谁说富不过三代，因为你不知道代际财富
字幕摘录
| 时间 | 英文 | 中文 |
|---|---|---|
| 0:00 | Let me tell you something interesting. | 让我告诉你一些有趣的事。 |
| 0:01 | In 1877, the venerable fortune was $300 million. | 1877年,可贵的财富为3亿美元. |
| 0:04 | That's about $10 billion in today's money. | 即今钱一百亿左右. |
| 0:07 | But by 1973, not one descendant was even a millionaire. | 但是到1973年,没有一个后裔甚至是一个百万富翁. |
| 0:11 | But on the other hand, the Rockefellers | 但另一方面,洛克菲勒一家 |
| 0:13 | started much smaller. | 开始小得多。 |
| 0:14 | But six generations later, | 但六代之后, |
| 0:16 | they still support over 250 of their heirs. | 他们仍然支持250多名继承人。 |
| 0:20 | So what's the difference? | 那有什么区别? |
| 0:21 | People who wait to learn this until they're wealthy | 等到有钱才学的人 |
展开字幕全文（478 条）
| 序号 | 英文 | 中文 |
|---|---|---|
| 1 | Let me tell you something interesting. | 让我告诉你一些有趣的事。 |
| 2 | In 1877, the venerable fortune was $300 million. | 1877年,可贵的财富为3亿美元. |
| 3 | That's about $10 billion in today's money. | 即今钱一百亿左右. |
| 4 | But by 1973, not one descendant was even a millionaire. | 但是到1973年,没有一个后裔甚至是一个百万富翁. |
| 5 | But on the other hand, the Rockefellers | 但另一方面,洛克菲勒一家 |
| 6 | started much smaller. | 开始小得多。 |
| 7 | But six generations later, | 但六代之后, |
| 8 | they still support over 250 of their heirs. | 他们仍然支持250多名继承人。 |
| 9 | So what's the difference? | 那有什么区别? |
| 10 | People who wait to learn this until they're wealthy | 等到有钱才学的人 |
| 11 | usually never keep their wealth. | 通常不会保留他们的财富。 |
| 12 | But people who learn this early | 但早点学会的人 |
| 13 | build wealth into a system that can hold it. | 将财富建设成一个能够保持财富的体系。 |
| 14 | So here are the nine systems | 这里有9个系统 |
| 15 | that build and keep generational wealth. | 建立和保持世代相传的财富。 |
| 16 | The first system is the dynasty trust. | 第一个系统是王朝信托. |
| 17 | So let's say there are four generations | 所以说有四代人 |
| 18 | and we can see how different examples shake out. | 我们可以看到不同的例子如何动摇。 |
| 19 | In the first examples, very similar to the venerables, | 在第一个例子中,非常相似的可敬者, |
| 20 | say the first generation gives all the assets | 说第一代给了所有资产 |
| 21 | to the second generation. | 至二世时. |
| 22 | And assume that all of the assets are managed well. | 并假设所有资产都得到了良好的管理. |
| 23 | They still have to pay estate taxes and transfer taxes. | 他们仍然必须缴纳庄园税和转移税. |
| 24 | And that happens from generation to generation, | 代代相传 |
| 25 | even those assets are managed well. | 即使这些资产也管理得很好。 |
| 26 | But we know that taxes are one of the biggest drags | 但我们知道税收是最大的障碍之一 |
| 27 | on wealth creation. | 关于创造财富。 |
| 28 | So each of the generations starts to dilute | 所以每一代都开始稀释 |
| 29 | how much money they get. | 他们赚了多少钱? |
| 30 | The second example is better, | 第二个例子更好 |
| 31 | where they actually use some estate planning strategies. | 在那里他们实际上使用 一些庄园规划策略。 |
| 32 | So the first generation understands | 所以第一代人会明白 |
| 33 | that they're gonna give the assets | 他们要给资产 |
| 34 | back to their family members. | 回到他们的家人身边 |
| 35 | So they actually utilize the generation skipping trust, | 所以他们实际上利用 一代跳过信任, |
| 36 | which is they skip a generation | 也就是他们跳过一代人 |
| 37 | and are still able to manage the transfer taxes | 并且仍然能够管理转移税 |
| 38 | by just skipping one generation. | 只要跳过一代 |
| 39 | Even this dramatically helps the family. | 即使这样对家庭也有很大帮助。 |
| 40 | This is a good option, | 这是一个很好的选择, |
| 41 | significantly better than the first one. | 比第一个要好得多 |
| 42 | But the third option, this is what the Rockefellers did. | 但第三种选择,洛克菲勒夫妇就是这样做的. |
| 43 | Even though they started with a small amount of fortune | 虽说他们从小发财开始 |
| 44 | compared to the venerables, | 以可喜者发誓, |
| 45 | they gave all their assets to the trust | 他们把全部资产都给了信托公司 |
| 46 | and they paid the transfer taxes one time. | 他们曾经交过转帐税 |
| 47 | But as the assets from generation to generation | 但作为一代又一代的资产 |
| 48 | started to grow, it gave three big benefits to the family. | 它为家庭带来了三大利益。 |
| 49 | Number one, it gave them income during their life. | 第一,它给了他们一生的收入。 |
| 50 | Number two, it gave them the ability | 第二,这让他们有能力 |
