My aunt was a private nurse in New York City since the early 1970's and in her 40 years of service, she took care of some of the wealthiest and famous people in the world.
I remember hearing these stories as a kid and I want to share some of them with you.
One story that stands out was the time she took care of Lisa who the patriarch of the Mallory family (that's not their real name). Lisa's grandfather immigrated to New York in the 1800s and built his empire by purchasing a ton of real estate and was the founded of a very well-known bank.
Let's put it this way...They were related to the Vanderbilt family through marriage. (The Vanderbilt's were responsible for developing railroads in the US and developed the mansions on 5th Avenue)
If you’re not sure of the kind of money I’m talking about, my business mentor Shaun explained it best:
- You’re well-off when you don’t need to work for money anymore.
- You’re rich when you and the next generation of your family don’t need to work for money anymore.
- You’re wealthy when the next 3+ generations of your family don’t need to work for money anymore.
They're rich, they're super-wealthy billionaires.
If you were like my and can’t visualize what a billion dollars looks like, this will help...
- 1 million seconds = 11 days
- 1 billion seconds = 31 years
- 5 billion seconds = 155 years!
So essentially it would take 155 years to count $5 billion worth of loonies.
You could give everyone in India and China $1 and they’d still have $2.2 billion.
That's what a billion dollars looks like! Pretty cool eh?
And YES. It's a lot of money!
You might be thinking, what does the Mallory family do with all that money? Here's a short list:
- Buy castles in France
- Freshly picked flowers placed in the hallways and tables of the house every morning
- $10,000 minimum spending limit on their Secret Santa at Christmas time
- No one had a job for the last 3 generations of the entire family.
Tough life huh?
You can't help but start hating on them a little bit. I remember thinking to myself at the time...
- “I want my kids to struggle a little so they know the value of hard work.”
- “They get everything handed to them on a silver plate.”
- “All they think about is money!”
They're all just a bunch of spoiled brats who got lucky...Right?
Wrong! They're some the hardest working, people around.
Download this free eBook
Learn 9 simple money tips to help you avoid burnout from actual millionaires.
Think about it. you don't achieve that kind of wealth and maintain it for over three generations by being spoiled.
As a financial coach, I personally manage a handful of real millionaires and they all tell me, "getting to a million is hard but keeping it is way harder!"
We all have heard stories of lotto winners who go broke or people with super high-incomes who don't have a dime to their name.
Here's how the Mallory family stayed billionaires for over three generations.
Each family member definitely knew the value of hard work. Most of them (except for a few) were business owners, and each had to prove themselves before it entitled them to the family wealth.
If they didn’t pull their weight, that person was cut off. Nothing was handed to them, they had to earn it!
Each person contributed to the family wealth for the next generations.
And to answer the last statement, ”all they think about is money” is completely bogus!
If you really think about it, money is the last thing the ultra-wealthy think about. To them, money is just a tool, like a hammer. You use the hammer to build the vision you have inside your mind.
If you don’t have a hammer, building your dream house can be really difficult.
The Mallory family was more concerned about leaving a legacy, bringing honour to the family name and setting up the next generation for bigger and better things.
This is no different from what we want, right?
I’m sharing this story with you because the goal of life for most people I meet is simply to pay their bills and they forget about going after something they really want in life.
Because someone in the Mallory Family saw an opportunity to go after something big, 200+ years later, his family literally removed the statement “I can’t afford it” from their vocabulary.
And that’s pretty outstanding!