What Does It Mean: “Becoming the One?”
I’ve been reflecting on a phrase from Ed Mylett’s book The Power of One More. He observes that in successful families, there was usually a person who rose up and accepted the mantle to “become the one” that would change the trajectory of the family tree.
If you’re a first-generation wealth builder, I imagine there’s an aspect of this thought that resonates with you. Many lessons are learned the hard way, but it is an incredible privilege (and calling) to serve as a definitive pivot in the future of your family line.
We do a great deal of work with first-generation wealth clients, but we also get to work with second and third-generation wealth holders. Sometimes, it’s our clients’ own children.
I’ve always felt it was an interesting snapshot into the future for me personally. How does wealth affect each generation that receives it?
The first generation is formed by very different experiences, challenging and pressurizing them on their climb to financial success. What happens to a second (and third and…) generation that grows up with far more peace–but also far more opportunity?
Accepting the Challenge of Becoming the One
This is a conversation I’ve been having more and more frequently these days with our clients. We have the privilege of helping many families who would be considered high net worth. You’ve become financially prosperous, but what lies beyond that?
If you’re reading this today and are a first-generation wealth builder, I would encourage you to accept Ed’s challenge. Consider how your financial strength translates to a positive influence in the lives of your family and community. For me, this looks like answering a few significant questions.
Breaking Generational Vices
More money doesn’t make us better people. If we’re not careful, we can gravitate back towards the vices that have marked our families and communities for generations. What are these for you? What will it take to say, “This ends with me?” Conquer your dragons and leave them your inheritance.
Defining Your “Family Brand”
We’ve been working through a program called Family Brand by Chris and Melissa Smith. I wish I had found this years ago when our kids were younger. It’s a strong curriculum for families to establish common answers to questions like, “What do we want to be known for?” Conversations like these give us an amazing context to invite our kids into the discussion and carve out the values we want our family to be known for.
What Mission Fuels Our Passion?
One last thought–”becoming the one” is of little to no value if it’s a self-focused endeavor. For us and for generations that follow, we build strength so we can help others who need it. If you want to become the one to change the DNA of your family identity, you need to be impact driven. That might be in financial generosity. That might be in personally serving in nonprofits or in the context of friendships. Whatever it is, make sure your Why pulls you to better the lives of others.
Why Is a Financial Planner Talking About This?
I’ve always tried to share from a place of authenticity in my work with our clients. Money is morally neutral. Its impact on us and our families is not.
We want you to be as financially successful and free as possible, but we also want to work with clients who use that wealth to impact their families and communities.
If that’s your passion, your financial plan is one of the best places to cast your vision. It’s your turn to Envizion More for your family–not just materially, but in fulfillment and purpose. We’re here to help you design and fund the life you want to live.