| 51 | to borrow against their assets using a loan | 利用贷款借款 |
| 52 | to go invest in other vehicles. | 去投资其他车辆。 |
| 53 | And third, there was no estate taxes | 第三,没有房产税 |
| 54 | or transfer taxes between generations. | 或世代之间转移税。 |
| 55 | This is what happens when you don't have to dilute | 这是发生 当你不必稀释 |
| 56 | the entire principle of that trust | 整个信托原则 |
| 57 | and you keep the wealth of the family growing over time | 你使家庭的财富随时间而增长 |
| 58 | and still helping the family members overall. | 并且仍然帮助整个家庭成员。 |
| 59 | This one thing, utilizing the dynasty trust, | 利用王朝的信任 |
| 60 | help the family grow its entire asset base. | 帮助家庭发展整个资产基础。 |
| 61 | I know giving money directly to your family members | 我知道直接给你家人钱 |
| 62 | feels personal, but that's exactly how fortunes vanish. | 感觉个人的,但这正是 财富如何消失。 |
| 63 | The personal ownership exposes wealth | 个人所有权暴露了财富 |
| 64 | to taxes and lawsuits and divorces. | 税收、诉讼和离婚 |
| 65 | And even if you don't have that level of wealth right now, | 即使你现在没有那么多的财富 |
| 66 | planning for it is really important. | 规划它真的很重要。 |
| 67 | This is why the Vanderbilt family lost so much wealth | 这就是范德比尔特家族失去这么多财富的原因 |
| 68 | from generation to generation | 世代相传 |
| 69 | and the Rockefeller's wealth completely compounded. | 和洛克菲勒的财富 完全复杂。 |
| 70 | The Rockefeller family didn't manage their money any better. | 洛克菲勒家族没有管理好他们的钱 |
| 71 | They actually used a specific legal structure. | 他们实际上使用了一个具体的法律结构. |
| 72 | This brings us to the second system, the holding company. | 这给我们带来了第二个系统, 控股公司。 |
| 73 | Do you know why the Walton family has more members | 你知道为什么沃尔顿家族有更多的成员吗? |
| 74 | on the Forbes 400 list than any other family in the world? | 在福布斯400人名单中 比世界上任何其他家庭都多? |
| 75 | It's because the Waltons put a company | 因为华顿一家公司 |
| 76 | between themselves and Walmart, | 他们和沃尔玛之间 |
| 77 | the number one retailer in the world. | 世界第一零售商。 |
| 78 | Their company owns the stock, not the family directly. | 他们的公司拥有股票,而不是直接的家族. |
| 79 | In this case, Jim, Alice, and Rob Walton, | 在这种情况下,吉姆,爱丽丝,和罗布·沃尔顿, |
| 80 | who are actively running the business, | 他们积极经营这行, |
| 81 | all together own less than 1% of Walmart. | 都拥有不到1%的沃尔玛 |
| 82 | They have a family trust structure that owns the 19%, | 他们有一个家庭信托结构 拥有19%, |
| 83 | which has the entire family trust | 拥有全家的信任 |
| 84 | that has been given down generations to generations. | 代代相传 |
| 85 | But the Walton Enterprises, the company, | 但沃尔顿企业 公司 |
| 86 | the holding company, has all the controls, all the rights, | 控股公司,拥有所有的控制权,所有的权利, |
| 87 | and the ability to transfer this | 和转移的能力 |
| 88 | from generation to generation | 世代相传 |
| 89 | that holds control of Walmart. | 控制着沃尔玛 |
| 90 | When transferring assets to the next generation, | 在向下一代转移资产时, |
| 91 | equal ownership feels fair. | 平等拥有感是公平的。 |
| 92 | Ownership is not the problem. | 所有权不是问题。 |
| 93 | Ownership structure is the problem. | 所有权结构是问题所在。 |
| 94 | And the Waltons realized that early on, | 华顿一家很早就意识到 |
| 95 | which is why they were able to build | 这就是为什么他们能够建造 |
| 96 | the number one retailer in the world | 世界第一零售商 |
| 97 | by keeping the entire family's control structure | 通过保持整个家庭的控制结构 |
| 98 | within the family for generations. | 世代相传 |
| 99 | The third system is a life insurance liquidity engine. | 第三个系统是人寿保险流动性引擎. |
| 100 | Liquidity, in its simplest terms, | 流动性,以最简单的术语来说, |
| 101 | means that you can get access to cash whenever you need it. | 意思是随时可以拿到现金 |
| 102 | Joe Robby built the Miami Dolphins | 乔·罗比建造迈阿密海豚 |
| 103 | into an asset worth hundreds of millions of dollars, | 成为价值数亿美元的资产 |
| 104 | but he owned the team personally. | 但他拥有球队个人。 |
| 105 | And when he died, his estate owed massive taxes, | 当他死的时候 他的庄园欠了大笔税 |
| 106 | and the team was the only major asset. | 团队是唯一的重要资产 |
| 107 | Clearly, you can't pay the IRS with an NFL team. | 显然,你不能用NFL的队伍支付国税局的费用. |
| 108 | With no liquidity plan to pay the taxes, | 由于没有支付税款的流动性计划 |
| 109 | the family had to sell the team at unfavorable terms. | 家庭不得不以不合适的条件出售球队. |
