Episode Transcript
[00:00:00] Speaker A: And so giving an inheritance and heritage, when you think about that, the investment you're making into them, it is actually acknowledging that we're not only blessing others, but we're actually ultimately in step with God's heart because he's a father who thinks generationally.
Hey, welcome, everybody, to the wealth Builder podcast. And I'm Dave Metcalf with my beautiful wife, Karen.
[00:00:39] Speaker B: Hello, everybody. Glad to be here. This is great. It's like role reversal.
[00:00:44] Speaker A: It is role reversal because generally she's the person getting things started, and that really helps. And we're doing this special episode, which is number two. I'll explain the first one in just a moment. But we're doing this from Colorado. This is our new home.
[00:00:59] Speaker B: Yes.
[00:00:59] Speaker A: And we're learning how to get used to the Colorado weather.
[00:01:03] Speaker B: We really are.
[00:01:04] Speaker A: We're over the nosebleeds. You know, your nose dries out, you wake up in the morning, too much information. Too much information.
[00:01:10] Speaker B: Too much information.
[00:01:11] Speaker A: Okay, let's go to attire. I'm wearing a vest. I've never worn vests before in my life, but vests in Colorado, when it's cold, this is, like, ideal. It keeps your core nice and toasty warm. It does. It does. And then you can't see it. And I'm not gonna show you, but wool socks.
Wool socks are better than cotton socks. I mean, they're just. They keep your toes nice and toasty. So, anyway, well, enough about Colorado. We're gonna get into the second. I said we had the second thing going.
[00:01:40] Speaker B: Yes.
[00:01:40] Speaker A: The first episode we did recently was talking about developing wealth with your family.
And we wanna get into that a little bit further, a little bit more foundation of, like, why? Why would we do that? And then the second part of that is like, okay, we wanna do that as a family. Like, what do we do next?
[00:01:58] Speaker B: Yeah.
[00:01:59] Speaker A: So we're gonna talk about part of our journey and how we've done that.
[00:02:03] Speaker B: And I was. Yes, I was just gonna share that. We get questions about that a lot. So, like, people love the idea. You know, they're like, yep, we wanna do it. But where they get stuck is like, oh, my goodness. What are the steps that we actually have to take out to make this happen? Right. Because it's one thing to have an idea, and we teach this a lot. Like, in the business, coaching, you can have an idea, but if you don't know how to implement that idea is going to die. Right? That dream is going to die. And so I really love what we're going to be talking about today. We're going to continue to give a foundation, but we're going to give you practical steps that you can begin to walk this out and start to build this family wealth journey.
[00:02:50] Speaker A: That's right. And you have your own journey. In fact, you have your own calling as a family. There's a calling on your family. And every calling has a story. Your story is different than our story, but your story is a quest. You're essentially moving from point a to point b to point c. And each of us need a guide. So fortunately, we have the holy spirit, we have scripture, we have even Billy and Becky. I mean, these are people that are the true guides because they know the way, they've gone the way and they can show the way. So we just want to encourage you. If you're not too familiar with wealth builders, get familiar with the website wealthbuilders.org dot.
[00:03:31] Speaker B: Yes.
[00:03:32] Speaker A: And you can start your own little experience.
[00:03:35] Speaker B: Absolutely.
[00:03:37] Speaker A: Yeah.
[00:03:37] Speaker B: You know, just a fun fact, we actually have over 1000 free blogs.
[00:03:42] Speaker A: Oh, my. A thousand.
[00:03:44] Speaker B: A thousand. Isn't that amazing? So if you go to wealthbuilders.org and you want to learn about a topic, all you do is go in the search button and you type it in and it will give you all the articles that actually give you information on that. A lot of people don't know that, but really, Billy and Becky have been investing in wealth builders and in us and in you for years. And so if there's any topic that you want to learn about, you just type it in and it comes up and it's completely free.
[00:04:17] Speaker A: Yeah, that's really cool. All right, so let's jump into a couple ideas here about wealth building. The first part of it, a little bit more scriptural foundation.
