about one thing.
00:02:35
Speaker
And what do you think that thing is? When I say wealth transfer, what do you think of? It's money. That's right. Like they are talking about how they can transition their money down to the next generation and maybe avoid probate or avoid paying as many taxes and all that stuff and and very important stuff.
00:02:53
Speaker
But I
Four Components of Wealth
00:02:54
Speaker
think an uncommon way to do this is way different. Like stop focusing on the money. So I'm going to help you with an exercise that I've helped a couple of my clients, actually a lot of our clients that are thinking about transferring their wealth to the next generation.
00:03:08
Speaker
This is the exercise that I help them do. All right, so get a piece of paper out. You have four things that you need to write down, okay? And we're going to pretend like there's only fourth there's four things to your wealth, okay?
00:03:19
Speaker
We're going to say the first thing is your core values, What do you believe in? Like that's important. Okay. So your first thing that just wrote down is core values. The second thing you're going to write down is your good and bad experiences.
00:03:34
Speaker
And if you think about yourself now, do you feel like the good things have made you who you are today or the bad things? I'm telling you for me, it's the bad things. Hey, just avoid these bad things and you should be fine. okay And I think that's part of my wealth.
00:03:48
Speaker
The experiences that I've lived, mainly, you know the good ones are awesome, but the bad ones are also memorable and it's helped shape me who I am. So those are the second thing, the good and bad experiences.
00:03:59
Speaker
Now we got two things on our list. We have our core values. We got the good and bad experiences. The third thing is how you serve others. So charitable giving could be one of those things.
00:04:10
Speaker
The other things is just your time. Like what do you put your time and resources into in order to really fulfill you? That's number three. So we have core values, good and bad experiences, and your charitable giving or the way you serve other people.
00:04:25
Speaker
And the fourth thing is money. Okay. Okay. we have those four things. If you could only transfer three of those to the next generation, what would those three things be?
00:04:37
Speaker
It's pretty telling. It would be your core values, your good and bad experiences, then your charitable, the way that you give your money, times, talents, and resources,
Empowering the Next Generation
00:04:46
Speaker
right? Those three things. And if you do a good job at that, like, I think that the next generation can build their own wealth.
00:04:56
Speaker
So I think what we should be doing as uncommon and an individual and thinking uncommonly is like, let's use our money to transfer those other three things to the next generation.
00:05:07
Speaker
And if we do this right, they can build their own wealth and we can watch them build it by giving them our core values and make sure that they can be empowered with their own core values. They might be a little bit different.
00:05:20
Speaker
Give them our bad experiences, our good experiences, help mentor them in that way. And the third thing is like, hey, this is what we really get passionate about. Like we love to serve God's people in his church. Or we love to go to the Animal Rescue League.
00:05:34
Speaker
Those things, right? And let's really do the good job and use our money now in order to pour into our family to really have them unlock those three things. Okay?
00:05:45
Speaker
Here's what happens when you do that. Your next generation probably won't need your money. Let's just start there. But guess what you're going to have more money to give to the next generation? It's their money. You're going to have more of your money to give to the next generation, or maybe not. Maybe it's maybe it's far less.
00:06:00
Speaker
But the money that they do get from you and your wealth transfer will be able to be poured in and more fuel on their fire to be able to then ignite that passion, to be able to then foster that care and move that down to the next generation.
00:06:15
Speaker
Pretty sweet, right? So our job as parents is to pour into our kids. I think my parents did a great job. Praise the Lord, by the way. Thank you. um But the next generation gets to do that to the next generation.
00:06:28
Speaker
That's where wealth will really start to multiply. And it won't just be financial. But newsflash, it'll also probably be financial.
00:06:39
Speaker
Because if you do this right on the first three, they'll understand who they are. They won't ever sacrifice their core values. And your bad experiences, you're like, hey, don't do this.
00:06:50
Speaker
Because if you don't do this, you'll probably have more money at the end of it, right? So you can just take your bad advice or take your your good advice and then your bad experiences and then learn from that. And then they'll be able to live in a mission that's bigger than
Intentional Family Activities for Core Values
00:07:02
Speaker
them.
00:07:02
Speaker
Pretty awesome, in my opinion. Okay. So all that to being said, i just think this concept is so powerful when you can get around the right people and see what they come up with. Like, hey, I'm going to take my family on an annual trip and then we're going to be super intentional with with talking through some of these core values, right?
00:07:23
Speaker
I've had such an amazing opportunity to be able to walk through some of those families with that. Oh, you guys, it's like one of my favorite things. Talking through those things, having conversations that you just wouldn't have, maybe having a facilitator there could be helpful. If you have no idea, call me because we can, i got I got some ideas for you.
00:07:43
Speaker
But that's a really fun thing to do. But also other people have way better ideas than I have. Hey, we're going to do this or we're going to that. Or, hey, we're going to serve on New Year's Eve at the homeless shelter. And then afterwards, we're going to do this, this, and that and make people understand the gift that we get just being together and just having a roof over our head.
