How To Pass On Wealth To The Next Generation – Episode 162

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Patrick Donohoe sits down with Michael Isom, the author of What Would the Rockefellers Do? In this rare interview they are tucked away in the corner of the Houston airport and chat as two friends solving a problem. They quickly get into deep conversation and talk about habits, scarcity mindset and how to think wealthy.

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Show Notes

00:00 – Intro
03:45 – Mike talks about the lessons he’s learned from previous financial downturns.
06:00 – Principles govern, and learning those principles is essential.
09:15 – Being present is a life lesson in finance and personal life.
13:10 – Financial habits need to start right now or increased wealth will be worse.
17:12 – What are you doing on a daily basis to feed yourself and grow?
18:10 – Most people use the complete opposite tactics when getting out of a slump.
22:10 – Where are you stagnant in life and where can you grow?
26:30 – “Think Legacy” – Mike explains how to pass on wealth to future generations.
30:55 – Patrick almost went down in a plane crash and this near death experience helped structure his assets correctly.
35:15 – As a parent you know what’s best for your kids and knowing how to structure things correctly maintains that legacy.

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