joaquin-wallace

FINANCIAL GENETIC CODE

Mon, 25 Nov 2024 18:06:04 GMT

Financial Genetic Codes: Your Financial DNA and its Effect on Your Relationships

Your internal and external ecosystems play a significant role in shaping how you view and interact with money. Internally, your beliefs, emotions, and experiences with money form the foundation of your financial behaviors. Externally, societal influences, family dynamics, and economic conditions further mold your financial mindset and actions.

The by-product of all of these internal and external factors is your financial genetic code—much like “financial DNA”—which is hard-wired into your brain and plays a role in every aspect of your financial life.

In the Generational Wealth Model, we address Financial Genetic Codes in Stage 2, where we break down the makeup of your financial system that is holding you back from creating healthier and more sustainable financial decisions moving forward. Your Financial Genetic Code affects many other aspects of your life, including how you interact with others.

In this article, we are going to dive deeper into what Financial Genetic Codes are and how they affect your relationships so that you can understand why it’s so important to address your financial makeup before it negatively impacts your interpersonal relationships.

What Is a Financial Genetic Code?

Your financial genetic code is a product of all of your internal and external ecosystems (Stage 1 of the Generational Wealth Model). All of the factors, both “walls-in” and “walls-out”, alter the financial moves and decisions you make going forward.

Internal Aspects

Internally, early experiences and learned behaviors influence your psychological framework around money. If you grew up in a household where money was a source of stress or conflict, you might internalize anxiety about financial matters. These early experiences can create a subconscious link between money and negative emotions, leading to financial trauma.

Financial trauma can manifest as a fear of spending, compulsive saving, or avoiding important discussions around finances. If your parents argued frequently about money, you might develop a tendency to avoid financial discussions in your own life, out of fear of conflict or judgment.

In addition to financial traumas, personal experiences such as job loss, debt, or financial instability can create lasting imprints. A history of financial instability might cause you to approach money with a scarcity mindset where you are constantly worrying about not having enough.

This can lead to you making anxiety-driven financial decisions like hoarding money or avoiding necessary expenses, which can impact your quality of life and financial health.

External Factors

From an external perspective, societal pressures and cultural norms significantly impact how you view and manage money. In a culture that tends to equate success with wealth, there can be immense pressure to achieve financial milestones within a particular timeline.

This societal expectation can lead to behaviors like overspending, taking on excessive debt, or pursuing high-risk investments in an attempt to keep up with perceived standards of success in other words keeping up with the Joneses — or maybe the more contemporary acronyms FOMO (Fear of Missing out) — has been a lightning rod in this spectrum promoting materialism and instant gratification, which can lead to poor financial decisions and increased debt.

In Episode 11 of the New Wealth Wave Podcast, Rahkim Sabree, AFC® tells us “There’s a lot of anxiety and shame associated with not having money… If that was part of your lived experience… there is this innate desire to distance yourself from that reality as fast and as far as you can”

Family dynamics are another crucial external factor. The financial behaviors modeled by parents and relatives often set the stage for your own money habits. If your family was saving and investing wisely, you might adopt similar practices. On the other hand, however, if your family had poor financial habits, you might struggle to break free from those patterns.

Economic landscapes and societal events, such as recessions or job market fluctuations, also impact your financial views. Witnessing a recession or other economic catastrophes can create a sense of financial insecurity, even when things become more stable. This can lead to a heightened fear of financial risk and an overly cautious approach to money management.

All of these internal and external factors work together to influence how you interact with money throughout your life. By shaping your mindset and behaviors, these factors – by extension – mold you as an individual. Thus, your Genetic Financial Code is formed.

How Does Your Financial Genetic Code Affect Your Relationships?

The way you view and interact with money, influenced by both internal and external ecosystems, can significantly impact your relationships. Financial behaviors and attitudes shaped by a combination of personal experiences, family dynamics, and societal pressures often carry over into your interactions with others going forward. This can affect trust, communication, and overall relationship dynamics.

Financial traumas and anxieties

Your personal history with money can create financial traumas and anxieties that affect your relationships. If you have experienced financial instability or stress in the past, you may bring those anxieties into your partnerships.

This can manifest as a reluctance to share financial responsibilities, a fear of financial dependence, or a desire to avoid joint financial planning. If you grew up in a household where money was a constant source of conflict, you may avoid discussing finances with your partner. This can lead to misunderstandings and hidden financial issues in your relationship.