| 110 | Disciplined families go even further. | 受纪律约束的家庭更进一步。 |
| 111 | The trust becomes a family bank, | 信托会变成一家银行 |
| 112 | and they use a collection of life insurance policies | 他们使用人寿保险单 |
| 113 | to fund the family bank. | 资助家庭银行。 |
| 114 | Let me show you how this works. | 让我来告诉你这是怎么回事。 |
| 115 | Whether you're just starting out | 无论你刚刚开始 |
| 116 | or have tens of millions of dollars, | 或有数千万美元, |
| 117 | starting a family bank could be a great idea. | 成立家庭银行可能是一个好主意。 |
| 118 | This is how you would do it. | 这就是你这样做的方式。 |
| 119 | Your family bank would buy a life insurance policy | 你家银行会买人寿保险 |
| 120 | for every member of the family. | 对每个家庭成员。 |
| 121 | And as it pays the premiums and the policies mature, | 当它支付保险费 和保险金成熟, |
| 122 | two things happen. | 发生了两件事 |
| 123 | It starts to pay dividends back to the family bank, | 它开始把股息还给家庭银行 |
| 124 | and it starts to provide cash value to the family bank. | 它开始为家庭银行提供现金价值。 |
| 125 | This is where the bank actually has cash. | 这是银行有现金的地方 |
| 126 | It has liquidity to help the family. | 它有流动性来帮助家庭。 |
| 127 | At that time, the family members can borrow from themselves, | 当时,家人可以自借, |
| 128 | from their own family bank. | 从他们自己的家庭银行。 |
| 129 | This may be for investments, for lifestyle, | 这可能是投资, 生活方式, |
| 130 | or to invest in real estate or companies. | 或投资于房地产或公司。 |
| 131 | And when those investments are paid back, | 当这些投资还清时, |
| 132 | they go back right into the family bank. | 他们直接回到家庭银行 |
| 133 | This way, for every new family member that is born, | 这样,对于每一个新生的家庭成员, |
| 134 | a life insurance policy is taken out on them, | 购买人寿保险 |
| 135 | and it matures by putting more cash in the family bank. | 它通过把更多的现金 放在家庭银行。 |
| 136 | And if there is a debt in the family, | 如果家里有债务的话 |
| 137 | the life insurance pays out | 人寿保险支付 |
| 138 | and further gives more liquidity to the family bank. | 并给家庭银行更多的流动性。 |
| 139 | This structure allows for the family bank to grow | 这种结构可以让家庭银行成长 |
| 140 | as an asset, setting it up to support families | * 作为一种资产,用来支助家庭; |
| 141 | for generations to come. | 供后代使用。 |
| 142 | The problem is most people think life insurance | 问题是大多数人认为人寿保险 |
| 143 | is for income replacement | 收入折合金 |
| 144 | or to get somebody paid off for risk of death. | 或者让某人为死亡风险付出代价 |
| 145 | But wealthy families use it as a shock absorber, | 但富裕家庭却用它来吸收震荡 |
| 146 | use it for cash on demand when taxes hit | 收税时用现金 |
| 147 | or when tough situations hit. | 或当困难的情况发生。 |
| 148 | As we saw with the Miami Dolphins, without liquidity, | 正如我们看到的迈阿密海豚, 没有流动性, |
| 149 | families are forced to sell important assets. | 家庭被迫出售重要资产。 |
| 150 | This life insurance prevents forced sales | 这种人寿保险防止强迫销售 |
| 151 | and protects the long-term compounding. | 并保护长期复合。 |
| 152 | The fourth system is the family constitution. | 第四种制度是家庭宪法。 |
| 153 | So here's the story of two brothers. | 故此两兄弟故事. |
| 154 | They inherit a $5 million company, | 他们继承了一家500万美元的公司 |
| 155 | but it doesn't have any written rules. | 但它没有任何书面规则。 |
| 156 | One of them wants to reinvest the money | 其中一个想再投资 |
| 157 | and the other wants cash now after a divorce. | 对方在离婚后想要现金 |
| 158 | With no structure, there is conflict. | 没有结构,就存在冲突。 |
| 159 | The lawyers get involved, creditors get involved, | 律师介入 债权人介入 |
| 160 | and they are forced to sell the business | 他们被迫卖掉生意 |
| 161 | for 3 million instead of 5 million. | 300万而不是500万 |
| 162 | If there were written rules, | 如果有书面规则, |
| 163 | it would have allowed for loans or distributions | 允许贷款或分配 |
| 164 | or access to the cash. | 或获取现金。 |
| 165 | It would have ensured that no one could have forced a sale | 它能确保没有人能强迫出售 |
| 166 | in a tough situation and the business would have stayed | 在艰难的形势下 生意本会留下来的 |
| 167 | intact and actually grown. | 完好无损地成长 |
| 168 | This is why you need rules for all family assets. | 所以你需要所有家庭财产的规则 |
| 169 | Instead of forcing a sale when they didn't want to do it, | 而不是强迫出售 当他们不想做, |