00:08:02
Speaker
That is like, just that's so powerful in my opinion. So, so that's, that's kind of where this this thought process went. So now, you know, all of Phillip's like, i don't know, behind the curtain, if you will, behind the scenes for Phillip.
00:08:16
Speaker
So then I started thinking about, Just every different things that we do. And this is me preaching to myself. So um we're coming up, this will be probably aired a little after spring break, but we're coming up on spring break for us. um This is shot um before spring break in 2025.
00:08:35
Speaker
And sometimes I struggle with thinking about spending money on things that are just going to be like poof gone, right? Yeah. And what a foolish thing, because I would totally say that you're investing in your family, you're doing all these things, but sometimes like you know reality hits and you're just like, all right, this is going to be expensive. And then I was like, what if I thought about every dollar that goes out of my pocket as an investment?
00:09:00
Speaker
That changes my whole paradigm for me. Right? So now instead of going on vacation, we have to spend money going on vacation and we get the opportunity to invest in my family and think through those things like core values, good and bad experiences, having those together. Maybe if we get in a car accident or whatever, Lord help us. I hope it doesn't, but Having those moments where you can really grow as a family is an investment.
00:09:24
Speaker
And I would argue one of the best investments that I can give to my family. It's just spending time going to do things. We're going out to Gulf Shores, Alabama. um We're driving because my wife hates to fly. Quite honestly, it's super expensive to fly. So I couldn't justify the investment of flying.
00:09:43
Speaker
um So thinking about just every dollar that goes out of your wallet or your debit card or your bank, And think about it as an investment. So if you're going to lunch with a friend, it's an investment, right? It's an investment that you're investing in the other person, or maybe they're pouring into you.
00:10:00
Speaker
Maybe you can pay for their lunch. ah um So, but it's an investment. It's an investment. and And I would say even like just grooming your dog, it's an investment, right? You you care for that little creature.
00:10:11
Speaker
It's an investment. um Now, if there's things that you're putting your money in and you can't somehow justify, like this is and there's no investment here. my challenge would do you would be like, is it worth paying for then?
00:10:23
Speaker
ah You can throw in like, well, utilities is an investment. Yeah, well, lights on my house is pretty, it's an investment for me. ah Netflix could be an investment, ah might not be a wise investment. So you might have to really check your core values to see if that's going to be something that we keep doing. But I feel like when you start looking at your dollars and going out and looking at it as an investment, there's a paradigm shift for me.
00:10:46
Speaker
And it helps me put it into an uncommon perspective that I think is valuable.
Time as a Crucial Investment
00:10:52
Speaker
All right. So that's that. The other thing is your time is an investment.
00:10:58
Speaker
And I would maybe argue that this is the most valuable investment that you can give is your time. Taking your dad or your your daughter out on ah on ah on a walk. Maybe there is no money involved.
00:11:10
Speaker
Maybe there's no money investment. There's time investment. Super valuable. ah Pouring into your wife. Pouring into your significant other. Pouring into your dog. um But there's time spent and it's valuable.
00:11:23
Speaker
And so everything that we do, i think I'm going to start trying to challenge myself to start to think of things as an investment. And then I'm going to start really analyzing are the things that I'm investing in matching up to my core values?
00:11:40
Speaker
Which then brings me back to, am I doing a good job today? pouring into my children to give them my most valuable asset. It's not the money.
00:11:52
Speaker
It's my core values. It's my good and my really bad experiences. It's the things I wish would have done. And then it's my, the things that we just pour, pour into like our church.
00:12:07
Speaker
We just had 20 kids over yesterday And we played flag football in the backyard. My wife and I fed them. Mainly my wife cooked for them. I picked up, did some dishes afterwards, got to play flag football with some kids.
00:12:22
Speaker
And my kids, I just got to watch and observe my kids taking people's plates in, running around, throwing footballs with them, giving them high fives. Like to me, I was like, man, that was really fulfilling yesterday.
00:12:37
Speaker
Also exhausting, but super fulfilling. So I know I'm rambling, but I think this is a valuable lesson. When you're talking about trying to live an uncommon life is look at your wealth as layers and look at your dollars as investments and your time.
00:12:58
Speaker
And I think that what you're gonna see is a very clear picture of something you get excited about or a life you get to live and you get the opportunity to live it or you get an opportunity to change things pretty quickly.
00:13:13
Speaker
All right. I've said enough. Thank you for listening. You've been listening to the Uncommon Wealth Podcast. Until next time, go think of your life as an investment. You are far more valuable here, pouring into other people to help them grow just a legacy of their own.
00:13:30
Speaker
Thanks for listening. Until next time. That's all for this episode brought to you by Uncommon Wealth Partners. Be sure to visit UncommonWealth.com to learn more about our services.
00:13:42
Speaker
Don't miss an episode as we introduce you to inspiring people who are actively pursuing an uncommon life.