The Level Up Podcast w/ Paul Alex - Building Generational Wealth Starting with Yourself

Episode Date: May 30, 2024

Welcome to Episode 67! Today, we're diving into the impactful and often misunderstood topic of building generational wealth. Starting with yourself, we’ll explore how anyone can begin this journey, regardless of their background or current financial status. Drawing from my experience transitioning from law enforcement to creating multiple eight-figure businesses, I’ll share key insights on laying the foundation for wealth that lasts through generations.“Your Network is your NETWORTH!”Make sure to add me on all SOCIAL MEDIA PLATFORMS:Instagram: https://jo.my/paulalex2024Facebook: https://jo.my/fbpaulalex2024Youtube: https://jo.my/ytpaulalex2024Linkedin: https://jo.my/inpaulalex2024Looking for a secondary source of income or want to become an entrepreneur?Check out one of my companies below to see if we can help you:www.ATMTogether.comwww.Merchantautomation.comFREE Copy of my book “Blue to Digital Gold - The New American Dream”www.officialPaulAlex.com

Welcome to the Level Up Podcast. I'm your host, Paul Alex. I went from being a cop to an eight-figure entrepreneur that helps average people like you and me make money every single day. I created this podcast to help you get motivated and to crush your goals. Let's win together.

Remember, I have your six. Get ready to level up right now. Today, we're tackling a profound and impactful topic for every single one of you listening right now. Building generational wealth, but building generational wealth for your family, starting with you. For many, the concept of generational wealth might seem like a privilege reserved for the few. But I'm here to tell you that it can start with anyone, including you. From my own journey starting in law enforcement to creating and running multiple eight figure successful businesses, I've learned crucial lessons about laying the foundations of wealth

that last. First, understand what generational wealth is. It's not just about the money, guys. Okay. It's about the resources, the knowledge, and the opportunities passed down to your future generations, your kids, enabling them to build upon the foundations you have set. I became the first multimillionaire in my family. I have changed not only the lifestyle, but the mindset of not only my siblings, but my mother and my father. At the end of the day, that's a greater impact than money can

ever build for me and my family and also for you and your family. So how do you start? It begins with education, financial education. Equip yourself with knowledge about saving, investing, and managing money. Understanding financial principles is key to making informed decisions that will compound over time. I started with the basics, learned through books, seminars, and mentors, and each step enhanced my financial freedom. Self-education is key, guys.

Some of the biggest needle movers that you will think will not do anything for you is right in front of you guys. Pick up a book. I know it sounds cliche, but a book can change the way you think, especially as you get older. Read, go ahead and actually embrace other people's information based off their life experience. You don't have to listen to your high school or college professor that you don't get along with. Go ahead, search online, go on YouTube, go on Google, do a search on the industry you're interested in, and then type in who is the best in that particular industry. If they sell a

book or they've written a book, buy it, read it, learn it, read it multiple times until you actually get it and you can go ahead and repeat it and teach it to someone else. This is how you self-educate yourself. Next, focus on creating diverse income streams. But the first needle mover before you do that is making sure that you have a main source of income. So right now, if you're not working right now, if you're not making enough, if you're barely doing the bills, you need to level up in that actual particular source of income that you have, whether it is trying to get promoted, whether it's trying to get a raise, or whether it's just transitioning to another job that is commission-based that you're able to control your actual income. Once you are able to generate

enough income to go ahead and save and to diversify into other streams of income, then that's the way I would do it. In my early entrepreneurial days, guys, I diversed my investments across different industries. In my early entrepreneurial days, we're talking about roughly six, seven years ago, I diversified my investments across different industries from digital marketing to merchant services. Diversify not only increased my income, but also protected me against market changes. Think of it as not putting all your eggs in one basket, guys.

And this is why you guys see, if you guys currently see my organization, the way I run it, I've invested into multiple different streams of income, whether it's ATMs, merchant services, which is credit card machines and digital consulting. I even do live events where I speak, okay, and I get paid for that. I do podcasts where I get paid for that.

I do different types of ventures where I get paid for that. I even get paid to do one-on-one masterminds with other entrepreneurs to help them level up as well in their businesses. So there's many streams of incomes that you guys can invest into, but you guys have to start with building your skill set, like soft skills. That includes sales, communication, being able to creatively think on your own, and being able to make sure that you have a main source of income that can supply the diversified income streams. All right, next, saving is crucial. By investing is where significant growth happens, whether it's real estate stocks or starting your own multiple businesses. Investments can yield returns that

outpace a regular savings, guys. Do not keep your money in a savings account. Do not. You have to keep the money moving in order to grow, especially with inflation in 2024 and beyond. Start small if you need to, but start. The key is to be consistent and patient. Wealth building is a marathon, not a sprint. Okay, so this is one that I particularly don't talk about a lot, but it is vital. Estate planning. It ensures that the wealth you're building is transferred properly and effectively to the next generation. So we're talking about your kids, your wife, or your husband if you were to ever pass away. Setting up wills,

trust, or other legal structures may not be glamorous, but they are essential to ensuring that your assets do what you want them to do after you're gone. Lastly, instill a mindset of wealth building for your family. Share your knowledge and experience with your children and other young family members. Encourage them. Be the leader. Lead by example. You have to encourage them to think like an entrepreneur, to save and to invest. Generational wealth isn't as much about the money, but it's about passing down a legacy of financial intelligence and responsibility. So when it comes down to it, all right, summarize this pod. Building generational wealth starts with a commitment to change your financial destiny.

The actions you take today to grow and maintain and manage your wealth are the seeds and needle movers for a future for your family. Guys, I hope this inspired you to start a path to generational wealth today. Remember, it's not just about making the money, it's about making the difference for the future of your bloodline.

I'll catch you guys on the next one. Remember, I always have your six. Make sure to share this episode with your familyline. I'll catch you guys on the next one. Remember, I always have your six. Make sure to share this episode with your family, friends, and anyone you care about. The world's already hard enough and we need to take care of each other. Make sure to share this episode on Instagram, Twitter, Facebook, and share it with the world. Do me a big favor and tag me, Paul Alex. Also, keep the five-star reviews on iTunes coming. This episode is going to help change the way the world thinks and will help everyone level up in their life. And lastly, if you want to continue to level up, learn more about business and life, then make sure to get a copy of my book, From Blue to Digital Gold, The New American Dream, on Amazon or at officialpaulalex.com.