| 170 | the business would have just stayed intact | 生意本会完好无损的 |
| 171 | and grown over time. | 并逐渐成长 |
| 172 | Like in sports, rules are there for fairness, | 和体育一样,有公平的规则 |
| 173 | but in business and in family, | 但是在商业和家庭, |
| 174 | rules are there to actually win the game. | 有规则可以赢得比赛 |
| 175 | This is called a family constitution. | 这叫做家庭宪法。 |
| 176 | And how it works is instead of giving family members | 而不是给家人 |
| 177 | ownership in these assets, | 拥有这些资产, |
| 178 | there are rules that define these ownerships. | 有一些规则来定义这些所有权。 |
| 179 | And the family members actually have to abide | 家人必须遵守 |
| 180 | by all the rules. | 根据所有规则。 |
| 181 | It doesn't matter if you're just starting out | 你刚开始就无所谓了 |
| 182 | or you have hundreds of assets. | 或者你有上百个资产 |
| 183 | In fact, the only family asset you may have is your home. | 事实上,你唯一的家庭资产就是你的家。 |
| 184 | Just giving it to your three children | 只是给你的三个孩子 |
| 185 | may not be the exact answer | 也许不是确切的答案 |
| 186 | because they all don't know what the rules are. | 因为他们不知道规则是什么 |
| 187 | So each family asset needs to be tied to a set of rules | 所以每个家族资产都要与一套规则挂钩 |
| 188 | where all the members inheriting them | 由所有成员继承 |
| 189 | or having control over them know what they can do | 或控制他们, |
| 190 | to actually benefit the family. | 真正为家庭带来好处。 |
| 191 | The rules do two important things. | 规则有两件事很重要 |
| 192 | Number one, they give the benefit of the asset | 第一,他们从资产中获利 |
| 193 | to all the family members. | 给所有家庭成员 |
| 194 | And number two, they protect the family assets | 第二,他们保护家族财产 |
| 195 | so that it grows over time for generations to come. | 以便它长成后代。 |
| 196 | There are three best times to write these rules. | 写这些规矩有三次最好. |
| 197 | Number one, when you start setting up these family assets | 第一,当你开始 建立这些家庭资产 |
| 198 | because whenever you start it right, | 因为每当你开始正确, |
| 199 | that's how it actually continues. | 事情就是这样继续的 |
| 200 | Number two, when everyone is cool, calm and collected | 第二,当每个人都冷静,冷静和收集 |
| 201 | because they have a level head in approaching | 因为他们在临近的时候头部有高低, |
| 202 | how the family assets are set up for the next generation. | 如何为下一代建立家庭资产。 |
| 203 | And number three, do it right now | 第三,马上动手 |
| 204 | because nothing great ever happened | 因为没有什么伟大的事情发生 |
| 205 | without it being written down. | 而不记录下来。 |
| 206 | System number five is councils and committees. | 第五系统是理事会和委员会。 |
| 207 | The Hearst family is one of the most | 赫斯特家族是最伟大的 |
| 208 | iconic families in America. | 美国的贵族家庭。 |
| 209 | They even built the Hearst Castle in California | 他们甚至建造了加州赫斯特城堡 |
| 210 | and they did something extremely different. | 他们做了非常不同的事情 |
| 211 | They set up a board for their family trust. | 他们为家族信任建立了一个董事会. |
| 212 | This board has three types of people. | 此理事有三种人. |
| 213 | One, the members of the family. | 一,家属. |
| 214 | Two, independent members outside of her family. | 二,家庭以外的独立成员. |
| 215 | And three, a corporate trustee. | 第三,公司托管人。 |
| 216 | And this allows for three big advantages. | 这可以带来三大优势。 |
| 217 | Number one, there's an objective way | 第一,有客观的方法 |
| 218 | for following the trust agreement. | 为遵守信托协议。 |
| 219 | The rules that were set up by the family | 家庭制定的规则 |
| 220 | to take care of the family. | 照顾家人 |
| 221 | Number two, it ensures that there's no rogue family members | 二,保证没有流氓家属 |
| 222 | that can destroy the assets that were built over time | 可以摧毁长期建造的资产 |
| 223 | for the family. | 为家庭。 |
| 224 | And number three, having the corporate trustee | 第三,有公司托管人 |
| 225 | and having independent family members | 拥有独立家庭成员的权利 |
| 226 | teaches our family members | 教我们的家人 |
| 227 | on how to be better stewards of the assets. | 如何更好地管理资产。 |
| 228 | We learned this process from the Hearst family trust | 我们从赫斯特家族信托基金学到了这个过程 |
| 229 | and we adapted this to ourselves. | 我们把它适应了自己。 |
| 230 | It doesn't matter if you are just starting out | 你刚开始就无所谓了 |
| 231 | or it doesn't matter if you have a lot of assets, | 或者不管你有没有很多资产 |
