Welcome back. In this episode, we are going to talk about how to get rid of
entitlement mindset, to get on what we call the abundant cycle. You're going to
gain some insights into opportunities on how to abolish entitlement mentality. And
take your family or your employees, whoever you care about from the mindset
of, "Oh what about me? Give me... It's not about me, it's we. Together we're better.
So, get ready to have some epiphanies here for just a few minutes as I go
through this episode. And then I'm going to empower you on how you can learn more
if this is speaking to your heart
I'm Doug Andrew. And I've helped a lot of families break their children or
grandchildren free from the entitlement mindset. It's too bad that many of them
sort of adopted that. But we don't mean to hurt our children. But all too often
by just giving them handouts, that's what happens. That's what motivated me to
write this book "Entitlement abolition." And I don't invite you to watch these
episodes to sell you a book. I will give you a copy of this book and I'll show
you how here at the end of this episode. But in the book I have the artist create
this illustration. This tree represents abundance. And all too often our children,
grandchildren, our friends, our employees if we run a company are in this
entitlement trap. And there's all this abundance and they can't even reach it.
Because they're all clamoring in a scarcity mindset instead of an abundance
mindset. So, I address that in depth in the book. And the first four chapters of
the book actually talk about this problem. But the last eight chapters talk
about how to break free from this trap. And when you break out of this trap with
those that you care about, let's say it's your family. Everybody is a participating
because together we're better. And this is what creates abundance. And abundance
then breeds abundance. And I have all kinds of games and exercises that will
help people transfer from the scarcity mindset to the abundant mindset which is
one of the big keys to abolish entitlement mentality. So, when we talk
about this there are some false belief patterns that develop in many, many
families. That by leaving behind a monetary inheritance, money in your trust.
That you have blessed your posterity with a quote legacy. No, a legacy is far
more deep than just leaving behind a bunch of money. But that's the way most
people leave it behind in a trust. And some
times people have had attitudes, "Well whatever my kids do with the money I
leave behind is their problem." Hmm... No, it's yours. You can set it up so that you
don't ruin 2 or 3 generations. And it goes back to shirt sleeves to shirt
sleeves in three generations or rice paddy to rice paddy in 3
generations like in Asia or in Europe clogs to clogs in 3 generations. No,
you want to have the family legacy bank, the assets. And not just the money but
you want it to continue to grow. And you want them to prosper and not sit around
waiting just for their share with this entitlement mindset, "Oh, I wonder what the
poor people are doing today?" And I've seen that happen in a lot of well
intending families because they didn't think through this. So, that's why we look
at things from a 3 dimensional approach. And this involves the
foundational intellectual and financial dimension. And I'm talking right now
about the legacy dimensions, foundational assets, your family, your values, your
faith, your beliefs, your genealogy, your ancestry, your beliefs, your health, your
relationships. When we talk about intellectual assets that would be your
wisdom, knowledge, attitudes, skills, habits, methods and so forth. All the lessons
you've learned in life both good and bad experiences. So, when we focus on that I
have an acronym called Kash, K-A-S-H which stands for knowledge attitudes skills
and habits. I would rather leave behind that kash, pass that kash down than the
C-A-S-H. Because that will generate the money C-A-S-H into perpetuity. So, where is
the problem here? It's called the entitlement cycle. So, I'm going to show
you this, and then I'm going to show you the spectrum between the the entitlement
mentality versus the abundance mentality. We get into this cycle because we go out
and we learn skills and wisdom. I'm going to magnify that and we have this self-
learned knowledge, attitude, skills and habits. And then we begin to experience
wealth and abundance. So, I'm going to come up
here and we're going to increase our money C-A---H with the K-A-S-H. And as we do
that, what does that mean? We experience wealth and abundance. And so, that's not
bad. We are now enjoying life, we've paid the price. But then what happens? "My kids
will never have to work as hard as I did." And we think we're doing them a favor by
taking all that off of them. And that's what really made you who you were
overcoming those challenges. So, what happens? Entitlement creeps in. And as we
hit this cycle, all of a sudden we think we're helping them. And they go, "Oh, can I
have... Will you pay for... When do I get mine?" And so what happens is it exhausts the
family resources in that cycle. And all of a sudden each generation is having to
start all over again and we have a loss of generational momentum. And that is
told in stories in my books like the Vanderbilt family that within 3
generations a hundred and 5 million dollar fortune dissipated, disappeared.