And the idea here is that God's intention of what he modeled through the people that he communicated with is that wealth building is multigenerational. It goes beyond yourself. And that's one of the important things we have to think about in life is like, not just myself, but my future and the family and how that actually looks.
[00:04:49] Speaker B: Yeah, it's really important. And that's what we want to teach our children. Of course, that's a godly thing. But I've actually found out, too, like, throughout the years before I learned this. You know, you can try to make money, you can only buy so many clothes. And then all of you hit that point of like, wow, I just don't feel satisfied. But I thought at this point I would be satisfied. And that's too where that purpose comes in. And that's a lot of what we're going to be talking about.
[00:05:16] Speaker A: Yeah, very true. Okay, so we want to give you a verse, and this is Genesis twelve three. I'm going to read this, and it says, I will bless those who bless you, and the one who curses you, I will curse, and in you all families of the earth shall be blessed.
This is really kind of an interesting promise because now, technically, God was talking to Abraham's seed, which actually ended up being Jesus, and there's a blessing in that. However, if you look at it on a practical level, it wasn't just Abraham. It didn't just stop there, but it was his son Abraham, Isaac, and then his son Jacob, and it just kept going. And if you look historically, the jewish culture has done very well as a family unit in spreading their generational wealth and really helping each other. So it's an example for us to think about in our lives. Like, okay, how am I thinking generationally? Because we're not always taught that.
[00:06:21] Speaker B: No, we're not always taught that. And really, when you look at where some things have, you know, not to get, I'm not trying to get political here, but when you look at where our society has gone, you know, it's really kind of trying to drive everybody to know it's all about me.
And even with families, it's like, you know, the parents are like, oh, no, we're going to spend your inheritance and we're going to go with an rv, right? Go down to Florida. But when you think about something like that, of course we're in Florida, so we love Florida. But when you think about that type of thing, it is really opposite of something that is focusing on our families and building generational wealth. And I think that's something, too, that we have learned through wealth builders and tapped into, which we've always been focused on our family. So that's not anything new. But this journey of how to practically walk out a connection of building wealth together is so powerful. And it's been something that, you know, we're still learning. We have a long ways to go, but you know what? At least we've left, right? Maybe we haven't arrived, but we have at least left. And when you look at it and you look at the historical perspective of this in the Bible, you just realize this is something that God has put in us. And so we really want to help give you some ideas on how to practically walk it out and be able to actually do this with your family in a way that keeps you in still good relationship. Right, right. Honors everybody and accomplishes the destiny and the purpose that God's put on our lives as a family.
[00:07:59] Speaker A: Yeah, that's good. And so we've got a couple points here. One we want to talk about is your children's inheritance.
Giving an inheritance and a heritage. We talked about that last time. An inheritance is a little bit more tangible, like money, maybe properties.
Heritage is something that's carried on like reputation. A man's good name is worth more than gold or silver. And so giving an inheritance and heritage, when you think about that, the investment you're making into them, it is actually acknowledging that we're not only blessing others, but we're actually ultimately in step with God's heart because he's a father who thinks generationally.
[00:08:39] Speaker B: Yes, that's so good.
[00:08:40] Speaker A: So it's us, like, choosing to be in the will of God by acting like God our father and thinking about the next generation and the next generation.
[00:08:51] Speaker B: That's so good. You know, I can't help but think of my dad, right?
He just turned 92, and he, you know, he thought about this. It was so interesting. When we were growing up, he was a banker. He was the youngest of seven kids, and he kind of took this path that was different than really his brothers and sisters. And one of the things, way back, even, like, I think it was the year I was born, remember, we were going through some of the legal paperwork.
[00:09:23] Speaker A: About 39 years ago.
[00:09:25] Speaker B: 39 years ago. That's right. We stopped there.
They, at a point that they were really a young couple kind of struggling to make ends meet.
They made a decision that they were going to buy the family farm.
