How to Get Rich for Generations to Come | Phil Town

Are you setting up your family for years of generational wealth? What are you doing to teach your kids about money? I'd love to know. Leave your comments down below!

My grandad left 30k for me in the S&P 500 index, which I didn't touch for 21 years.
I'm very grateful he did that for me.

The moral I teach my kids is… pay attention to pop cultures! Primary social cultures apply. But what are people interested in, that might last a few years.

i'm 3rd Generation rebuilding my generational wealth

Working on doing this. I am going to be the first in my family to build wealth.

crazy that he only has 200k subscribers.. at least that i’m one of them

I wish you were my dad. My parents wasted everything they inherited, taught me nothing about money. I am now 40, I have nothing but I am learning and my kids will learn.

12:05 15mins of work a week, and enjoy life with financial freedom…what a dream would that be.

/Is he high here?

Luckily, my university has partnership with a state-owned enterprise broker. So I can open brokerage account for very low deposit and they provide us with some online and offline course about investing in capital market.

Great advice Mr. Towns. I always get great knowledge from you.

Bit unrelated but I like the point you made about going to kids college…. I feel there is a notion in the society today that building wealth and entrepreneurship has nothing to do with education and college…. (everyone points to Gates, Jobs and Zuckerberg, everyone believes these people just dropped out of school and just created a business) lot of role models young people look up to these days spread this idea of skipping school. Which is far from the reality.

Thanks for coming to Canada, Phil! See you tomorrow in a Edmonton at your 3 day course. Can’t wait!

The most important aspect of money that we’ve taught our kids is to value it as it moves in and out of their hands. Money is neutral until we put the meaning on money. Money can improve lives or destroy lives. It makes you more of who you already are. It is up to each of us to create a healthy relationship with money so that we are in control of how it affects us instead of giving money the control over us.

Doesn't really explain how to CREATE generational wealth

It's hard to maintain, and it presents all kinds of privacy and security issues that the average person could barely imagine.

I will teach my kids to work as much as they can and earn more money and leave little bit for their children as a margin of safety for their kids and use rest of money for philanthropy which gives happiness. Any finally teach their kids the same.

my mom is poor but she was wisely advicing me about how to handle the poberty problem. Nowdays i plan to invest in the future in the stock market.
You Phil have a great channel. Thanks for your help.

We have to teach our kids how hard to earn money is. This will help them to think twice before they spend money.

Wish you were my father! All mine left me was "alone".

I like your ideas creative generational wealth but I disagree about teach your kid about wealth and investing. Michael jordan is the greatest basketball player. But that doesn't mean he can you coach to you, he is not a good CEO or GM. He make his team better but not as good as he. So going back to investing and generational The trump or Jobs have so much money that if they don't gamble , smoke weed and buy luxury items. If they live modest use less than $300,000 a person per year then they never run out of money LMAO. The only thing parents can is to steer them in the right direction that put them in a good place or chaos place to thrived to success. And believe me I'm a entrepreneurs but not everything was born to be entrepreneur or to takes risk.

Easiest way to make generational wealth is to make sure you have 2 kids or less and teach them how to handle money.

Is it possible to start investing , as a 15 year old. I’ve personally already saved up an estimation of 5 grand, but i’ve given it a thought, but i’m not able to get any ideas…

Please help, I wanna succeed in life too bad.?

I am always struggling about inheretance tax:
-As a future parent I want to pass down my wealth, a natural tendency.
-from a moral standpoint every child has to get equal opportunities. And you can get lazy people who never worked for their money.

How much do you make from YouTube?

I really don’t respect people who inherent wealth, they just don’t understand the hustle. They are weaker than self made.
Warren Buffet is leaving all his money to his kids.

This is a topic that is underlying reason we create unselfish wealth. To teach to fish vs just giving fish.

Thank you so much for sharing your knowledge and skill and teaching us how to invest. I'm bringing my son with me to your January workshop and I'm so pumped to learn from you and be able to start investing the Rule #1 way. Then I can teach my daughter and her husband and get my grandchildren to start saving and investing. Very exciting!

Good insight Phil. Keep them coming.

Great video Uncle Phil, i will be sharing this. However, I don't understand why 27 people gave this a thumbs down? What the heck are they thinking!? You are one of the most down to earth and humblest person I've ever known.

You are my héroes!!

Great video, it's so true and it doesn't only count for investment.

Please don't make your children spoiled and dumb.

How much do you need

I’m a big fan of this channel but this video doesn’t really say much of anything.

Does anybody use Phil's Rule 1 Toolbox on his site? I've looked online for reviews or analyses and there's almost nothing. Phil himself almost never ever mentions it, and I'm wondering if it's worth the $30/mo price tag.

Thanks Phil, love you brother

Loosing money is very easy if you don’t have skills. Next generation should be able to manage. ?

Great video Phil. I would love to leave a substantial inheritance to my 2 children. My son put me into you and is really keen to learn your Rule 1 method so he is going to pick my brains after I come back from your Seminar in January??

"You can't just pass down money."

So true.

“You gotta help them find their Dharma… “. (10:55)

Very articulated public speaker.

So True but how does a 23 year old son going on 19 learn from grandmaish me? He loves rocket science not budgeting as a plan for the future. Trump says that his father taught him to pick up bottles for deposits.

Good information, my parents were born in USSR and they’re literally don’t know about investments, in post USSR countries it’s very rare to met a guy who knows how to save a money and what you can do with it

Would not touch current stock market until after it crashes – we are looking at a 50% or o next crash. I started investing at 26 and having been doing so for last 10 years – real estate and mutual/index funds but sold all my stock market holdings few months ago (taking great profits) – sitting in 90% cash and 10% gold/silver until we see the crash. Started at 18 (or younger) gives you far better compounding time.

Thanks Sir, Will remember rule number one,

Hey Phil, great book on display, subtle way to reinforce that video theme. 3 thumbs up !

I'm one of those "poor dad" people. I'm from Hungary my dad grew up under communism and due to his values, he was heavily oppressed. He is happy we have a great family (10 kids – 7 grandkids) but he just couldn't save money – neither my siblings. I'm learning and trying to pass down but seems I can have the role of the "rich uncle" one day! So I'm learning not just for myself but for my family too! Thanks Phil!

Like most people! Haha

I'm learning how to run the the business through the rule 1 investing practice. Learning how to invest is not only learning investment. I found that this investment practice is way beyond what actuary people think about learning investing. I'm so glad that I found Rule#1.