Trust and Communication

Trust is a cornerstone of any healthy relationship, and financial transparency is crucial in building that trust. If you harbor financial anxieties or traumas, you may find it challenging to be open about your financial situation. This lack of transparency can create a rift between you and your partner, leading to feelings of betrayal or mistrust – if these financial secrets come to light.

Communication about money is another critical factor in relationship dynamics. Your Financial Genetic Code shapes how you discuss and manage finances with your partner. If you have a scarcity mindset as a result of past financial traumas, you may prioritize saving and be reluctant to spend on shared experiences, which could lead to conflicts over financial priorities.

In friendships and familial relationships, your financial outlook can greatly affect interactions. Financial success or hardship can change up the dynamics, potentially causing envy, guilt, or resentment. Open communication and empathy are essential in maintaining healthy relationships, despite financial differences.

Final Thoughts

The way you view and interact with money, shaped by your internal and external ecosystems, can drastically impact your relationships. Financial traumas and anxieties can influence trust, communication, and shared financial decision-making. By understanding and addressing these influences, you can build healthier, more transparent, and supportive relationships, fostering mutual respect and understanding.

To learn more about the Generational Wealth Model, listen to the New Wealth Wave Podcast or check me out below!

Want to learn more about Dr. Joquin Wallace and The Generational Wealth Model

GENERATIONAL WEALTH BEGINS WITH GENERATIONAL KNOWLEDGE™

Wed, 09 Oct 2024 18:28:03 GMT

Implementing the Generational Wealth Model in Financial Services

As a financial professional – whether a financial counselor, therapist, educator, advisor, or planner – it’s your responsibility to understand where your clients are in their financial journey. You are the one who is entrusted to walk them from where they are currently to the life of prosperity and security that they’re craving - in essence, you’re acting as their financial fiduciary. While there are countless vehicles that you can implement to help your clients achieve these results, you need a system in place that can work for every client, no matter what level they’re starting from.

Some clients come in with pre-existing beliefs and mindset blocks from their past. Some come with a leg-up, and some inherit wealth. Some clients have had in-depth money conversations at home, while others need help understanding how to manage their money or achieve their financial goals.

No matter where your clients are in their journey, it would be best to have a system that can meet them where they are and walk them through all of the necessary touchpoints to achieve their goals, whether financial well-being or establishing wealth that can last and withstand future generations.

That’s where the Generational Wealth Model can elevate the industry. The Generational Wealth Model (see above) is a seven-stage model that walks you through the process from understanding your client’s internal and external ecosystems to establishing longstanding generational wealth for generations to come.

In this third installment of my five-part series (check out the rest for information about the model and how to navigate each of the seven steps), I will discuss how the Generational Wealth Model applies to financial service providers and how they help their clients.

Why do financial professionals need the Generational Wealth Model?

The Generational Wealth Model is a game-changer for financial service providers because it allows them to take a holistic inventory of their client’s financial situation from a behavioral and strategic standpoint. This is how they can understand the steps they need to take to achieve their goals as individuals and as a family.

Moreover, the seven-stage Generational Wealth Model provides financial educators, counselors, therapists, advisors, and planners with a detailed roadmap of the different stages a client must work through to achieve results without regressing or skipping integral aspects of a robust financial foundation.

It is essential to mention that clients may oscillate both backward and forward throughout the model – moving clockwise, counterclockwise, and migrating between different phases of the model – depending upon their current situation and flashpoints that may cause clients to revisit previous stages within the model on an on-going basis. “[The model] is a great tool to educate not only the consumer of financial services but also the provider of financial services. This is a model that goes both ways to catapult the industry to where it needs to be.” - Dominique Henderson, The New Wealth Wave Podcast: Episode 18

Therefore, you can help clients invest their money strategically to plan retirement. Still, if you don’t first understand their financial behaviors and what has created their existing money story, they will not be equipped with the right tools and mindset to manage their money in a way that will last for future generations. Thus, you must meet the client where they are in their life stage and provide solutions to place them in the best position as they advance.

Aside from growing their assets, financial professionals help their clients succeed in mindset and security. Achieving growth in all these aspects is nearly impossible without breaking down the underlying environments and behaviors and reprogramming them to allow for success in the future.

You may be helping your clients through Stage 4 or Stage 5, but if they have not yet walked through Stages 1-3 without identifying the various hidden barriers that have become a significant part of their Financial Genetic Code, “Stage 2” of the model, the likelihood of long-lasting success decreases.

