Explore the Power of Generational Wealth and its Impact
Please enjoy this transcript of the Crown Yourself Podcast, with your host, transformational story coach, Kimberly Spencer (@Kimberly.Spencer)
In this episode of the Crown Yourself podcast, host Kimberly Spencer explores the concept of generational wealth and its importance. She shares personal experiences and reflections on the topic, as well as insights from an interview with Billy Carson. The episode aims to inspire listeners to think about their own wealth and how they can plan for future generations. Kimberly emphasizes the significance of breaking generational patterns and changing the DNA of financial generations. She encourages listeners to imagine the financial legacy they want to create and how it can positively impact their children, grandchildren, and beyond.
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TRANSCRIPT
Kimberly Spencer (00:00:00) - Hello, my fellow sovereigns. After a resplendent birthday weekend. I am so excited to be back with you for another episode on the Crown Yourself podcast. Holy moly. This episode we discovered in the backlogs of our Someday One Day file and I was like, OMG, I could not think of a better episode to kick off a new trip around the sun with you. Then this episode. This concept of generational wealth has been an obsession of mine for the past year as we have and this episode is totally transparent. This was recorded before we found our house before we manifested our house before we moved. And like it was literally fresh recorded way before any of that. And still these practices and principles of abundance and thought and the questions that I'm asking in this episode, I am just so excited that we found it so that I could bring it forth to you so that you can put these concepts into practice for your own generational wealth. I mean, I go on to say in the podcast that 75% of generational wealth is lost by the second generation and 90% is lost by the third.
Kimberly Spencer (00:01:26) - And when as entrepreneurs, we are building something to leave a legacy. And I don't think we want that legacy to have a 25% potential survival rate of being passed on to our grandchildren. That's bananas. So I hope that the concepts, ideas, and ways of thinking and ways of also teaching your future generations and if you're not a parent, this also applies to how you want your wealth, your abundance, what it is that you create in this world to be passed down, to be passed along so that we all grow together and literally change the abundance DNA of our world. This is a concept I don't take lightly, obviously. So let's dive into the episode. I am so honored to share another trip around the sun with you as we all grow in building a legacy of generational wealth that ripples forth not just for our families but into the world beyond those that we birth. I am so excited to be here for this conversation with you. I cannot wait to hear your thoughts on this episode after. Let's dive in.
Kimberly Spencer (00:02:41) - Hey there, my fellow Sovereigns. Before we dive into the episode today, I wanted to give you a heads-up on something new and really exciting that we are doing because I love learning and I know that you value growth and development as much as I do. And because of that, I want to continue to support your growth, curiosity, personal, mental, spiritual, and human development and ignite that fire of creation and development that's inside of you. So in every episode, we are including supplemental reading recommendations. So if there is an episode that is particularly catching your curiosity, if you want to discover more, if you want to go deeper on this subject, every episode will include books that I have either read or am currently reading that I think could offer you a deeper perspective on this topic. So if this episode ignites your curiosity, then definitely scroll down below in the description and click the links for the additional supplemental reading. And now let's go to the show. Welcome to the Crown Yourself podcast, where together we build your empire and transform your subconscious stories about what's possible for your business, body, and life.
Kimberly Spencer (00:04:11) - I'm your host, Kimberly Spencer, founder of Crown Yourself and I'm a master mindset coach, bestselling author, and TEDx speaker, known to my clients as a game changer. Each week you get the conscious leadership strategies you need to help you reign with courage, clarity, and confidence so that you too can make the income and impact you deserve. Imagine this podcast as your royal invitation to step into your full potential and reign in your divine purpose. Your sovereignty starts here and your reign is now. Hello, my fellow sovereigns. I am so honored to be here with you today as we dive into generational wealth. So let's take a hot second to shower ourselves with some gratitude for choosing content that uplifts, inspires champions, and challenges you to grow and to grow. One of my favorite things is your money. And not just for you, for other people, for future generations. I was watching Gaia, which is one of the few networks that I watch on TV. I found that as a parent of a new child who is not completely walking, talking, or doing all the things, there's more TV watching than I do.
Kimberly Spencer (00:05:26) - And that Spike has done, especially because he's been more the stay-at-home dad in that space that has been there's been more TV watching that than typically happens but we're there with Colton sleeping literally on our chest or he'll fall asleep when we feed him. And then the rule of thumb is you never wake a sleepy sleeping baby. So I was so happy that before Colton was born, I got the guy a network. And that app has literally blown my mind in so many different ways. I was watching this interview with Billy Carson, who is this amazing man, and I'm going to link to one of his books in the description because it's so good. It's a beast of a book, but it's all about wealth. And he's an African-American man. He was talking about generational wealth and how the elite, the rich, rich, the 1% of the 1%, don't just plan for where their next paycheck is going to go like Jeff Bezos isn't planning for where he's going to spend his next million dollar paycheck for this year.