| 232 | putting a board of directors in place | 设立董事会 |
| 233 | just like a public company would do | 就像公共公司一样 |
| 234 | to safeguard your assets and the compounding over time | 保护您的资产和复合物 随着时间的推移 |
| 235 | could be a great idea. | 这可能是个好主意。 |
| 236 | This brings us to the sixth system | 这让我们进入了第六个系统 |
| 237 | which is transfer restrictions. | 这是转移限制。 |
| 238 | 制造M&Ms和Snickers的火星公司 | |
| 239 | has stayed private since 1911 | 从1911年起一直保密 |
| 240 | and is the world's largest family-owned business. | 是世界上最大的家族企业 |
| 241 | The ownership is structured | 所有权的结构 |
| 242 | so selling any part of it is intentionally hard. | 所以卖掉任何一部分都是故意的 |
| 243 | There is no public company stock | 没有公有公司股票 |
| 244 | and there are strict transfer rules of the shares. | 和有严格的转让规则 股份。 |
| 245 | This forces family members to not make rash decisions. | 这迫使家庭成员不作出草率的决定。 |
| 246 | They can't cash out, the divorces can't force sales | 他们不能兑现 离婚不能强迫销售 |
| 247 | and creditors can't really seize any control. | 债权人无法真正夺取任何控制权。 |
| 248 | Staying private removes the short-term pressure | 保持私人状态可以消除短期压力 |
| 249 | and allows for decades long reinvestment into the business. | 并允许数十年的再投资 |
| 250 | Let's say you had a business with three partners | 假设你和三个合伙人有生意 |
| 251 | and each of the partners could sell their shares anytime. | 每个合伙人可以随时出售他们的股份。 |
| 252 | Well, if this partner could sell their shares | 如果这个合伙人能卖掉他们的股票 |
| 253 | and one third of their stake, | 和三分之一的股份, |
| 254 | then it creates a lot of chaos for the business itself. | 然后这给企业本身造成了很多混乱。 |
| 255 | It now can dramatically change | 现在可以大变了 |
| 256 | the control structure of the business. | 企业的控制结构。 |
| 257 | What if I bought those shares | 如果我买了这些股票 |
| 258 | and I didn't know anything about the business | 我对生意一无所知 |
| 259 | and I started voting in a different way? | 我开始用另一种方式投票? |
| 260 | It could then force bad decisions | 这可能会迫使坏的决定 |
| 261 | where the other two partners now | 现在还有两个搭档 |
| 262 | have to make different decisions like selling or recapping | 不得不做出不同的决定,如出售或收回 |
| 263 | or chaining the business structure | 或连锁经营结构 |
| 264 | because they have a bad second partner. | 因为他们有一个坏的第二个搭档。 |
| 265 | Or third, because of this, | 或者第三,因为这个, |
| 266 | they can't make good future decisions. | 他们不能做好的将来的决定。 |
| 267 | And if external creditors or potential lawsuits knew | 如果外部债权人或潜在诉讼知道 |
| 268 | that each of the members could do something | 每个成员都可以做点什么 |
| 269 | and could sell their shares, | 并出售他们的股份, |
| 270 | you can get blackmailed, you can get ransomed, | 你可以被勒索, 你可以得到赎金, |
| 271 | you can get more lawsuits | 你可以得到更多的诉讼 |
| 272 | because they know that the liquidity is accessible. | 因为他们知道流动性是可获得的。 |
| 273 | The better way is to make important things difficult to do | 更好的方法就是让重要的事情难办 |
| 274 | but not impossible. | 但不是无法做到 |
| 275 | There are times when the partner | 有的时候合伙人 |
| 276 | may have to sell their shares. | 可能得卖掉他们的股票 |
| 277 | There are times when the partner may need liquidity. | 有时合伙人可能需要流动性。 |
| 278 | You don't want to make anything impossible to do, | 你不想让任何事无法做到 |
| 279 | but you just wanna make important things difficult to do. | 但你只是想让 重要的事情很难做。 |
| 280 | This is why putting transfer restrictions on things | 所以才要限制转移 |
| 281 | over time is important | 时间很重要 |
| 282 | because if somebody really wants to do something | 因为如果有人真的想做点什么 |
| 283 | and it's important for their life, | 这对他们的生命很重要 |
| 284 | it doesn't matter what the friction is, | 无论摩擦是什么 |
| 285 | they will still do it. | 他们仍然会这样做。 |
| 286 | But in this case, you're making it easy for them | 但在这种情况下,你让他们变得容易 |
| 287 | to make bad decisions. | 做出错误的决定。 |
| 288 | What if you needed the ability to get cash? | 如果你需要钱的能力呢? |
| 289 | And I found that cash is not the problem, | 我发现现金不是问题 |
| 290 | it is access to the cash. | 这是获得现金。 |
| 291 | And in fact, this is not a problem for you and me, | 事实上,这对你和我来说不是问题 |
| 292 | it's even a problem for billionaires. | 这对亿万富翁来说甚至是个问题 |