How to implement the model in your financial services:
Now that you understand why the Generational Wealth Model is crucial for helping clients achieve long-lasting financial success let’s learn how to implement the model in your financial services.

The Generational Wealth Model starts by addressing the internal and external ecosystem (Stage 1) that your clients have. This includes things like their mindset, beliefs, behaviors, and outside influences, e.g., education, safety, and systemic policies, which are paramount in one's external ecosystem. For that reason, by understanding this ecosystem, you can comprehend the complexities of their financial genetic code (Stage 2), directly attributed to their internal and external ecosystem. For that reason, Clients’ financial genetic codes are made up of the anxieties and traumas that exist due to their pre-existing ecosystems.

Only once you understand a client’s financial genetic code and the mechanisms from which it stems can you, as a financial professional, albeit a financial therapist, begin to work with the client to begin the journey of reprogramming their genetic code (Stage 3) to stimulate incremental growth and positive success going forward.

Your clients must have the right mindsets and beliefs to build on before they are ready to undergo the financial edification (Stage 4) process, where financial professionals such as financial advisors or planners typically begin with their clients.

The financial edification process involves building financial literacy and understanding financial inclusivity to become more aware of the tools and opportunities that can create financial prosperity in the future. This is when financial advisors provide their clients with the appropriate knowledge and access to the information necessary to make educated financial decisions together. This process is critical; however, when clients are provided these tools without walking through the previous steps, they add bricks to a broken house.

As a financial advisor or planner, the goal is typically to achieve financial well-being (Stage 5). In the Generational Wealth Model, financial well-being represents the culmination of all the previous stages to create financial freedom and the ability to absorb financial crises and, most importantly, not to outlive your income. This is the goal that many advisors build toward with their clients. You must support your clients through this stage, as an estimated 70% of Americans feel financially stressed. More than ever, your clients need guidance and clarity as they work toward financial well-being.

When the time comes to transition from financial well-being to focusing on generational knowledge, you may find yourself moving from working primarily with a financial advisor to engaging a financial planner who takes a more holistic approach. However, this doesn’t mean you must switch entirely; a trusted financial advisor can also play a crucial role in these later stages, especially if you already have an established relationship built on trust.

A stage that planners typically focus on with their clients is generational knowledge (Stage 6), where they usually work with their clients to create long-term plans for things like estate planning, life insurance, and long-term care to prepare for wealth preservation in the future. The Slogan “Generational Wealth Begins With Generational Knowledge ™ “was born in this stage.

In the model, this stage best serves to help prepare for the end goal, generational wealth, thus creating your financial footprints (Stage 7), where you strategically pass on your assets and the knowledge, values, and principles that create individual and inter-generational financial wellbeing. Many advisors work with their clients to get to this stage; however, only some advisors have a system in place that is solid enough to ensure that clients can reach this stage no matter what their starting point is.

The bottom line.

The Generational Wealth Model can completely alter the future of the financial services industry. While many service providers incorporate some of the key aspects of the model into their existing services, the model provides a roadmap that encapsulates every aspect of a holistic plan to address the underlying financial beliefs and behaviors that hold many clients back from achieving their long-term financial goals.

The Generational Wealth Model is paramount for advisors because it ensures every key element is noticed and every client gets included, regardless of their financial background.

By having a process that addresses the past, present, and future of their clients' journeys, financial professionals can provide their clients with the most effective and comprehensive services and make the most significant long-term impact on them.

To learn more about the Generational Wealth Model, listen to the New Wealth Wave Podcast or check me out below!

Listen to episodes with Nate Astle and Dominique Henderson .

Unlocking Financial Success: The Seven Stages of the Generational Wealth Model

Wed, 07 Aug 2024 16:00:12 GMT

The Seven Stages of the Generational Wealth Model

To successfully reach your financial goals, whether that is improving your spending habits or creating lasting wealth for future generations, it all starts by identifying one's past and current financial traumas, anxieties, and behaviors. The first step to making financial well-being possible is to craft and navigate a plan. Therefore, creating prosperity and security without taking self-inventory and working through one’s past will require you to participate in mental gymnastics that can hinder your ability to create a GPS towards prosperity and security. Working through this financial ecosphere can begin the incremental change in your existing money story.

So how do you do this?