Kimberly Spencer (00:06:25) - He's not like, Oh, I'm going to go spend the weekend in Vegas or something. He is planning like the elites, the 1% of the 1% plan for generational wealth. They plan for at least 5 to 10 generations of How can that wealth grow beyond. Now, when I heard that, it blew my mind because not only this is a very timely conversation for me but I just lost three people. I lost my dad, I lost my nana, and I lost my aunt. And to give you a little background on my family, my dad grew up incredibly poor, like dirt poor, one of six boys. And he was the fourth child within three years for my grandma on that side. And so he always got hand-me-downs, super, super poor. And he grew his business with my mom, even while being addicted to a very successful business in Los Angeles. And on the other side, on my mom's side, my Nana went through the Great Depression, and prior to the Great Depression, she was very, very wealthy.
Kimberly Spencer (00:07:39) - And then they lost everything. Everything. And that experience changed who she was. She went from nice, really nice cars and furs and things like that. All the fancy stuff that they wore back in the 20s and to, to like nothing to like her mom having to schlep two kids around while her dad went off to a different state to try to find work because there was none to her, my nana. And those lessons that she went through as a child stayed with her because even to the end of her life, whenever we went out to a restaurant with my nana, she would save everything that was on the table. If there was bread that was left like that, that would be going home in a takeaway box, everything she would take. And so looking at this concept of generational wealth and I say this because I'm not a financial advisor, I am just speaking from a space of personal understanding and personal awareness. I'm giving no professional advice on this, but if the 1% of the 1% are planning for 5 to 10 generations of wealth, how can we think with the same amount of vision? For our own family, for our own future generations.
Kimberly Spencer (00:09:02) - Now, I understand that so many believe it. The last time I heard the studies was that 50% of Americans live paycheck to paycheck. And I don't even know what that study is. Now, after these past two years of the pandemic and with the job losses and business losses and whatnot, I would assume that it is higher. But that is my assumption. And looking at that, how do you plan for generational wealth? How do you really start thinking from that space of what are you leaving for your future generations? This podcast, I don't want this to be about financial strategies because as I said, I'm not a financial planner, but having now gone through the the process of looking at what my grandma is leaving behind, what my family is, you know, my dad and my my aunt have left behind and what how that will be passed on to my kids and what I want to pass on to my kids and to their kids and to the future generations that I will be having. Looking at that, how do I want to leave this world for my children? And if you're a parent, I really hope that this podcast speaks to you, because learning this shifted my entire perception of wealth.
Kimberly Spencer (00:10:27) - I have been growing my business for the past five years. It's done very well. I'm very excited about what these next few years hold for us. And yet, looking at the past, most of my financial goals have been motivated by one thing me and my children, like me and my children, and supporting my family as is as a mother in this present generation. This time, I did not literally until I heard Billy Carson speak on this, perceive what I could be building for my grandchildren, and my great-grandchildren, the legacy that I could actually leave behind financially for them from what I am building today. So take a moment and just think what would you like to leave as a legacy for three generations from now? What if you were able to build and create enough financial wealth not only for your lifetime but also to give something to your children and your grandchildren and their children? The reason why this is so powerful for me and this hit me so hard when I heard Billy Carson speak on this is Billy Carson, as I mentioned, is an African-American man.
Kimberly Spencer (00:12:00) - And there is DNA, genetic evidence that shows that the five generations within five generations there is trauma, including financial trauma, including financial stress, is encoded into the DNA. This is what Dr. Valerie Raine spoke on about patriarchal stress disorder and the study of the mice. And that even after three generations, these mice have have not did not receive an electric shock when they smelled rosebuds, they still reacted with the same tension, the same fear, with the same scarcity. Well, the same is true for any sort of trauma that we may be passing on to our children. And that is why the power of when we do our own healing, we are not only healing ourselves, we are not only hearing healing the last line of the generational line, but we are healing all those that come after us as well. We are healing that genetic DNA, the actual encoding of our DNA. And within five generations, that fear of poverty, scarcity, whatever whatnot, can be eliminated if we start now and start building that generational wealth.
Kimberly Spencer (00:13:20) - So this comes down to how do we think how do we shift our thinking to focus on a vision that is that big, like so many visionary entrepreneurs, because that's who I work with, are the visionaries are visioning for their lifetime and for maybe their kids. But five generations, if the 1% of the 1% are envisioning their legacy, their financial legacy of how the world will be shifted by their children, children, children's children, children's children, children's children for 5 to 10 generations of how they can shape and reshape and change the world. Then how can we start thinking like that? How can we start embracing a new financial reality that is beyond our present circumstances? And now I know if you are listening to this and you are struggling financially and you're looking at paycheck to paycheck, I have been there. I know exactly what that feels like. I know the struggle of looking at a bank account that has a negative and an overdraft fee on top of that. And I know the pain of what that looks like of saying like financial, generational wealth, like I can't even fathom, you know, rent is coming from for next month.