Okay, well, what drives that? But dad, like, when we talk to him, his passion is, this is the land that my ancestors came over and they claimed, right? And he's like, he wants to keep that land in our family. So even when they had probably. My brother was probably one years old. I was just being born. My younger brother Jim wasn't even born. They took on that at that time, that liability. They didn't have the money in the bank. They were just starting out. But they were like, no, we are buying this land. They made a decision to do that, and it means so much to my dad. So growing up, he would farm the land. He would rent it out. We would go to the farm.
He allowed my cousins to live there. They had kind of a difficult situation for $50 a month in the house.
[00:10:33] Speaker A: Oh, my goodness.
[00:10:34] Speaker B: Okay. That was amazing to me. My cousins, he helped teach them because they didn't have a dad there to help them how to build business. They would board horses, things like that. Well, if you fast forward to today, you know, my dad has set all that land out. He's already transferred it into the names of us kids. And he has taken this scripture, like, seriously and he's like, no, I am going to leave my children in inheritance and there's a blessing in the land. And he is passionate about keeping that inner family. And so I feel really blessed. Like, I had that example. You've obviously connected with my dad and you see that. But now when we look at that with our family, it might not be farmland in Minnesota that we're passing on, but we've made a decision to invest in properties in Florida as a family, building wealth so that we can pass that on and have something for our generations to enjoy. And in the midst of it, we're providing spaces for people that they can feel the presence of the Lord.
I was just, like, going through our text messages because we actually invest with our extended family as well. And we just brought an Airbnb live, right? And you look at our text messages and it's like, yay, people are going to feel the presence of the Lord in this property, right? It's not about, well, we better make our mortgage payment and this and this. It's like, yay. We can actually impact lives.
[00:12:08] Speaker A: Right?
[00:12:08] Speaker B: And that's what this is all about.
[00:12:10] Speaker A: It is. It really is. I think the cool thing, too, about your dad is that he actually communicates with you about what he's doing in the future.
[00:12:20] Speaker B: He does.
[00:12:21] Speaker A: And that's a beautiful process as we think in terms about family, to have a really open conversation and just talk as a family and just not have anything that's not understood, but really open up the transparency and just talk about things. So your dad's really modeled that well.
[00:12:40] Speaker B: He has modeled it well. And I think we are actually modeling it even better. We've taken it a step further. Further, right. And we are just, like, really communicating with Levi and Carly and just like, trying to really bring this forward for our family. So let's share a few things with people, like, what are the, we know we want to build wealth, but what are the practical steps that we need to take to kind of get there and so that we have this successful family business?
[00:13:13] Speaker A: I think one of the cool parts is, first of all, kind of putting the finger on the pulse of the person in the family circle of the interest.
[00:13:24] Speaker B: That's really good.
[00:13:26] Speaker A: Like, is this something that's in your heart?
[00:13:28] Speaker B: Yeah. We're not pushing it on you.
[00:13:29] Speaker A: Yeah, we're not pushing anything at all. Is this something that you would like to, like, be involved together?
I think that's really powerful because it's really an invitation. Cause sometimes children, like, even if they're older, they're not quite sure. Like, should I ask about something, or are we doing this together? Could we do this together?
And I think when you just mention things like that, you just take all the question marks out of the room. And then when you. We also expressed intentionality, like, hey, we'd like to do something with you. And then I think one of the cool examples I'd like to lead with is we didn't just talk about it, but we actually got legal counsel.
[00:14:12] Speaker B: We did. Bill Brontek.
[00:14:15] Speaker A: Bill Brontek, yes. He is a phenomenal lawyer that is part of the wealth builder family.
[00:14:23] Speaker B: Yes, he is.
[00:14:24] Speaker A: And just an incredible guy. Okay. We got together, Bill, and we mapped out our family organizational company, and then we made Levi and Carly, they're like, equal partners.
[00:14:39] Speaker B: Yes.
