Dynastic Thinking: The Morality of Generational Wealth: Molly Grubb (Transcript)

Read the full transcript of Molly Grubb’s talk titled “Dynastic Thinking: The Morality of Generational Wealth” at TEDxYoungstown 2019 conference.

Listen to the audio version here:

TRANSCRIPT:

A Story of Family Struggle and Hope

MOLLY GRUBB: Growing up, we didn’t have a lot of money. What I did have was a lot of siblings. My dad and mom had three boys. My dad said, just to make things fair, we have three girls. I’m the youngest one that made the score even.

My middle sister, Mandy, at the young age of one in 1982, was diagnosed with a rare blood disorder with only one in a million chance of survival. One in a million. And she was in and out of the hospital over the next four years. We were broke. My dad worked 40 hours a week at his construction job and then somehow still managed to put in an additional 30 hours in his side business that night. After school, my three brothers would join alongside him and we were still barely making ends meet.

Imagine spending all day at the hospital and then dining on ketchup packets and stale fries we’d find in the seat of the van. Every once in a while, the parking agent would waive our toll so we wouldn’t have to pay it and it would afford us a more small but legit meal for our hour-long trip home.

The Miracle

But after four years of exhausting all means to try to cure Mandy, it was it. I remember that day as if it just happened. I’m sitting on my mom’s lap. Her tears are pouring into my pigtails as we get the news. I look up at my mom and dad’s faces and I saw complete devastation. I was confused and scared. I’m four years old. But my mom’s stubborn and hopeful. She just kept on fighting.

A month later, the doctors came back in and said, “Mr. and Mrs. Green, we’re not sure what actually happened. We’ve exhausted all means to cure Mandy, but she actually doesn’t need any more treatments. She’s been completely cured.”

A Community’s Love

But we weren’t out of the woods yet. You see, a month later, the insurance company defaulted on us and we were going to lose what little we had left. Our home, our car. Social workers even stated that all six of us kids had to be split up because there wasn’t any money to take care of us.

I was a yo-yo of emotions, beyond scared that I wasn’t sure where I was going to live as a little girl, but excited that Mandy wasn’t going to die. A local news channel actually heard about our story, and when it aired, the love of the community just started pouring in. A local business owner named Bill, who was so touched by it, he actually went to the Sheriff auction and he bought our house back for us.

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He then didn’t stop there. He went and bought us a brand new blue minivan, stuffed it with three Mickey Mouses for my brothers and three Minnie Mouses for us girls, and as he handed the keys to my dad, he said, “I’m also taking this family to Disney World in my private jet.” We went from eating ketchup packets to the Magic Kingdom in the blink of an eye.

The Birth of a Dynasty Mindset

Not only did this gigantic gesture of generosity keep my family together, but it also served as a pivotal role for me. It compelled me to study the dynamics of money, businesses, and generational wealth. I became an actuary and a certified business exit consultant.

You see, there was something different about how Bill set up his money and structured his businesses. His vision was bigger. He was thinking beyond just serving his family, but also other families and his community at large. He had set up a financial system that freed up his time and money so that he could bless others in a way most people can only dream of. He was not just rich. He had a dynasty. He had given himself the power to put his love into action immediately.

Understanding Dynasty Building

As I watched Bill, I had a revelation. Building a dynasty, it is not an option. It’s an obligation. A dynasty is an abundance-based system that gives you the time and money so that you can live out your purpose and uplift others.

A dynasty is a mindset. When we think dynastically, we aren’t just thinking of our children and grandchildren, but their grandchildren, and giving them what they might need to keep improving our world. It’s an act of compassion. It’s the ultimate “I love you.”

Love in the heart is good, but love with a bankroll is so much better. But I know what you might be thinking. “Molly, I’m not a Rockefeller. I don’t own a business. I’m a project manager or a nurse or a hairstylist. How can I build a dynasty? Does this even apply to me?” And the answer is yes.

