Building an Empire
Maybe I’m just getting too ambitious for my own good. I was thinking lately about the sad state that my parents are in now financially. Both retired early… Too early, and now they’re feeling the pinch. Now, I consider my parents to be good savers, they have a decent RRSP that will hopefully last them for many decades.
What I was contemplating was the creation of an estate. My mom’s hope is that she’ll spend her last dollar the day she dies, and effectively have a zero balance for her entire life. But I find myself comparing that to the ways that the great families have done things. I’m thinking of people like the Kennedy’s, the Royal Family, even the Bush’s. How can these families stay rich and powerful generation after generation? And does my mom’s method leave every generation starting from scratch. Rather than giving her kids, and subsequently my kids a boost into a more fulfilling life with less monetary concerns?
So I’m making it my single lifelong goal to become rich. Not just rich. But genuinely wealthy. It is my hope that I can create a legacy that I can then pass on. But I can’t do all the work. I want to get the ball rolling. Create enough wealth to live off. Subsequent generations will have the job of broadening my empire.
But what’s envolved in this type of major undertaking? The average family is not taking the path that I want to take. Therefore, I have to do things that ordinary people don’t do. What are those things? Where should I start? How much wealth is enough? Who should be my mentor? These are the questions that I need answers for.
In the meantime I’m starting another business venture. Delightful Designs is the name (ATM), and it’s a jewelry design company working primarily with labradorite. There’s already some designs done up. Next step is production/sales. I think I’ll make some money with this one.