Unfortunately, when it comes to rewriting your money story, many financial models fall short. They provide you with some structure to follow as you move forward; however, these financial models are, for the most part, unable to meet you where you are while retrospectively reviewing events and environments that make up your financial genetic code.

That’s where the Generational Wealth Model changes the landscape and makes sustainable financial well-being and generational wealth for future generations accessible to everybody. The Generational Wealth Model walks you through seven stages that lead to creating generational wealth that you can strategically allocate for future generations.

The Generational Wealth Model addresses the accumulation of knowledge and assets, establishing a basis of financial stability and prosperity that can support your family for long-term sustainability for generations. In today's always-changing economic landscape, having a systematic approach to building and preserving wealth is more crucial than ever. By understanding and implementing the Generational Wealth Model, you can break the cycle of financial struggle, safeguard your assets, and pass on a robust financial foundation to your descendants.

In this second installment of my five-part series, I will explore the seven stages and discuss why each is important to your overall financial well-being and journey to generational wealth.

Stage 1: Your Internal and External Ecosystem

The first stage in the Generational Wealth Model is understanding your existing internal and external ecosystem around money. This step is crucial for unraveling your current money mindset and behaviors because it’s much more challenging to move forward without understanding your existing financial belief system.

This stage is when you begin deconstructing the cultures and influences of your internal ecosystem, exploring how family traditions, personal beliefs, and emotional experiences have shaped your attitudes toward money. I refer to this stage as “Walls In.” Understanding these internal influences, one can identify the deep-rooted motivations and fears that drive your financial decisions.

In this stage, one should consciously emphasize and examine one’s socioeconomic factors, including, but not limited to, education, health care, public policy, and environment, which I refer to as “Walls-Out.” The opportunity to thoroughly review and examine the socio-economic factors that impact one's financial habits is paramount.

It is critical to consider the broader economic conditions you have been exposed to and how they have influenced your approach to saving, spending, and investing. Your money management education, whether from school, mentors, or personal experiences, also plays a role in your money story (I refer to your initial financial fiduciaries as mentors).

Your external ecosystem also includes the environment that has surrounded you, including the communities you've been part of, societal norms regarding wealth, healthcare, education, poverty, and public policy in collaboration with the influence of media and your peers. By understanding these external influences and how they affect your beliefs and feelings about money, you will better understand the areas you need to address to heal and reprogram your Financial Genetic Code.

Stage 2: Your Financial Genetic Code

The second stage of the Generational Wealth Model is about understanding your financial DNA – your Financial Genetic Code– created as a byproduct of those internal and external factors in the previous step. It’s essential to work through Stage 1 to grasp what conditions make up your financial genetic code so that you can truly understand it going forward.

Once you understand the factors that make up your financial perspective, you can understand how that presents itself in how your brain is currently wired around money. Beliefs, traumas, or anxieties around money are part of your predisposed behaviors.

Your financial genetic code includes all the traumas and anxieties about yourself and your financial journeys.

This stage is crucial because once you can understand your existing financial genetic code, you can begin escaping the loops that confine your growth.

Stage 3: Financial Healing/Reprogramming Your Financial Genetic Code

The great thing about your financial genetic code or financial blueprint is that it can be rewired. Dr. Marcia Ruben talks about neuroplasticity and how your brain can be changed. While it’s easy to believe that your brain is just the way it always will be, you can change the thought patterns that make up your existing behaviors, and that’s what Stage 3 is all about.

This stage is about reprogramming your Financial Genetic Code to align with your goals and aspirations for the future, instead of your past experiences and traumas. Reprogramming your financial blueprint and healing the emotional, psychological, and behavioral aspects of your relationship with money allow you to move on to the following stages of the model and remove yourself from the loops you have been stuck in.

Since our brains are designed to create habits, we must put in the necessary work to create a mindset that positively predisposes us to make the right choices going forward, and that’s what sets the foundations for long-term financial success.

Stage 4: Financial Edification

Once your financial genetic code is successfully reprogrammed, you are better positioned to move forward without the constant fear of reverting to your previous financial behaviors.

The next stage of the Generational Wealth Model is Financial Edification, which involves building the foundations of financial literacy and understanding financial inclusivity to become more aware of the tools and opportunities that can create financial prosperity in the following stages. This stage allows anyone, regardless of background, to participate in the programs and opportunities that create long-standing wealth.