[00:14:40] Speaker A: So I think having your family be on a level playing field is really important because what it says is, I value your voice, and you're not just like a child, and I don't, you know, treat you like that. But if you have something to say, I'm listening to you and you're an owner. I mean, that's, like, really cool.
[00:14:59] Speaker B: It's really cool. I'm just laughing a little bit because I was down in, like, with Levi and Carly, like, this last weekend, and Carly was laughing at us. She's like, I just crack up at you two because we go into something and it's like, you know what? We've really gotten to that point where, yes, I'm his mom, but I realize, like, that kid knows more about some stuff than I do. So we get into these discussions, which are amazing, but I actually like what you're saying. Like, it's a shift as a parent to say, you know what? I know I'm your parent, but I value, like, there's gifts and talents in our kids that need to be heard. So I was just laughing at that because. Cause we were kind of having our little banter and different thoughts, and it's just like, you know what? You're right here or something where I'll bring up Levi's like, yep, you're right. But that level playing field, and it started with getting the legal set up, saying, we're going into this, you're equal partners. And in that, you set the stage to say that you have a voice, right?
[00:16:06] Speaker A: And, you know, like Levi, he'll analyze the property.
[00:16:09] Speaker B: Oh, yeah.
[00:16:09] Speaker A: Like, sometimes I'm all excited. This is great.
[00:16:12] Speaker B: I love it. Let's do it.
[00:16:13] Speaker A: And then he'll give me the three reasons why we wish.
[00:16:16] Speaker B: I'm like, pooh, there goes that balloon.
But that is so helpful. It's so good.
[00:16:22] Speaker A: And I think it's really cool, too, because, like, Paul says that we all know in part, we hear in part, it's like the Holy Spirit. And in this process, we actually honor the voice of the Holy Spirit in each person.
And we realize that when Levi is talking from a place of giftedness, yes. We honor that voice. And we're like, well, gosh, that kind of makes sense.
[00:16:45] Speaker B: Yeah.
Even though I'm the parent, I'm wrong here, right? Yeah.
[00:16:52] Speaker A: But it's really good.
[00:16:53] Speaker B: So good.
[00:16:54] Speaker A: Part of this, preserving and building an inheritance actually glorifies God.
And one of the things we'd like to bring out is the idea of, like, how does this glorify God? Well, glory. Even though sometimes we think of the glory of God, like, wow.
[00:17:13] Speaker B: You know, like the cloud, which is good.
[00:17:15] Speaker A: Which is good in the Greek, it actually means the view and the opinion.
And so God has a, he has a way of looking at things, he has an opinion of things.
And what he wants to do is actually invite us into an opportunity to see and understand and experience his reality. So his reality is wealth building through the family unit.
[00:17:41] Speaker B: I love that.
[00:17:42] Speaker A: Because when people are not building through the family unit, then there's poverty. Because poverty means there was no transference of wealth from one generation to another. So what they actually ended up with was lack. So God's glory means that we step into his experience of reality, and then we begin to work with God, who's going to bless us because it was his idea in the first place.
[00:18:09] Speaker B: I love that.
[00:18:10] Speaker A: To work through the family unit.
[00:18:11] Speaker B: Wow, that is really powerful. When you think about the, there's been a lot of attack on the family unit, right. And even if we look at the thing, like, when I grew up, some of it was like, no, you need to go out and make it on your own, right?
That's not God. Like, you know, definitely hold your weight, do the work or whatever. But it was sort of this thing that would cause, like, the world was trying to get you to go this direction, and you've got to move out, you've got to separate from your parents or whatever. And really the reality is, in what we're living is like, no, that's not the way that it works. When we do this together, it lines up with God's word.
[00:18:55] Speaker A: Yeah. Actually, the world was missing the third building block of family unit. The first one is a child is dependent on the mom and dad. I mean, they can't eat, they can't do things unless the mom or dad helps them.
[00:19:08] Speaker B: Yeah, you.