Because it was just dumped in their laps and they had to start all over again.
So, each generation has to start over. No, I wouldn't recommend that. So, let's talk
about the spectrum between entitlement versus empowerment or abundance. So, here
is the spectrum between entitlement to abundance. Over on the left is the
entitlement mindset. So instead of entitlement, we want to teach
responsibility and accountability. And these are the ones I want to hang out
with. Not the ones who sit around, "Will you pay for... Can I have?" Enabling versus
empowered, scarcity versus abundance. We talk about
me, me, me-centric versus we, no, together we're better. Isolated versus
collaborative. See? together we're better we want to work together as a family. Now
as I'm going through these, you probably can think of people that you care about.
Your family, maybe your employees that have this type of a mindset. My book
"Entitlement Abolition" will abolish that and move them over to this side of the
spectrum. It may take a little while to do that. But instead of consume,
no we want to produce. Instead of being dependent... I mean, "Hello!" we declared
independence when we formed this country. Now, we're fostering generations coming
up more and more dependent on government doing everything for them. We want to be
independent. Instead of something for nothing?
No, let's require some skin in the game. You do this and we'll match it and will
empower you but you require skin in the game. Instead of striving and ever
achieving, we want to thrive. Instead of government reliant, we want to be
self-reliant. Let me tell you, when you begin to empower those you care about to
move from this side over to the abundant side. You will see huge differences in
their countenance and their confidence. In the way that they are stepping up to
the plate, being responsible and accountable. And they realize they have
to put skin in the game. It's not just a handout. You're there to
give them a hand up and never a handout. You want to empower them. So, let's go
back to that legacy cycle here. It starts out the same, okay? But now, what I would
recommend is and instead of just enjoying this wealth and abundance and
just dumping it in their laps. We want to have a system that fosters
responsibility and accountability. So, there are different methods that we
teach to do that in my various books and other episodes. But once you teach
responsibility and accountability, what happens? In a legacy bank, this is what I
call a family bank. You're capturing the knowledge, attitude, skills and habits,
that's the K-A-S-H. And you also deposit the money, the C-A-S-H in the family bank.
You allow your children and grandchildren to have access to the K-A-S-H
and the money C-A-S-H. If they are responsible and accountable, they borrow
and they pay it back or they save and they might get matched. You don't just
pay for their college education. You just don't give them the money to buy a house.
You require some type of responsibility and accountability. And guess what
happens, they have access to the legacy bank and watch what
happens, each generation has an early advantage because of this increase in
momentum over here on the left. And this is a great way to go. It's the difference
between the Vanderbilt family and the Rothschilds family. The Rothschilds, well...
continue to grow because they had rules that fostered responsibility and
accountability and that's the legacy cycle. That's why I recommend that you
consider this so that future generations can have that early advantage. So, what's
the call to action for you to leave behind a system? Where you can
intentionally leave behind knowledge, attitudes, skills and habits, that kash
and power those that you care about. Establish your family legacy bank where
you deposit that cash and the money with rules of governance. So, they have to have
skin in the game to access those resources. I would
recommend that you capture life sketches, ancestry, I remember when
memories. And be able to empower all of those family members to have the wisdom,
the true wealth, your beliefs. What made you who you were rather than just
dumping money in their lap. So, if this resonated with you, spoke to your heart.
and you would like to learn more about that. That's what motivated me to write
this 200 page book "Entitlement Abolition." I'm not trying to sell you this book. I
want to give you a copy of this book absolutely free. If you go to
entitlementabolitionbook.com and pay a nominal shipping and handling fee of like 595. I
will send one out to you absolutely free and you can... First of all go through
these twelve chapters. And then if you want I've actually completed a deep dive
master class that's 18 hours. Because each of these chapters maybe takes 15-20
minutes to read. I spend between an hour to nearly an
hour and a half on each chapter on a deep dive. If this is something that can
help you help those that you care about. Abolish entitlement mindsets and take
them from me, me, me to we.