By combining financial literacy with an understanding of financial inclusion, you can develop a comprehensive understanding of finances while also considering ethical and inclusive practices. This approach allows you to adopt a new, empowering perspective as you move forward.

Stage 5: Financial Well-Being

This next stage is where the fun starts. Financial Well-Being is the culmination of the previous self-reflection and mindset work. It is where you enjoy a sense of security and balance beyond your bank balances.

Having completed the necessary work to heal from your financial struggles, you are now armed to build a more secure and prosperous future. In this stage, you can now create systems that allow for financial freedom and provide resilience in the face of future financial challenges.

Financial well-being is a profoundly personal concept, so it means something completely different from one individual to another. Consider this your soft landing, where you do not want to outlive your income. Some have longer runways than others; however, eventually, we must all realize that we will subsequently retire either forcedly or voluntarily. Therefore, stage 4 is hypercritical to realize your financial well-being.

Stage 5 is dedicated to helping you navigate this unique landscape by creating the foundations for your financial well-being. Whether that be by setting up emergency funds, creating a sustainable budget, or investing wisely for the future, the focus is on equipping you with the tools and strategies needed to achieve your financial goals.

Stage 5 also strengthens your financial position and safeguards against unforeseen financial crises. By implementing solid financial systems and practices, you can weather storms and remain on your path to long-term financial security and prosperity. In conclusion, financial health is as essential as financial wealth to some degree; as the adage suggests, “Health is Wealth.”

Stage 6: Generational Knowledge

Once you have established your financial well-being, you can begin planning. In this stage, you can now focus on strategically planning for transferring wealth and establishing generational wealth.

This phase is where you shift towards long-term financial planning, where the focus extends beyond your individual financial goals to include the well-being of future generations now. By implementing strategic financial planning measures, such as estate planning, life insurance, and long-term care, you ensure that your wealth is preserved and distributed in a manner that aligns with your values and aspirations.

Estate planning plays a massive role in this stage, providing a plan for the distribution of your assets after your passing. Through careful estate planning, you can minimize tax liabilities, avoid the complexities of the probate process, and ensure that your loved ones are provided for. In this stage, you can also strategically set up life insurance to serve as a vital tool in protecting your family's financial future.

Long-term care planning is another critical part of this stage to prepare for potential healthcare needs in later stages of life. By proactively preparing for the costs associated with long-term care, you reduce the risk of depleting your assets and compromising the financial security of future generations. All of these planning strategies allow you to prepare for wealth transfer with confidence in creating generational wealth, and they must be implemented appropriately with an understanding of the previous stages.

Stage 7: Generational Wealth

The seventh and final stage of the Generational Wealth Model is, by design, Generational Wealth. This is the finish line that all the effort from Stages 1-6 helps push you through. While many people want to achieve generational wealth, it’s virtually impossible without a roadmap that creates solid financial foundations to build on– and that’s why the Generational Wealth Model is a game changer for people of all financial backgrounds.

Generational wealth includes passing on assets and the knowledge, values, and principles that create individual and inter-generational financial well-being established in the previous stages. Stage 7 is when you make your financial footprint from the behavioral and strategic work completed thus far. Generational wealth combines past and present financial insights to generate prosperity and wealth for your heirs.

Conclusion

In conclusion, the Generational Wealth Model offers a systematic approach to achieving lasting financial wealth and security for future generations. By working through seven distinct stages, the model provides a roadmap for navigating your financial journey. Each stage builds upon the previous one, addressing critical aspects like your money mindset, financial genetic code, financial healing, financial edification, and planning to lay the foundation for generational wealth.

You can create financial stability for future generations using the Generational Wealth Model. It’s important to note that this model is designed to adapt to everyone and their circumstances. It is a comprehensive approach that holistically addresses your financial situation and allows you to move forward through the stages, no matter where you are.

Please take an inventory of your current stage and work with a financial professional to progress through to future stages. To learn more about the Generational Wealth Model, listen to the New Wealth Wave Podcast or check me out below!

Want to learn more about Dr. Joaquin Wallace and The Generational Wealth Model?

Listen to episodes with Dr. Marcia Ruben , Martin C. Johnson , ESQ ., and Dasarte Yarnway .

GENERATIONAL WEALTH BEGINS WITH GENERATIONAL KNOWLEDGE ™

Tue, 04 Jun 2024 21:03:31 GMT

Securing Tomorrow: The Generational Wealth Model

When it comes to financial well-being, it can be hard to create an action plan to achieve financial well-being if you don’t know precisely what that means. When it comes down to it, financial well-being means something entirely different for everybody.