Kimberly Spencer (00:14:38) - Like, I get that and I hear you. And so with that, I'm going to pose a question. Obviously, that is not a place where you want to stay. Nor is it a place that you have to stay. I was able to move from that space as well. So if you want to become that vibrational match for more, that vibrational match for. Whatever it is that you're looking to receive, manifest, or create in your life, then change and shift your thinking from being on paying your rent to just allowing yourself to dance in the curiosity and the possibility with your own thoughts and imagination as to what would your life look like? How would you be showing up for your life for this next month when you don't know how to pay your rent next month? If you were also thinking of how the wealth that you're building now, and the money that you're receiving now is going to impact your grandchildren. Just go a couple of generations just allowing that thought process so that it goes beyond you because the ego loves to turn our attention onto us, onto you or me Like and I say me as in like, my ego likes to turn it on me.
Kimberly Spencer (00:16:08) - Your ego likes to turn on you to focus on the immediate, the reactionary, the danger, the present circumstances, the short-term wins, fears, losses, stuff in essence, versus faith and vision and the universe and manifestation requires you to look beyond the present circumstances of the present reality that you're currently living in, to the imaginative possibility of what could be possible beyond that. So, for example, if you're looking at struggling to pay rent this next month and I don't know where my next client is going to come from, all those thoughts and you're in that space and you're like, How do I start thinking of generational wealth? Well, then starting to ask, Well, if after I make rent this month because I will find a way, it will happen. We're going to make sales. I'm going to start reaching out. I'm going to do those things that I know I should be doing to generate income. I will do whatever it takes to generate X, Y, and Z rent this month, just as you have energetically every month for the past months.
Kimberly Spencer (00:17:23) - Looking at that and then asking yourself a new question, ask yourself what will I do once I start receiving a little bit more than just the bare minimum, then what will I do beyond that? And then allow yourself to think, okay, could I put 5% away? So for example, I was working with one of my clients who was struggling with the money coming in, and money going out. So she had just enough always to cover rent and her expenses and maybe a dinner or two out with her husband. And I follow the profit-first model in my business and in my personal life. And that model changed everything for us back in 2020. And that's how I doubled my business in 2020. That is how we will continue to grow 150% in 2021. Despite the fact that I was not operating on all cylinders. I had a maternity leave, I lost my dad and I lost my aunt and my nana. So I had basically one good quarter where I was operating on all cylinders. And the other three, I felt like I had my hands tied behind my back.
Kimberly Spencer (00:18:31) - So I give myself a little grace for last year for not doubling or tripling. And that's okay. So I was speaking with my client about looking at what percentage could you leave and why. I like using percentages in the profit-first models because in the profit-first model, instead of putting like $50 away into a savings account sometimes and I know this from having been there, you don't have $50 like there's no $50 that you can put like that $50 is going to rent or to your utilities or to food. But if you could put a percentage away, just a percentage. And it's one of the concepts it's talked about in Tony Robbins, Money Master The Game, which is a fantastic book. I'll leave it in the description below as we do multiple different book recommendations if you want to expand on this topic of money and generational wealth, If you just put away a percentage, just commit to a percentage even if it's 5%, 2%, 1%, 15%, whatever it is, you can look at your budget and like look at what you've been spending and perhaps there is some wiggle room in there for you to put away.
Kimberly Spencer (00:19:37) - Just a percentage. The reason why I say the percentage is because when you start growing into other incomes, especially if you've had an if you're a solopreneur, if you are just starting your business and you have had that income fluctuation that sometimes happens of like one month, you have your ten k months and then the next month you have A1K month and you're like, What the F? If you're putting, if you're saving, Oh, I'm going to put away a thousand. Every month. Well, if you have A1K per month, you ain't putting away $1,000. That thousand dollars is going to something else. But if you're saying I'm going to put away a percentage, then when you say hit a ten k month, you put away 10% and that's $1,000. And when you have A1K month, then you put away $100 and then you figure out how to get out of a one month and go to A2K at least. But then with percentages, it allows you to fluctuate an ebb and flow based on what is actually coming in versus having a fixed dollar amount.
Kimberly Spencer (00:20:38) - That's just why I like percentages. And with that, she started to actually save money when I said just, you know what? If you just put away a percentage, what percentage would you be able to commit to? And she committed to putting away just 5%. Well, after a couple of months, she had a little bit actually in savings. She had a little bit where she was able to see wealth grow. And there is something that physiologically happens. And I know because this happened for me because I used to be paycheck to paycheck, I used to be when I first started growing Crown Yourself back in 2016, I would receive money, I would receive big clients, and then I would somehow get more bills and then I would somehow have this tax bill and then I would have this thing come in and suddenly I'd be like, Why am I back at where I started? And I'd have to pay credit card debt. And because, y'all know, I was in like $40,000 worth of credit card debt.
