Podcast: MoneyWise (LS 53 · TOP 0.5% what is this?)
Episode: Born a Billionaire: How to Avoid Wealth Robbing Your Kids of Purposeful Lives
Pub date: 2024-04-30

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Being born rich sounds like a dream, but it’s almost like being born at the finish line, with no race left to run.

If we’ve learned anything in this podcast so far, it’s that money alone doesn’t bring happiness. Life needs purpose. But when you already have access to everything you could possibly need, finding that purpose can be difficult.

So, how do we ensure our children inherit not just wealth, but also the drive to make something meaningful out of their lives? How do we shield them from the pitfalls of affluence, like aimlessness and substance abuse?

Taylor Adams has dedicated his life to helping parents successfully pass on their wealth to the next generation with his company Belief Partners. He believes that a large part of happiness comes from the act of adding value to the world around you, feeling like you matter. He works to empower parents to instill in their children the importance of adding value to the world, of feeling like they matter beyond their bank accounts

Taylor knows the feeling of being aimless all too well. Born into a multi-generational billionaire family, he himself has experienced the luxury, pressure, and burden of wealth.

In this episode, Taylor bares all, offering his personal narrative alongside professional research and strategies for navigating the complexities of inherited wealth. From finding purpose to avoiding the traps of excess, Taylor equips affluent parents with the tools they need to raise grounded, fulfilled individuals.

Alongside Taylor, we’ll also hear from Jane. In contrast to Taylor’s strong recommendation to set up a trust for your kids, Jane’s parents paid for necessities through her life, but will pass on their wealth through a lump sum inheritance of roughly $20 million. She’ll tell us how their wealth impacted her life, how she found purpose in her own career and family, and how the knowledge of inheritance has affected her.

This is Moneywise, a podcast where host Sam Parr is joined by high-net-worth guests to explore exclusive insights into personal finance and lifestyle tailored for other high-net-worth people, or those on their way. They'll get radically transparent about the numbers, revealing things like their burn rates, portfolios, and spending habits.

Who is Sam Parr?

Sam is a serial entrepreneur and the co-founder of The Hustle, which he sold to HubSpot in 2021. He's also the co-host of one of the world's top podcasts for entrepreneurs, My First Million. Known for his insightful business acumen and candid communication style, Sam Parr continues to be a prominent figure in the world of media and entrepreneurship. Sam's newest and biggest venture yet is Hampton, which he co-founded in 2022.

This podcast was made for the Hampton community, a private, highly-vetted, peer membership community for founders and CEOs of fast-growing, tech-enabled startups.

Chapters:

Taylor’s billionaire family (2:48)

Why and when he got sober (6:23)

Why you should invest your money in your kids (7:29)

Helping your kids find their own value (13:03)

The importance of being the example (15:40)

The argument for trusts (22:09)

Why Jane’s family didn’t set up a trust (24:27)

Teaching your kids to fail (26:12)

“Yes, and..” (29:29)

Talking to your kids about your wealth (33:35)

The Four Horsemen of Destruction (38:18)

This podcast was produced in partnership with Lower Street and distributed by Morning Brew.

The podcast and artwork embedded on this page are from Hampton, which is the property of its owner and not affiliated with or endorsed by Listen Notes, Inc.

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Born a Billionaire: How to Avoid Wealth Robbing Your Kids of Purposeful Lives