Whether your current goal is to create an emergency fund or you’re looking to create a retirement plan to keep you afloat as you transition out of work, the goalpost for financial wellness can change for the rest of your life as your lifestyle changes and your needs adapt.

You may think of financial literacy as the first step to financial wellness, but you can’t lump it into one linear process. Achieving financial literacy is a holistic process that can take your entire life. It would be best to have an actionable plan that meets you where you are in your journey.

So, how do you create a plan that walks you through every stage of your life?

The Generational Wealth Model

The Generational Wealth Model empowers you to create a financial game plan that addresses your past, present, and future to help you achieve financial well-being for yourself and generational wealth for future generations.

The Generational Wealth Model meets you where you are while pinpointing the other stages you need to work through to achieve financial success. The best part about this model is that it allows you to take a zoomed-out look at your current situation and see where you need to solidify your foundations to move on to the next stage.

Generally, when people talk about generational wealth, they’re talking about handing down financial assets from one generation to the next so that future generations can benefit from your financial well-being.

While this is a giant portion of the idea behind generational wealth, financial assets are only a part of the equation. You also want to pass down the financial knowledge you establish throughout your life so that your descendants can benefit from your financial mistakes, successes, and the education you have gained during your journey.

Generational Wealth Begins With Generational Knowledge™

When you think about your financial well-being, you usually look at generational wealth as the carrot at the end of the stick. You strive towards it, hoping that one day your efforts will pay off and you can secure generational wealth like a trophy at the end of the race. The problem is that generational wealth is on this pedestal, like some abstract idea you don’t know precisely how to achieve.

That’s where The Generational Wealth Model changes the game. The Generational Wealth Model serves as a roadmap with a clear path to help you reach your end goal – accumulating assets and knowledge you can pass on to future generations.

How Does The Generational Wealth Model Work?

When you look at the typical financial models, they all tend to cater to one demographic. They assume you start with a certain income level, assets, and knowledge passed down throughout the generations. These models take a cookie-cutter approach that can typically only be applied to people fitting specific criteria.

So, what are people who grew up without these things supposed to do to stop this cycle from affecting their kids? How do you create financial well-being for yourself and generational wealth for generations to come?

Creating generational wealth is the best way to break the cycle and reduce the wealth gap between descendants of families with generational wealth and those without. That’s where The Generational Wealth Model comes in.

The Generational Wealth Model works by uncovering the specific behaviors and beliefs that make up your existing money script and reprogramming them to ensure your financial success. It creates a clear path with markers that ensure you address every stage to create your financial footprints and reach the final stage—generational Wealth.

The model walks you through seven stages designed to break down your existing money barriers, which are hidden and generationally willed to us, and give you all the tools you need to achieve financial well-being that can eventually be passed down to future generations.

The Seven Stages of Generational Wealth

Stage 1: Your Internal and External Ecosystem

This first stage helps break down your current money mindset and behaviors by deconstructing the cultures and influences (internal ecosystem), socioeconomic factors, previous education, and environment (external ecosystem) that have created your money story.

Stage 2: Your Financial Genetic Code

Once you progress through Stage 1, it’s time to break down your financial genetic code—the by-product of your internal and external ecosystem. This next stage is about breaking down your underlying financial traumas and anxieties holding you back from creating healthier, more sustainable financial practices.

Stage 3: Financial Healing/Reprogramming Your Financial Genetic Code

In this step, you take the information about your financial genetic code and begin healing. Eventually, you will reprogram your financial genetic code to rewire it for success with the new underlying beliefs and practices aligned with your goals.

Stage 4: Financial Edification

Now that you have successfully reprogrammed your financial genetic code, you can move forward without constantly falling back into your previous financial behaviors. This is where you start to build the foundations of financial literacy and focus on financial inclusivity to become aware of the vehicles available to you to reach financial well-being eventually.

Stage 5: Financial Well-Being

This is where you can enjoy the fruits of your labor from Stage 4. The Financial well-being stage is where you create the systems to achieve financial freedom and ensure that you can absorb financial crises in the future now that you have completed the work to heal from your financial history. Financial well-being looks different for everyone, so this next stage helps you cover the foundations of financial health.

