According to statistics, around 70% of first-generation wealth is lost by the second generation over 90% of the time and they’re “back to shirtsleeves” by the third generation. This is where the adage “shirtsleeves to shirtsleeves in three generations” actually came from, which puts the family legacy at risk. So how do you reverse this cycle and not become another statistic?
In this episode, Don Wenner reveals the real secret to success, happiness, and fulfillment – the power of intentionality. You have to make sure you’re bringing it into all eight F’s of your life – faith, family, friends, freedom, fun, film, fitness, and finance.
An expert in scaling high-growth high-profit businesses, Don is the founder and CEO of DLP Real Estate Capital, a multi-faceted private real estate investment company that specifically invests in workforce housing in the hope to impact the workforce housing affordability crisis, the jobs crisis, the “shirtsleeves to shirtsleeves in three generations” crisis, the legacy crisis, and ultimately, the happiness crisis.
Don is also the host of the IMPACT podcast, and the author of Building an Elite Organization: The Blueprint to Scaling a High-Growth, High-Profit Business. Over the years, he has grown his company by over 60% every year for 15 years; today, they’re worth over $2 billion – and still growing, thanks to the Entrepreneurial Operating System (EOS).
Here are some power takeaways from today’s conversation:
- How Don stumbled into the real estate world
- The concept of “shirtsleeves to shirtsleeves in three generations”
- How to show up as an intentional father and mentor to your kids
- Instilling a growth mindset in your kids
- Doing a life assessment to keep yourself on track in the 8 F’s of your life
Episode Highlights:
The Concept of “Shirtsleeves to Shirtsleeves in Three Generations”
Most first-generation wealth creators work really hard. They come from “nothing” to creating and building wealth. But they’re so focused on wealth creation that they fail to appropriately raise their children in a way they understand how to use wealth wisely. Instead of encouraging them to accomplish anything, they enable them to do nothing. In other words, they don’t invest in their kids and put them in a position where they could use their wealth to do great things.
Wealth then becomes something that holds them back from ever doing anything. They’re lazy, entitled, and they lack motivation. They basically blow through the money that it’s either all gone by the second generation or by the third.
Aiming to reverse this cycle, Don has set up a prosperity, family wealth, and legacy membership group to help first-generation wealth creators figure out how they can reverse this cycle and not be another statistic. Having the ability to teach your kids how to develop grit and a growth mindset is also crucial.
Resources:
Website: DLP Real Estate Capital
Podcast: IMPACT with Don Wenner
Book: Building an Elite Organization: The Blueprint to Scaling a High-Growth, High-Profit Business
Entrepreneurial Operating System (EOS)
First to a Million by Dan Sheeks
18 Summers by Jim Shiels
Sacred Marriage and Sacred Parenting by Gary Thomas
Mindset by Carol Dweck
Get access to a free 30-minute training today on www.thementee.com/bonus.
