In this episode of Success That Lasts, Jared Siegel discusses the concepts of harmony and balance. He defines different types of capital and how they intersect to create real wealth.
Tune in here, at delapcpa.com/podcast, or wherever you listen to podcasts:
Here are a few highlights from this week's episode:
- Harmony is nuanced, Jared shares, requiring some level of skillful and simultaneous execution. To be well coordinated, harmony needs balance and complexity. Jared explores what that looks like in wealth planning.
- A family’s human capital includes its individual family members’ physical and emotional health, as well as their resilience — their ability to learn, grow, and adapt. Their relational capital reflects each member’s ability to discuss difficult topics together or to collaborate in complex efforts.
- Prior to the Industrial Revolution, wealth transfer was more about the transfer of wisdom and opportunities, not necessarily money. “If you inherited your family’s land, you were still required to work. You had to [put in the] effort, sacrifice, and grind…to actually generate income that you and your family could live on,” Jared explains.
- Financial capital is merely a tool — nothing more, nothing less. It’s neither good nor bad, but it really begs the question — what are you trying to accomplish with your wealth?