Stage 6: Generational Knowledge

It’s time to begin the planning stage and put the right strategies in place to transfer wealth and achieve generational wealth for future generations through proper financial planning. This stage includes but is not limited to, estate planning, life insurance, and long-term care. These allow us to avoid the probate process after death and move forward to the next stage.

Stage 7: Generational Wealth

You've done it! Once you hit this stage, you have secured generational wealth that you can pass on to your children, and they can pass on to their children. The positive cycle can continue to repeat.

Bottom Line

The Generational Wealth Model empowers you with actionable and practical steps to achieve generational wealth, which may seem like a distant dream to many of us. Through this model, we can break the status quo and make generational wealth accessible to all future generations.

By addressing past and present roadblocks, you can reprogram your behaviors and mindsets to move forward positively. As you walk through the seven stages, you can secure solid financial foundations that build unshakable prosperity that can survive and thrive for generations.

The Generational Wealth Model is crafted for everybody. No matter where you come from and where you’ve been, this model serves as a blueprint to redefine your financial situation, regardless of what boxes you may have been put in.

That is how you create generational wealth.

That is how you change your money scripts.

And that is how we change the world for future generations.

Want to learn more about Dr. Joaquin Wallace and The Generational Wealth Model?

Money Matters: A Glimpse through Maslow's Lens

Fri, 01 Sep 2023 21:00:01 GMT

Schedule a consultation today!

Generational Wealth Begins With Generational Knowledge™

Introduction

Let’s get candid regarding our conversations related to money. For some, the mere thought evokes anxiety like an imminent dentist visit – you know what I am talking about - the root canal you look forward to. However, fear not; I will tackle this topic with sensitivity and respect – I mean, who looks forward to a root canal? So, the question begs, when money comes to mind, does your financial anxiety about paying bills overshadow that luxury purchase you’ve been saving for? In my consultations, we often dance around this theme - balancing today’s cravings with the wants of our tomorrow. So, taking a page from the legendary Hall of Fame basketball coach John Wooden: "Failure To Plan Is Planning To Fail." Therefore, this blog will fuse Abraham Maslow's renowned Five Hierarchy of Needs model, encapsulating his theory to create a GPS for success, directing you to a more prosperous financial life. So, can Maslow's iconic Five Hierarchies of Needs model be the northern star of your financial journey? From my viewpoint, absolutely!

Adapting Maslow to Our Ever-Evolving Financial Landscape

Taking a deeper look at Maslow’s iconic pyramid, we're prompted that the basics such as food, love, and shelter - take center stage in your innate needs. However, given our lives' dynamic fabric, these foundational requirements occasionally shift, twist, and turn. Although, safety may not have been referenced as an innate need initially. Today, safety may be in strong consideration as an introductory need. Therefore, I will slightly adjust and suggest that we declare safety as a created innate need that can readily be embraced in the foundational prerequisites initially theorized by Abraham Maslow.

Furthermore, Maslow's five hierarchies of needs painted a broad picture and defined look; conversely, as we navigate towards a more contemporary environment, today’s life's intricate elements require us to step out of strictly narrow boxes, moving from a one-size-fits-all model to a more organic more suited in today's climate. As I've previously stated in my blog, "Reimagining Financial Literacy through Education and Purpose," whether it’s the ebb and flow of our careers, unexpected and unscripted events, or personal changes, life in the now is our best instructor. Beyond just safeguarding ourselves – it's about molding our finances with an eye to the future. A Holistic approach versus a mechanistic view is more warranted today than ever before; for that reason, always aim high but anchor those lofty goals in the tangible world. Herein lies the graceful dance between dream and reality.

Steering Through Choices: The Arena of Discretionary Finances

Next, we dive into the more wants or discretionary-driven layers of Maslow's framework, entering the effervescent world of unrestricted income. This is where our internal deliberations often reverberate: The indispensable needs versus the enchanting wants. This is where stages three and four of Maslow's Model come into play. Social and Self-esteem are critical in respect to your wants. Listen, we spend our money on our social environment, hanging with friends at happy hour on Friday night, or purchasing tickets for a movie concert or play. These wants are essential to social interaction and enjoying life. Occasionally, we may even stay in and order DoorDash and catch a Netflix movie with friends or solo, all of which are important in the pantheon of life, and we cannot overlook those behaviors. In addition, our self-esteem is equally as important. Buying that perfect outfit, a spa day, a salon day, a haircut and facial, or just splurging on yourself. We all care and consciously try to keep up with our self-esteem, so we spend our money to do so. Circumnavigating these spaces is the essence of financial understanding. Sure, binge on your social and self-esteem areas, but in doing so, embrace the art of intentional indulgence. Acknowledging these moments of joy without rocking your financial boat requires a dash of control and an abundance of comprehension. It's not just about what's in the bank; it's about the familiarities and dreams those numbers can unlock. So, map your course, set sail, and enjoy every twist and turn!

