Hey, this is Alison and welcome to the Inspired Budget Podcast where we talk all things budgeting, debt, and saving money. I have a very special treat for you today. I don’t know if you know this, but my amazing friend Chris Browning and I actually have another podcast, it’s called, This is Awkward. You should totally go listen to it, and it’s when he and I get together and we answer people’s awkward money situations. So we talk through how to deal with these awkward situations, whether they’re happening in the present moment or they’ve happened in the past, and we talk about how to navigate them without losing your friends and family along the way. It’s a really fun podcast.
And for today’s episode, I’m actually pulling out a small portion of something we discussed on episode 64 of the This Is Awkward Podcast. We actually talked about generational wealth and the way that Chris and I see generational wealth differently and a new way to think about generational wealth because the idea of creating enough wealth to last for not just your generation and not just your child’s generation, but generations to come, that can be a little overwhelming. So I have a new take on it and I think that you’re going to like it. So without further ado, here is an excerpt of episode 64 of the This Is Awkward podcast that I host with Chris Browning.
Chris:
I was just having this conversation with, with a friend, with Logan.
We were talking about the term generational wealth that people throw out there, and I told him, I’m not a fan of that term. I don’t, I don’t really like.
Allison:
Why not? I like it.
Chris:
I feel like it’s a, it’s a lot. It is a lot. Cuz you’re saying my generational wealth is not, I’m wealthy. Not, and not, maybe not even just me and my kids.
I have so much money that my kids can be wealthy, but it’s like my kids and my grandkids, like, you’re, that’s a lot of money and a lot of people don’t, don’t have that type of money to, will ever have that much money to pass on that significant amount of money down.
Allison:
Okay. But I also see it as you are providing generational wealth also, even if it’s not financially, this is an interesting conversation. I interviewed or I talked to Julian and Kirsten Saunders. Mm-hmm. Right from Richard regular, and when I interviewed them, they were essentially talking about how they and I, and I wanna, I, I wanna make sure I’m correct in this. I’m. Now I’m second guessing myself, but they were the first people in their family to step out and do something different. Mm-hmm. With their money, with their jobs, with their careers, and by stepping out and making that change, it, it started the process for generational wealth because it opened doors to them. That their family members did not have, and they received a lot of backlash from their family members for that, for doing something different. But even just like education, I think can lead to generational wealth because the more educated we are, the more doors can open up to us. When you have that, there’s, there’s like this trickling effect down there is there is a trickling effect down. Yeah, I agree. So I look at it also not just in terms of like money that you actually have in the bank and retirement enough to last for generations, but the choices that you’re making that don’t benefit just you, they benefit your children.
Chris:
I have a real story. So I was gonna say, my mom grew up extremely poor in Watts. Okay. She was there doing the riots and she was the only person from her family who went to college. Mm. And she ended up great career, and I’m sure she had her ups and downs, but ended up great career, provided a very stable house for me and my brother. So for us, we didn’t have to overcome what she overcame, just to hit the baseline of normal. We didn’t have to try to climb up to normal. So I can, I can see it in that sense, but you know, I guess I don’t ever see generational wealth when I hear people talk about it in that term, in that way.
Allison:
You have an amazing story there. Because what that has done is that has completely transformed your life.
Chris:
Yeah. Much different.
Allison:
It’s a different, a different level of expectation. So even if she doesn’t leave a penny to you, not one dime, you are a successful person. You make a good money. Your brother’s a freaking doctor.
That is generational wealth. So, so when I think of generational wealth, I don’t see it as like number dollar signs and cents. Mm-hmm. I see it as the experiences that we are providing for our children to have a new level of norm because your mom’s, the, the level of norm and expectations for life that your mom gave you is completely different than what she received.
And so then think about your brother with his daughter. Here he is as a doctor and he is raising this beautiful daughter, and it’s, I mean, just look at the generational difference from your, oh, I’m getting goosebumps from what your mother’s life looked like to now your niece. It is completely 180 degree difference, and it is beautiful.
That is generational wealth.
Chris:
You know what Allison that’s a good thought. I gotta say, you are completely changing my mind on this. You’re completely changing my mind and perspective on this idea of generational wealth because. I was stuck on how was everyone gonna possibly accumulate enough money to support multiple generations?
Because to me it was a burden to put on yourself that, oh no, I have to somehow improve my life to a degree that I can help all these other people. Mm-hmm. But you know what? You’re turning…
Allison:
See. But to me it is beautiful. Like the, the idea to me is so beautiful because it’s not about it. It doesn’t, it’s not about the money at all..
It’s about the life that you’re providing and the level of expectation and norm that you’re providing. And I just think it is so beautiful because it just trickles down and your family, your family is the true picture of generational wealth and you didn’t even know it. And it has nothing to do if your mom never leaves you a penny, if your parents never leave you a dime.
Your family has generational wealth, right?
Chris:
I’m, I’m gonna plagiarize the mess outta you cause that was beautiful and I’m gonna be stealing all that and telling that to everybody.
Allison:
I hope you enjoyed this shorter podcast episode. I think that even though it’s a shorter one, it is powerful and it really just opens your eyes to a new way to look at money, and look at the money and the impact that you’re creating, not just today, but for your family as well.
If you enjoyed that conversation with me and Chris, then please go check out our podcast. This is awkward. It’s really fun. We have a Patreon even where people get to join us live. And we have a Discord. It’s a really great podcast. That is, I don’t know, it’s just fun and we laugh in it and we have a wonderful time.
We share awkward stories. We answer awkward stories. We share things that we’re loving. I think you’re going to like it. You can find it on whatever player you’re listening to, your podcast now, just search for. This is awkward. Okay, I’ll be back with another brand new episode next Thursday. I’ll see you then.
Bye for now.
