In Entitlement Abolition Doug Andrew shares that the rise and fall of many major civilizations, like the Roman Empire, hold a pattern that often happens in families today. It begins with a period of significant growth, an era filled with expansion in several areas: skills, wisdom, knowledge, affluence, and ways of living.
This leads to continued increase, with knowledge, influence and power spurring the development of even more knowledge, influence and power. Wealth and abundance abound … until entitlement creeps in.
The Entitlement Cycle
As abundance and wealth become a part of everyday life, and everyone benefits. This is where things can take a wrong turn if families aren’t vigilant. Doug Andrew writes that if children aren’t required to practice responsibility, accountability, and financial partnership in things like pursuing education, purchasing cars or homes, or serving humanitarian or religious missions, they can become entitled.
The Better Path
Let’s compare the Entitlement Cycle now to the Abundance Cycle. You’ll notice the path is the same through the first three stages:
1. The development of KASH
2. The increase of KASH and cash
3. The prosperity of wealth and abundance.
Now, Stage 4 is where things can go right, instead of wrong. When families take proactive measures to reinforce an abundance mentality (more on this in Chapter 3) and instill accountability and responsibility, they are setting up the next generation for success in every aspect of life.
The next stage is where families establish a Legacy Bank, which is a conceptual bank where you can deposit the knowledge, experiences, strategies, and lessons learned by family members.
If planned and executed well, this Abundance Cycle can go on for generations to come. Having a functional Legacy Bank in place, with the family actively participating in contributing to and withdrawing from the bank, empowers future generations to have early access to moving forward in developing their own KASH and cash. Unlike the participants of the Entitlement Cycle, who had to start over from scratch.
In this Book You'll Learn:
- The difference between a scarcity and abundance mindset
- The Three Dimensions of Authentic Wealth—especially the two Legacy Dimensions (Foundational and Intellectual)
- How to develop a KASH (Knowledge, Attitudes, Skills and Habits) Blueprint and develop a perpetual Legacy Bank
- How to hold Family Vacations with a Purpose
- How to make deposits and withdrawals from your family’s Legacy Bank
- How to rethink your thinking (and help your children do the same)