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Developing Financial Dreams: Standing at the Peak of Possible

Close your eyes and picture this: an unlimited landscape with desires stretching as far as you can dream. This, ladies and gentlemen, is where Maslow's vision culminates - the realm of self-actualization the top of the pyramid. Here, financial restrictions display distortion, and dreams take flight. It's a world abounding with appetite, probabilities, and potential. Financial acumen is the gust beneath your wings, forcefully pushing you to remote realms. Be it a bourgeoning business idea, a soul-nourishing hobby, or a cause that tugs at your heartstrings, with an underpinning of financial understanding, there's no looking down. The horizon? Well, it's just your starting line.

To Sum It Up

Blending the timeless insights of Maslow with modern-day financial strategies crafts a blueprint for a life abundant in both tangible wealth and intangible fulfillment. As we navigate this enlightened era of holistic financial astuteness, remember that it’s less about the size of our resources than the wisdom of our proficiencies and focus. Join me in this riveting journey towards reimagining financial literacy through education and purpose!

Reimagining Financial Literacy Through Education and Purpose

Wed, 26 Jul 2023 15:25:08 GMT

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Generational Wealth Begins With Generational Knowledge™

Introduction

Many factors shape our financial journey, including our early experiences and exposure to financial education. These experiences create a blueprint for financial solvency, influencing our decision-making and relationship with money. In this blog, we will explore the profound impact of our internal and external ecosystems on our financial mindset and discuss the importance of reimagining financial literacy through education and purpose.

The Power of Early Experiences

Our first memories of conversations about money can have a lasting impact on our understanding of its effects on confidence and opportunity. Catchphrases like "I am so broke, I can't pay attention" or "Robbing Peter to Paul" and the proverbial "Money Don't Grow on Trees" can shape our perception of money. As we grow older, we realize that money provides more than just material possessions; it offers education opportunities, safety, and the ability to create a financial footprint creating generational wealth . It offers education opportunities, safety, and the ability to create a financial footprint, which can eventually lead to generational wealth.

The Influence of Internal and External Ecosystems

Both our internal and external ecosystems significantly shape our financial relationships. Our internal ecosystem consists of our culture and learned behavior, which are crucial to our financial mindset. Likewise, our external ecosystem, including our neighborhood, lifestyle, and community, can provide or limit opportunities.

Being surrounded by limited resources and a lack of safety can create a sense of learned helplessness and restrict our opportunities for financial growth. On the other hand, if materialistic success is heavily emphasized, our perception of financial well-being may become skewed. Recognizing the impact of these factors is vital in understanding our financial journey and the barriers we may face.

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Reprogramming the Financial Mindset

Our internal and external factors can become hidden barriers ingrained in our hippocampus, the part of the brain responsible for long-term memory formation and retrieval. They form our "money script." Reprogramming this mindset requires healing and communication to identify these ingrained circumstances and reshape our financial genetic code. It is a crucial step in the Generational Wealth Model, acknowledging that each person's experience and relationship with money is unique. Overcoming generational barriers, lack of education, mistrust, and learned helplessness is challenging, but it is the starting point for change.

Dr. Wallace Seven Stage Generational Wealth Model

To break free from negative financial patterns, we must recognize the influence of our internal and external ecosystems. The seven-stage Generational Wealth Model was created to prioritize this recognition. By understanding these influences and challenging old beliefs, we can redefine our financial journey and strive for lasting financial well-being, emphasizing how Generational Wealth begins with Generational Knowledge.

Emphasizing Education and Purpose

In conclusion, our financial journey is profoundly influenced by our early experiences and exposure to financial education. We must shift from a linear approach to an organic philosophy and development to reimagine financial literacy . Understanding and addressing the impact of our internal and external ecosystems and the language and images encountered during childhood is crucial.

By reimagining financial literacy through education and purpose, we empower ourselves to overcome barriers, reshape our financial mindset, and build a legacy of financial well-being for ourselves and future generations. Let us embrace this transformative journey and strive for a brighter financial future.

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