Key Insights into Generational Wealth Accumulation
Generational wealth, often considered a symbol of financial success, is more than just accumulating assets; it's about creating a legacy that benefits current generations and those to come. In this article, we'll delve into the intricacies of generational wealth accumulation, exploring its biblical roots, the challenges it poses, and the strategies to build a legacy worthy of your divine purpose, talents, and values.
The Genesis Mandate
The Bible heavily influences my mental picture of what wealth looks like. In the forefront of my mind, I see Genesis 1:28, which I call The Genesis Mandate.
"Then God blessed them, and God said to them, “Be fruitful and multiply; fill the earth and subdue it; have dominion over the fish of the sea, over the birds of the air, and over every living thing that [a]moves on the earth.” (Gen. 1:28 NKJV)
Be Fruitful: Produce good results and bring forth in abundance; be profitable, successful, and productive.
Multiply: Increase in profitability over and over again. The process of being fruitful should never cease, and the good results produced should exceed abundantly above your previous performance.
Fill the Earth: Produce and grow to the point of filling the entire earth. Enough is not enough until the whole earth is filled with your good results. To accomplish this task, you must replicate yourself in others by showing them how to achieve their Genesis moment. Living by example is key along with other means of educating others to rise to the level of success God intended for us to maintain.
Subdue the Earth: Exercise dominion over all that God has placed under your control. The whole earth and everything in it (except for other humans) were given to humanity to govern by divine authority. All of us have our assigned territories to govern. Those territories are to be owned and not rented. Whoever owns the land governs the land. This also means that you are accountable for what goes right and what goes wrong in your jurisdiction. Within the scope of this mission, humans are authorized to combat and subdue any force preventing them from being fruitful, multiplying, and filling the earth.
Have Dominion Over the Works of God's Hand: Influence honorably! Dominion refers to honorable influence. All that God created is influenced by the actions of humanity. Again, this implies that humans are accountable for whatever goes wrong on the earth, not God! We can either influence in His favor or our own.
Concisely, Genesis 1:28 informs humanity of their responsibilities on earth and the results God requires. We are to be profitable; multiply resources; teach others to do the same; and exercise domain, power, and authority over the entire earth. Those who refuse to labor to fulfill this divine mission will be met with lack and turmoil.
Prosperity is a divine mandate and not a suggestion.
If you ever doubted God's will for you to build a financial legacy on earth, then I hope Genesis 1:28 puts your mind to rest. Humanity's mission on earth is to be profitable and to increase our productivity. Poverty and lack are not mentioned as performance targets.
Confront and Tackle the Wealth Gap
Inheritances and the passing down of wealth within affluent families contribute to the entrenchment of economic privilege, making it difficult for others to bridge the wealth gap.
As is most often the case, we have God's Word painting a glorious picture of the Lord's intentions for all humans, and in my heart, I can see and agree with His will. With my physical eyes, I can see circumstances on earth playing out a lot differently than God's plan. The Word of God is an immutable truth, which means, the wealth gap is contrary to the truth and competes with the will of God. However, the truth alone isn't enough to close the wealth gap. We must align our feelings, thoughts, and deeds with the Word of God, and then we will have good success.
"This Book of the Law shall not depart from your mouth, but you shall meditate in it day and night, that you may observe to do according to all that is written in it. For then you will make your way prosperous, and then you will have good success." (Joshua 1:8 NKJV)
My role as a student of God's Word and wealth is not to bash affluent families. Maintaining wealth from generation to generation requires good financial stewardship skills, and I am impressed with families who have mastered the art of wealth preservation. Everyone Else (my name for those who are not the wealthiest 1%) has a great deal to learn from those who have succeeded where we have failed.
From so many different perspectives (e.g., biblical, social, political, economic, etc.), we know that an immense wealth gap can hinder the overall economic growth and development of a nation and erode the sense of community and shared identity. Although I am not profoundly for or against economic policies, social programs, and structural reforms aimed at promoting more inclusive economic growth, I heavily favor financial and biblical literacy as the best means to close the wealth gap.
I am 100% certain that The Genesis Mandate speaks to universal laws that bring bountiful resources into capable hands. I believe that our present (Free) Information Age has leveled the playing field for those who desire to build a prosperous financial legacy.
Use the Information Age to Your Advantage
The e-learning market has experienced significant growth globally. The COVID-19 pandemic further accelerated the adoption of online education and self-help content, as more people sought remote learning opportunities.
Platforms offering online courses, such as Udemy, Coursera, and LinkedIn Learning, have seen increased user engagement. These platforms cater to diverse subjects and skills, allowing individuals to learn at their own pace.
We can learn faster and cheaper than the traditional means of pursuing college degrees or certificates. We can tailor our learning to fit our specific needs versus taking college courses in degree programs that do not specifically address our immediate goals. For many people, traditional higher education routes represent long roads leading to fast debt accumulation and diminishing returns on investment.
Moreover, earning college and trade degrees primarily grows the middle class not the upper class.
Millionaires who have higher education degrees don't necessarily rely on those degrees to accelerate the growth of their assets and income. The skills millionaires lean on the most to build wealth are not typically taught in colleges and universities.
Until we mature in our wealth-building skills, the wealthiest 1% are the best custodians of our inheritance. They will continue to amass wealth and preserve it for future generations. They will continue to create systems that generate wealth with minimal effort. They will continue to work smarter and not harder, modeling the competency the rest of us need to build.
Upgrade Your Mission & Mindset
In later articles, I will discuss the competencies of the wealthiest 1% and how to develop yours. In this article, I want to help inform your mission and your mindset. If your mission is to build a financial legacy, then here is my advice to you:
• Rehearse the Genesis 1:28 mandate. Let it guide your thoughts and actions during the day and meditate on it before you go to bed at night.
• Read the mandate aloud as an affirmation so that your brain receives it as a command to perform.
• Keep a journal to record the insights and revelations you receive as you meditate upon and affirm abundance as your divine birthright.
Depending on where you are in your wealth-building journey, my last piece of advice might be hard for you to receive and harder for you to act on, but it is an integral part of closing the wealth gap for yourself and your family. I want you to identify as a millionaire. Yes, you heard me correctly.
Identifying as a millionaire might be a stretch for you, so I highly recommend that you sign up for the 2024 Millionaire Challenge to become a millionaire in 28 days. If you take the challenge seriously, it will position you to think and act like a millionaire (i.e., assume the identity of a millionaire).
"And no one pours new wine into old wineskins. Otherwise, the wine will burst the skins, and both the wine and the wineskins will be ruined. No, they pour new wine into new wineskins." (Mark 2:22 NKJV)
The new wine represents new streams of prosperity coming your way in 2024. The new wineskin is your new identity - a millionaire. You must assume this new identity before the new wine is poured into your life.
The 2024 Millionaire Challenge starts on January 4, 2024. There is no cost to sign up, no cost to participate, and no purchase necessary. The rules of the challenge are simply enough for a 3 grader to understand, and those rules will be disseminated at midnight (EST) on January 4th to all registered participants. If you can follow the rules, you will amass $1.3M on the 28th day. If you fall short on any one of the 28 days of the challenge, you will still build your cash reserve, but the amount will be less than $1.3M. So, there's no downside to the competition.
Generational wealth accumulation is just a few days away. Sign up for the 2024 Millionaire Challenge NOW!