[00:19:09] Speaker A: And then it's healthy for the child to become independent. Like, I can actually feed myself.
[00:19:14] Speaker B: Yes.
[00:19:14] Speaker A: I can put my little shirt on. I can tie my shoes.
And then the third part. Now, what's happened with what you just described is people are saying, oh, no, you need to be independent. Get out there, make it on your own. Make it happen. But the third part, which is really God's design, is interdependent.
[00:19:34] Speaker B: That's great.
[00:19:34] Speaker A: Learning how to be an independent person. I'm a whole person.
[00:19:38] Speaker B: Yeah.
[00:19:38] Speaker A: But I realized that I'm playing a part in your life and you're playing a part in my life. We're interdependent in a healthy way. Not enmeshed. Yes, but in a healthy way. We're working together.
And when a family reflects that, what they do is they actually help the child enter society and value other people to be independent with them. And instead of going up the ladder and crushing the people below them, which is independence, they're willing to help other people be successful. So this is what we're doing in the family business, is we're really saying, hey, we're not independently doing our own thing.
We're actually exploring how can we connect together and be interdependent. And we value you. You value us, and we can move forward in a beautiful way.
[00:20:28] Speaker B: Wow, that is so awesome. I love that. I feel like we're living that, and that is definitely God's way.
Another practical part that I would just suggest to you is we put things in writing, right? Like, we have a lot of really good records, and we don't want to leave any room for miscommunication or, like, misunderstanding. So, like, just this last weekend when I was down there, we went through, we called you going through things like, hey, I think we need to make sure that Levi and Carly are taken care of here. You know, you learn along the way. And we created a document that just laid things out.
We have operating agreements. We have all the things that you would have in a normal company, but we work together. And I think sometimes with families, that can be difficult conversations, but it doesn't need to be. So if you just decide, no, we're going to press through, we're going to document things. And while we absolutely trust each other, we keep the word. But what if we don't remember what we talked about? Right? Or what if there's a misunderstanding? Instead of us opening the door to any potential conflict or offense, we handle it like a business. So we document it. I laid out the grid. I laid out the percentages. This is what's going to happen. We have lease agreements going back and forth. We've got promissory notes. You know, like if we put in personally this amount of money in this property, and it's in David and Karen Metcalfe's name, we have a promissory note that is in that file. So I think, too, when you're in a family, sometimes it's just like, oh, let's not talk about this or go through these actual business principles, but that can lead to problems. So we follow the business principles as well, and we can go back to what we agreed upon and just say, hey, this is what we said we do. Here's the documentation, and then nobody feels like they're out there exposed.
[00:22:30] Speaker A: Right. I think that is so important because if you think about life, maybe your work experience or things that have happened, some of the most demotivating experiences you can have is when you have an expectation that it's not being met.
[00:22:48] Speaker B: Oh, that's so good, David.
[00:22:50] Speaker A: And it's really bad. If it was a spoken agreement and you expected something to happen and then it didn't get met, that's, that's bad.
But the really dangerous ones are the unspoken expectations and not met.
[00:23:07] Speaker B: Oh, that's good. Will you repeat that? This is big. This is really big.
[00:23:11] Speaker A: This is the idea that you have an expectation.
It hasn't been talked about and it's not being met.
And that really opens up the place for disappointment and hopes dashed.
[00:23:25] Speaker B: Yes.
[00:23:26] Speaker A: So what we do is we try to eliminate every opportunity of a misunderstanding or, or an expectation not being met, and we talk about it so that the hope is. Hope is actually the belief in something, present or future, good. But if we never really talk about the hope, then we're always kind of wondering, like, is this going to happen? I mean, I'm expecting, I'm hoping, but the disappointment of that hope can really dash our heart, you know, like it's, it's, it's a sickness. So what you're describing is there's an kind of an expectation of doing business together, but it's removing all the doubts because we're talking about it.
[00:24:05] Speaker B: Yes.
[00:24:05] Speaker A: And it can be a really casual and even fun conversation.