| 293 | When Elon Musk wanted to buy Twitter, | 伊隆·穆斯克想买推特时 |
| 294 | he didn't sell $44 billion worth of Tesla stock | 他没有卖440亿的特斯拉股票 |
| 295 | to go buy Twitter, he actually borrowed against it. | 去买推特, 他实际上借了它。 |
| 296 | He didn't have the cash sitting in his checking account, | 他的支票账户里没有现金 |
| 297 | he was able to collateralize his shares | 他能够抵押他的股份 |
| 298 | and then borrow against it to then go buy Twitter. | 然后借钱买推特 |
| 299 | This is exactly why the Rockefellers | 这就是为什么洛克菲勒夫妇 |
| 300 | used the life insurance policy system | 使用人寿保险单系统 |
| 301 | where they were able to have their own bank | 他们拥有自己的银行 |
| 302 | to borrow against it. | 借来对付它。 |
| 303 | And sometimes if you can't borrow from somewhere | 有时候如果你不能从某处借钱 |
| 304 | or have access to cash and you have to sell your stake, | 或者有现金,你必须卖掉你的股份, |
| 305 | you can even sell them to family members, | 你甚至可以卖给家人, |
| 306 | which is why a lot of family members put a clause in there | 所以很多家庭成员都在里面写了个条款 |
| 307 | that requires a right of first refusal | 要求首先拒绝的权利 |
| 308 | so that it doesn't make a bad decision | 以免它做出不好的决定 |
| 309 | of selling shares randomly to a third party | 任意向第三方出售股票 |
| 310 | that may wreck the business and the partnership. | 这可能会破坏企业和合伙关系。 |
| 311 | The seventh system is long hold design. | 第七个系统是长期持有设计. |
| 312 | After we sold our first business, | 卖掉我们的第一个生意后 |
| 313 | my partner and I set up our first VC fund. | 我和我的搭档建立了我们的第一个VC基金。 |
| 314 | And the goal was to invest for five years | 目标是投资五年 |
| 315 | and make about 30 investments. | 并投资约30项。 |
| 316 | We did okay, but we barely beat the S&P 500. | 我们做得很好,但我们几乎打败了S&P 500。 |
| 317 | We stepped back and asked ourselves, | 我们退后问自己 |
| 318 | what would be the one change that we would make | 我们能做的改变是什么? |
| 319 | in the next fund? | 在下一个基金? |
| 320 | And we realized that it was not the strategy, | 我们意识到这不是策略 |
| 321 | it was not the tactics, but it was the time horizon. | 这不是战术,而是时间范围。 |
| 322 | So instead of having a five year fund plan, | 因此,与其说有一个五年基金计划, |
| 323 | we decided to have a hundred year plan. | 我们决定制定一百年计划 |
| 324 | We completely changed the time horizon of our investments. | 我们彻底改变了我们投资的时间范围。 |
| 325 | And this did two things for us. | 这为我们做了两件事。 |
| 326 | It dramatically reduced our stress | 这大大减轻了我们的压力 |
| 327 | to get the returns just tomorrow. | 明天就能拿到回报 |
| 328 | And it changed our strategy on how we look at the future. | 它改变了我们如何看待未来的策略。 |
| 329 | Just making this one adjustment, | 只是调整一下 |
| 330 | going from a five year plan to a hundred year plan, | 从五年计划到一百年计划 |
| 331 | gave us the best investments we could have ever made. | 给了我们最好的投资。 |
| 332 | I learned this idea from Warren Buffett | 我从沃伦·巴菲特那里学到了这个想法 |
| 333 | about having a punch card of investments for your life. | 你一生都有投资卡 |
| 334 | Imagine you had a punch card with 10 holes in it | 想象一下你有一个有10个洞的扑克牌 |
| 335 | and you could only make 10 investments in your life | 你一生只能投资十笔 |
| 336 | and nothing else. | 没有别的了。 |
| 337 | Wouldn't you take those investments extremely seriously? | 你不把这些投资当回事吗? |
| 338 | That is how wealth is really made. | 这就是真正的财富。 |
| 339 | You make good decisions | 你做决定的好 |
| 340 | and you hold them for a long period of time. | 你将持之以恒。 |
| 341 | This ensures that you don't interrupt the compounding | 这可以保证你不会打断复合物 |
| 342 | of a good decision | 一个好决定 |
| 343 | because your hardest working business partner is time. | 因为你最努力的工作伙伴是时间 |
| 344 | Number eight is liquidity reserves. | 第八是流动性储备。 |
| 345 | Let's say you walk into the office | 不如你走进办公室 |
| 346 | and you have your nine employees | 你还有九名员工 |
| 347 | and each of your employees were doing nothing. | 你们的每个员工都无所事事 |
| 348 | How would you feel? | 你会觉得怎么样? |
| 349 | You would be upset. | 你会不高兴的 |
| 350 | You would be mad because every employee needs a job. | 你会生气 因为每个员工都需要一份工作 |
| 351 | And the same way, if you look at your bank account | 同样,如果你看你的银行账户 |
| 352 | and you have your money in there, | 你的钱在那里, |
