The early bird gets the worm. The second mouse gets the cheese!

Upon having a conversation about building generational wealth with one of my best friends, he brought up a very interesting point. He said, “It is not the first person to get to the point of wealth that starts the process of building generational wealth; instead, it is the first person to get the information and apply the information in a way that puts their family in a better position for the foreseeable future.” I commended him on his observation and interjected “that would be the first step, as long as members from the generation who are handed the baton are inspired enough to run the race for two (2) or more generations to come after they receive the information and wealth.”

It is the legacy that the initial generation is primarily interested in establishing. Once the seed is planted in the mind of a believer, it will inspire them to preserve the legacy while transforming the family business into an empire. Obviously, the Kardashians have the cheat code when it comes to putting your family on. However, aside from the Kardashians, Jacksons, and the Debarges, one of the first families I remember watching maneuver into a generational wealth (in entertainment) situation is the Wayans (the Wayans Brothers) family. I admired how older brother Keenan Ivory Wayans led by example. It is one thing to put your siblings on; however, there are families that epitomize the second wave of wealth building by allowing their children to join in the family business. Some notable families who have broken into the business include:

1. Tracy Ellis Ross & Evan Ross and Diana Ross

2. Nicole Richie & Lionel Richie

3. The Marleys

4. Angela Simmons & Vanessa Simmons and Rev Run

5. Quincy Brown and Kim Porter

6. Jaden & Willow Smith and Will Smith and Jada Pinkett Smith

7. John David Washington and Denzel Washington

8. Miley Cyrus and Billy Ray Cyrus

9. O’Shea Jackson Jr. and Ice Cube

10. Robin Thicke and Alan Thicke

At one point, people did whatever they could to keep their children out of the limelight because of the psychological trauma rumored to be associated with stardom. The cultural shift caused by the advent of reality shows and social media have since allowed icons, influencers, and socialites the ability to take back some of the power that used to be stripped away from them by relentless paparazzi and inconsiderate fans. With new found platforms that provide a brand with exposure, comes the profit sharing that are due to the members of that platform. A new category of revenue has arrived and if you are willing to do the work, nepotism pays extremely well.

Shout out to my kids: Jay, Ky, & Khalid