Generative Wealth on Purpose.
As part of my ongoing learnings, I attended a presentation about generational wealth recently and its importance to society. Generational wealth means passing financial assets to the next generation of your family, giving them a leg up and closing the widening wealth gap in North America. Financial assets include cash, investments like stocks and bonds, real estate and family business.
Creating generational wealth is an excellent example of both purpose and significance. And we can do it by being generative, which I learned this week means “contributing to society and doing things to promote future generations” according to psychologist Erik Erikson.
In our “Living and Working on Purpose” online course at MEA, we discover and connect to why we are here, our purpose, and to reflect that in our legacy as developing modern elders. By reflecting on what we’ve learned, sharing it, and co-generating with younger generations, learning from each other, we are contributing to positive and significant progress just like generational wealth.
One familiar money script from Benjamin Franklin is holding me back from working on my purpose right now: “time is money.” I have pressed pause on earning by taking a midlife sabbatical to focus on my purpose but not without concerns. How can I possibly take time away from the next earning opportunity which will create more generational wealth? Aren’t I being selfish?
From a finance perspective, time is indeed money. Time can add value to an investment via compounding returns. I am coming to think about time differently, that time is an asset in our life portfolio. By using our time well to develop our purpose, we can increase our value and contribution to the world both in financial and wisdom terms, leveling up our wealth transfer.
Not everyone can take time away from their careers, but we can all be continuous learners, investing in our human potential and purpose. My learnings from “Living and Working on Purpose” have convinced me to sign up for MEA’s next online course, “Navigating Midlife Transitions” starting May 26, 2023, along with a number of my current classmates and I hope to visit one of the workshop campuses - in Baja or Santa Fe, NM - in the future.
By taking online and in-person courses, we are investing in ourselves, developing as Modern Elders and building significant generational wealth and wisdom transfer on purpose.
Jane Depraitere is a lifelong learner and entrepreneur. Jane completed a law degree, accounting designation and an MBA before receiving her sommelier designation from the Wine and Spirits Trust in 2015 (4) Jane Depraitere LL.B. CGA MBA | LinkedIn. After rewarding careers in the investment and wine industries, Jane is taking 2023 as a midlife sabbatical to reconnect with her purpose.