Strategies for Building a Dynasty

Everyone can build a dynasty. You don’t need any money to start. In fact, you can start completely in the negative, and you can start today. Knowing your purpose is crucial. Start here before you even take the next step. Because having your purpose is going to serve as your motivation. Because building a dynasty, it’s a long game. And we humans, if we don’t have our big, gripping why, we simply won’t take initiative.

So here are three questions that my firm uses to help you uncover your why: How is money important to you? Why do you do what you do? And then is there anything more important than the answers that you just gave? Ask and re-ask these questions. They are going to serve as your compass. They will keep them top of mind, and they will keep you motivated.

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Now that you know your purpose, here are three strategies to building a rock-solid dynasty: Residual passive income so that you can increase your value; Multiple revenue streams so that it will help you protect your money; Systems, delegation, and automation so you can have more time.

Strategy One: Passive Income

Let’s break these down.

Strategy one is increasing your value so that you can have passive income. Passive income is that money that you get every month with little to no work at all. Business can be structured to be able to have passive income. Look at subscriptions or memberships. Bill was a real estate mogul, so he had monthly checks that he got every month from his tenants.

If you’re not a business owner, then look for ways that you can create passive income. Invest in real estate like Bill did. You can also brainstorm on other ideas like creating online courses or artwork. What is one thing that you can create and sell for a lifetime?

Strategy Two: Multiple Revenue Streams

Strategy two is going over how you can protect your money and other assets. Looking at building out multiple revenue streams or what I like to call them is revenue silos. This will help protect your money. Bill was diversified in real estate and manufacturing. He also had an oil transportation business. This way, if one venture dried up, he still had backup.

That’s what revenue streams and revenue silos do for you. They give you the protection you need in case an income source dries up. But be careful having too much because that can also weaken your dynasty. Focus and strategy are key.

For example, two years ago, we swapped out our most time-consuming clients for just a few ones that paid more and also provided us less of our time. What are some ways that you can offer more to your clients in a way that will provide you more ease and flow, not more work?

Strategy Three: Systems and Time Freedom

Strategy three is going over systems, delegation, and automation so you can have more time. We need to have a system that allows us to have more time and supports our dynasty. This gives you time freedom. If your business is not set up in a way where it allows it to be ran without you for at least six months, regardless if you’re sick or healthy, you don’t have true freedom.

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Bill was able to take our entire family to Disney wearing a drop of a hat. That week in Florida, he still made money. Our firm changed how we just respond to emails, and that allowed us to individually save five hours a week. You want to avoid the trap of creating a business that is just as time-constricting and as consuming as a full-time job. Think like an owner, not like an employee.

If you’re not an owner, it’s still important to be able to free up your time. Look at outsourcing tasks that you don’t enjoy, like taxes or house cleaning. This will give you the liberty that you need to be able to free up your time and spend doing the things that you love and being able to carry out your purpose.

Testing Your Dynasty

Now, with these three rock-solid strategies in place, we need a stress test, our dynasty, to see how it’s going to uphold us in times of stress. My dynasty last year was put through the ultimate test. When my dear mom earned her angel wings, at the same time, my sister was diagnosed with leukemia. It was the second biggest challenge of my life. I was devastated.

But rather than crumbling under the pressures of these extreme circumstances, we had our best quarter ever in my firm. My heart was affected, not my bottom line. This is what a dynasty is intended to do, uphold you in times of extreme circumstances and give you more time and give you more money.

A Call to Action

I challenge all of you to accept the responsibility and claim your role as a dynasty builder. If every good-hearted person was able to create a dynasty, then we could stop worrying about the basics and move on to solving more global problems together.

Imagine a world where we don’t have to worry about the likes of Elon Musk or Bill Gates to cure malaria or solve homelessness. Because we’re doing it. There’s no financial savior coming to right society’s wrongs.

No. Look around you. It’s us. Every good-hearted person with our big hearts and our pocketbooks and our well-structured dynasties. We are capable. We have the power and permission to transcend all of our expectations and recreate a world for good, one financially everlasting dynasty at a time. Thank you.