From family to dynasty in 5 steps

Sam Volkering | 22 July 2020  The 5th generation wealth plan  Dear Reader,    Justin and Valerie know a thing or two about generational wealth.   Simply take a look at their surname.   They are fifth generation members of one of America’s richest families: the Rockefellers.   It’s a name that has long been synonymous with entrepreneurial success and extreme wealth.   Indeed, in his book Outliers, author Malcolm Gladwell estimated that at his peak, John D. Rockefeller (the founder of Standard Oil) was over three times richer than Bill Gates is today.   And for over 100 years, that private fortune - one of the largest in world history - has been successfully passed on from one generation to the next.   Initially, the bulk of John D’s wealth went to his only son. Now there are over 150 direct descendants of John and his brother William.   In an interview with Credit Suisse, Justin and Valerie put that successful transition across multiple generations down to respect and shared values.   And they outline a five-tip plan to staying successful as a family…   This includes the 24-hour rule (don’t delay!), plan the future not the conversation, focus on value and vision, look at the problem not the person… and hold family meetings as well as board meetings.   Basically it’s about communicating.   If you can communicate effectively you are better prepared to preserve and even grow wealth.   Take 5G…   The fifth generation in internet speeds.   Right now, 99% of devices connected to the internet are either PCs, smartphones or tablets.   In total, that’s 6 billion devices all connected – talking to each other.   But 5G will increase the number of devices connected to the internet to 50 billion.   Think cars… traffic lights… watches… shoes… bicycles and much more.   All these devices will all need to talk to each other, to communicate in one ‘universal’ language.   Well, I’d like to communicate an opportunity to you that is set to take advantage of this impending BOOM.     A boom that could turn a tiny $1.3 billion niche industry into $12.3 trillion… in one fell swoop.    If you were to get in early on an industry about to experience a 694,636% surge in growth, you’d likely be looking at creating your own generational wealth. Forecasts are not a reliable indicator of future results   To find out more, please click on this link.   Best,   ​    Sam Volkering Editor, Southbank Investment Research

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