| 353 | you realize that it's just sitting there in cash. | 你知道它只是坐在那里现金。 |
| 354 | It's lazy cash. | 是懒钱. |
| 355 | And just like every employee needs a job, | 就像每个员工都需要一份工作一样 |
| 356 | every dollar needs a job. | 每一块钱都需要一份工作。 |
| 357 | So the problem is not having cash in an emergency fund. | 所以问题在于紧急基金没有现金 |
| 358 | The problem is utilizing that well | 问题在于如何利用它 |
| 359 | because every dollar needs a job. | 因为每一块钱都需要一份工作。 |
| 360 | So instead of having an emergency fund, | 因此,与其有紧急基金, |
| 361 | what should you actually do? | 你该做什么? |
| 362 | The answer is not having the cash. | 答案是没有现金。 |
| 363 | The answer is having access to the cash | 答案是能够拿到现金 |
| 364 | as in when you need it. | 就像你需要的时候一样 |
| 365 | The number one thing that an entrepreneur should do | 企业家应该做的头号事情 |
| 366 | is to build access to cash | 是建立 获取现金 |
| 367 | just in case they need cash at a given time | 以防他们需要现金 |
| 368 | for growth or expansion | 增长或扩张 |
| 369 | or any kind of risk in the business. | 或企业中的任何风险。 |
| 370 | Let me show you seven ways | 让我告诉你七条路 |
| 371 | in how you can get access to cash | 如何获得现金 |
| 372 | and you can use them based on your personal situation. | 你可以根据你的个人情况来使用 |
| 373 | Number one, credit cards. | 第一,信用卡。 |
| 374 | There's a mentality that you don't want to borrow | 有一种心态,你不想借 |
| 375 | from your credit cards, | 从你的信用卡, |
| 376 | but in an emergency, that's exactly what it's there for. | 但是在紧急情况下 这正是它的目的 |
| 377 | Number two is a HELOC or a home equity line of credit. | 二是HELOC或房屋股权信贷额度. |
| 378 | You have equity in your home, that is dead equity. | 你家里有股本,这是死股本 |
| 379 | No one can use that. | 无人能用. |
| 380 | That cash is lazy cash. | 那些现金是懒钱。 |
| 381 | But in an emergency, if you need it, | 但是在紧急情况下 如果你需要的话 |
| 382 | you're able to borrow against your own asset, | 你可以用自己的资产借钱 |
| 383 | against your own bank to be able to deploy it | 对抗自己的银行 才能部署它 |
| 384 | in some way that you want. | 以某种方式,你想要的。 |
| 385 | Number three, a line of credit. | 三号 信用额度. |
| 386 | You can walk into your banker right now | 你可以走进你的银行家现在 |
| 387 | and ask for a line of credit. | 且问一分功德. |
| 388 | They may walk you through the process | 他们可能让你经历这个过程 |
| 389 | of showing your P&Ls and your business plan | 显示您的 P&L 和您的商业计划 |
| 390 | to give you an operating line of credit, | 给您一个运营信用额度, |
| 391 | but you don't even have to use it. | 但你甚至不用用这个 |
| 392 | Just having it there gives you access to cash. | 只要有它,你就可以得到现金。 |
| 393 | Number four, a securities backed line of credit. | 第四,证券担保信贷额度。 |
| 394 | You can borrow against your stock and bond portfolio. | 你可以借入你的股票和债券投资组合。 |
| 395 | Just like the billionaires borrow against their stock, | 就像亿万富翁借股票一样 |
| 396 | you and I can borrow against our stock too. | 你和我也可以借我们的股票 |
| 397 | Number five, cash value life insurance. | 第五,现金价值人寿保险. |
| 398 | This takes some time to build, | 这需要一些时间建造, |
| 399 | but as you're building up cash value life insurance | 但随着你建立 现金价值人寿保险 |
| 400 | and as the policies get mature, | 随着政策逐渐成熟, |
| 401 | you now have the ability to borrow against | 你现在可以借钱了 |
| 402 | the cash value of that policy | 保单的现金价值 |
| 403 | and use it for whatever use you want. | 并把它用于任何你想使用。 |
| 404 | Number six, hard money. | 六号,硬钱。 |
| 405 | Real estate is a very common use of hard money | 房地产是硬钱的一种很常见的用途 |
| 406 | for flipping or acquiring properties, | 用于翻转或获取属性, |
| 407 | but you can use it for any situation | 但你可以随时使用它 |
| 408 | as a private money loan. | 作为私人贷款。 |
| 409 | Most people are unaware that this option exists. | 大多数人不知道存在这种选择。 |
| 410 | The interest rates vary based on what you're using it for | 利率因你用来做什么而不同 |
| 411 | and how long you actually have the money, | 和多久你实际上有钱, |
| 412 | but in a pinch, when you actually need the money, | 但当您真的需要钱时 |
| 413 | when you actually need access to cash, | 当你真正需要 获取现金, |
| 414 | you have the option of hard money. | 你有硬钱的选择。 |
| 415 | The ninth system is next generation training. | 第九个系统是下一代培训。 |
| 416 | Here's why you should never pay your children to do chores. | 这就是为什么你不应该付钱给孩子做家务 |