Kimberly Spencer (00:21:32) - And looking at that, once I started shifting and saying, you know, I'm going to shift my mindset because it's a mindset shift. First shifted my mindset from focusing on debt and paying off bills to building wealth, building money, and having money in savings. Then that started to change my perception and I started to see money grow. And so when you look at something grow, when you look at something expand, what you appreciate appreciates, and you look at the growing accumulation of a pile of money, it starts to change the way you walk, talk, feel because you start to feel supported. This was the same. I share this strategy is this was the same strategy I used with healing from an eating disorder, because when I was bulimic I would consume and then I would throw up. It was basically and I just did the same with my finances back in 2016, and 2017 with financial bulimia. This is what I called it. When I started to feel and feel how food nourished me instead of throwing up my food, I let it sit and let it nourish me and let me assess how my body felt after that food nourished or didn't nourish depending upon the type of food I was consuming and allowed myself to feel that feeling.
Kimberly Spencer (00:22:56) - Feeling is a frequency. And so thus my relationship with food and binging and purging changed. The same was true with my wealth and savings and money. So when you are in that space of looking, of moving from paycheck to paycheck, where's the next income going to come in? I need a side job or whatever so how can I then use a little extra money to build that generational wealth? And then thinking from the perspective of what is the wealth legacy, what is the financial legacy I want to leave for my future generations, for five generations, like start thinking from the space of a bigger vision beyond just you. And it will change the world. It will change how you show up for your business. It will change the level of courage that you have in the actions that you're taking. When you know that this is not just for you and this is not just for your children, but this is for five generations you are the breaker of the patterns. That is what Spike and I recognized when we first got together that we are breaking the patterns, the generational traumatic cycles, both financially and in other ways.
Kimberly Spencer (00:24:16) - We are breaking those patterns. We are breaking the relational marital patterns. We are breaking multiple patterns to change the DNA of our children. Our grandchildren are great-grandchildren, our great-great-grandchildren. And so when I heard Billy Carson speak into this, I said, well, duh. If we're breaking all these cycles and patterns and we're changing this generational DNA structure for future generations, well then of course we should well be changing it for financial generations. So when you start thinking, Well, how do I want five generations from now, what do I want to leave as a legacy? How do I still want to be remembered by my family? I mean, especially as a mom, it takes a lot of work birthing, raising, giving life to kids, and you're providing that for future generations. And even if you're not a mom, even if you have nieces and nephews that you support, look at what is the financial legacy that you want to leave for them. What is the financial DNA repairing, especially if you're helping financially support them in some way and maybe their parents are having some struggles? How can you be that mentor, that role model, that person who they always remember and who they then teach the lessons that they learn from you to their children?
Kimberly Spencer (00:25:44) - So they start making better, faster, more aligned financial decisions. Start looking at the vision of what do you want, What is the legacy, what is the financial legacy of generational wealth that you want to leave? How do you want to repair recode and reprogram the DNA of your children, and your children's children? And I'm not saying that you have to repair it now and then. If you're a parent of older children, you can still do this work. You can still change the financial outlook for your children, for your children's children, and for future generations. Just by doing the energetic work of shifting your frequency, your vibration to imagining what is possible for future generations because of what you have done in this lifetime. It can be a game changer when you start thinking with a bigger vision for future generations and for future possibilities. If you love this episode, if this served you in some way if this got you thinking on a bigger, grander level for the legacy financially that you want to be leaving for your family and for the future generations.
Kimberly Spencer (00:26:56) - Let me know in instastories. DM me on Facebook. I always love seeing your messages and let me know what you loved about this episode. As always, my fellow sovereigns on your throne. Mind your business because your reign is now. Thank you so much for tuning in today. If what you heard resonated with you, be sure to subscribe and start creating a bigger impact now by sharing this with a friend. Just by doing that one simple act of kindness, you are creating a royal ripple to support more people in their sovereignty. And if you're not already following me on social media, connect with me everywhere at Crown yourself now for more inspiration. I am so excited to connect with you in the next episode and in the meantime, go out there and create a body, business, and life that rules because today you crown yourself.
The Crown Yourself Podcast is a fast-growing self-improvement podcast, ranked in the top #200 personal-development podcasts in two countries, so far, out of 4.5 million podcasts. Each week, you get the conscious leadership strategies you need to help you reign with courage, clarity, and confidence so that you too can make the income and impact you deserve. Imagine this podcast as your royal invitation to step into your full potential and reign in your divine purpose. To listen any of the past episodes for free, check out this page.