And it's showing care too, because in this last conversation actually, like Levi and Carly were kind of sacrificing some things.
[00:24:19] Speaker B: They were.
[00:24:20] Speaker A: And they weren't talking about it.
[00:24:21] Speaker B: Exactly.
[00:24:22] Speaker A: So just in one of those touch points where we talk about things, you uncovered that and it's kind of easy to take care of it.
[00:24:29] Speaker B: Yeah. Just make an adjustment and make it right.
[00:24:32] Speaker A: Yeah, yeah.
[00:24:35] Speaker B: Like we could obviously talk about this. Like this is probably like a five part series. Right. But we just want to give you a couple things just to lay out kind of, I don't know if they're best practices. There's things that we've learned to do. Right.
So anyway, I'm sure we'll share more about this at some point. Or if you come to one of our workshops or one of our conferences, we can go in deeper on this. But it's been a great experience and it's always like moving, we're always improving, but these are some foundational things for people.
[00:25:12] Speaker A: And one of the good examples of this at wealth builders is the young entrepreneurs development. I mean, like the first time we did that session there was maybe like three or four or five.
[00:25:24] Speaker B: Yeah.
[00:25:24] Speaker A: This last time we had a very large group, huge group, but we're seeing families and children and they're actually coming together. And this is one of my favorite stories from our last conference. We had a wealth builders conference. Our friend Chad came out.
[00:25:40] Speaker B: Yeah.
[00:25:40] Speaker A: And he had, I think his daughter was eleven and she got all fired up and she's on Zillow and she's looking for properties for.
[00:25:49] Speaker B: Exactly. She went to the workshop that I was like, hey, how do you find the right properties? Right?
[00:25:55] Speaker A: Yeah.
[00:25:56] Speaker B: And it's so sweet because that's what he's like. He was like, oh my gosh, she is like bombarding us. And his first instinct was, oh my goodness, what are we going to do? And he's like, wait a minute, this is amazing. And she is on fire to do real estate with her dad and mom.
[00:26:12] Speaker A: Yeah, no, that's a really good example because what happened is she was talking about buying a mobile home, like we'd maybe see a trailer and his inside voice was saying, no, that's not a good idea, we are not going to do that. But his outside voice was, oh well, hey, that's interesting. Let's look at it. Yes, but what he was actually doing was opening up his daughter's heart to express herself and step into a safe place where her voice would be valued. I mean, that's powerful at a young age and that can just continue to grow as families work together.
[00:26:52] Speaker B: Absolutely.
[00:26:53] Speaker A: Yeah. That was really cool.
[00:26:54] Speaker B: It was so cool. Wow. Well, we are out of time.
[00:26:58] Speaker A: Okay.
[00:26:58] Speaker B: This has been a lot of fun.
[00:27:00] Speaker A: Thanks for joining us.
[00:27:01] Speaker B: Yeah. So, Dave, I would just like to get your best. Do you have any final, like, thoughts or encouragement for people that you'd like to share?
[00:27:11] Speaker A: Well, the one thing I'd like to share is that the idea of working as a family together is God's idea. And he has always been a family person. He even has a family business. We all go out and we bring people in, the sons and daughters of God. And his idea comes with really a wealth and an anointing and an ability to really make those connections in your family.
Not that you have to push anything, but you just kind of feel the interest. So I just really want to tell you, this is God's idea to be a family business and he'll help you explore it. It doesn't work for every family because sometimes people get established and even in our own family, some of the kids don't have an interest in real estate in the same way. But I would just say realize that God has a heart for you as a family. He's going to help you and he's going to even open up the conversations and guide you through the process. What we started with earlier, you're on a quest. Holy spirit's a guide. He's going to help bring you from where you are to where you're going.
[00:28:21] Speaker B: That's awesome. Dave, thanks so much for being here. Thanks for having me today and thank you, all of you, our amazing wealth builders family, for joining us. God bless you and have an amazing rest of the day.