| 417 | Chores create a negative connotation for work. | 工作负担给工作造成负面影响。 |
| 418 | If the only thing that children think about | 如果孩子们唯一想到的事 |
| 419 | is that they have to do the dishes | 就是他们得洗碗 |
| 420 | or take out the trash to get paid their allowance, | 或拿垃圾去领取津贴, |
| 421 | it creates a significant negative association for work | 它为工作创造了一个重大的负面联系 |
| 422 | and effort for the future. | 以及未来的努力。 |
| 423 | If we had adult children, | 如果我们有成年的孩子, |
| 424 | we wouldn't just tell them to take out the trash | 我们不会让他们把垃圾倒掉 |
| 425 | and pay them $10. | 并支付他们10美元。 |
| 426 | We would encourage them to learn new skills or go get a job. | 我们鼓励他们学习新技能或找到工作。 |
| 427 | That's exactly what I did with my daughter, Laura. | 这就是我对我女儿劳拉所做的 |
| 428 | When she was six to seven years old, | 她六到七岁的时候 |
| 429 | just like every other girl, | 就像其他女孩一样 |
| 430 | she loved rainbows and unicorns. | 她喜欢彩虹和独角兽 |
| 431 | We did something different with my son, Neil. | 我们对我儿子尼尔做了不同的事 |
| 432 | He loved to read. | 他喜欢读书。 |
| 433 | For every book that he read, | 他读的每一本书 |
| 434 | we gave him $50, not in cash, | 我们给了他50美元,不是现金 |
| 435 | but in the ability to invest $50. | 但是投资50美元的能力 |
| 436 | So every time he finished reading a book, | 所以每次他读完一本书, |
| 437 | he got $50 to invest | 他有五十块投资 |
| 438 | and learn how to invest in the stock market. | 并学习如何投资股票市场。 |
| 439 | And now over the last many years, | 在过去几年里, |
| 440 | he's developed the skill of becoming an investor, | 他发展了成为投资者的技能, |
| 441 | which you'd have never gotten the chance | 你永远不会有机会 |
| 442 | to do any other way. | 以任何其他方式。 |
| 443 | The goal is not to create a system for our children | 目标不是为我们的孩子建立一个制度 |
| 444 | to do chores to earn their allowance. | 做家务赚钱 |
| 445 | Our job as parents is to teach our children the skills | 作为父母,我们的工作就是教孩子掌握技能 |
| 446 | to be able to take over for us in the next generation. | 能够在下一代接替我们 |
| 447 | And there's three important things | 还有三件事 |
| 448 | when it comes to the next generation's value creation. | 当说下一代的价值创造 |
| 449 | The first is their passion. | 首先是他们的激情。 |
| 450 | Most families, when they get wealthy, | 大多数家庭,当他们变得富有, |
| 451 | they just let their kids do whatever they want. | 他们只是让他们的孩子做他们想做的。 |
| 452 | They let them do dance and let them have YouTube | 他们让他们跳舞,让他们有YouTube |
| 453 | and they let them fund their lifestyle. | 让他们资助他们的生活方式。 |
| 454 | That is important because it keeps them interested | 这一点很重要,因为它让他们感兴趣 |
| 455 | in the game, but there's two other important components. | 在游戏中,但还有另外两个重要组件. |
| 456 | One is skills. | 一个是技能。 |
| 457 | We have to teach them how to work, | 我们必须教他们如何工作 |
| 458 | not to do chores, but to give them a reason | 不是做家务,而是给他们一个理由 |
| 459 | to put in effort and create value in the world. | 在世界上努力创造价值。 |
| 460 | And it can do it in very small ways. | 它能以非常小的方式做到这一点。 |
| 461 | And the second is to teach them the skills of money, | 第二是教他们钱的技能 |
| 462 | is to help them understand how money works | 就是帮助他们了解钱的用途 |
| 463 | so that they can be good stewards of it in the future. | 以便他们将来能成为它的好管理者。 |
| 464 | The third most important thing is our character. | 第三个最重要的事情是我们的角色。 |
| 465 | When you can have education, | 当你可以接受教育, |
| 466 | you learn to become a better citizen of the world. | 你学会成为一个更好的世界公民。 |
| 467 | And being a better citizen of the world ties | 成为更好的世界公民 |
| 468 | to philanthropy, which is just the art of giving. | 慈善事业, 这只是献礼的艺术。 |
| 469 | Because when you know that there's something more | 因为当你知道有 更多的东西 |
| 470 | than yourself, there's something bigger than yourself | 比你还重要 |
| 471 | to actually aspire to and to give, | 真正渴望和给予, |
| 472 | they are better trained for the next generation to take over. | 他们训练得更好 下一代接手。 |
| 473 | Now that you've seen the systems | 现在你已经看到了系统 |
| 474 | that keep wealth alive across generations, | 使财富世代相传, |
| 475 | there's one question you have to answer first. | 你得先回答一个问题 |
| 476 | Why do some people never build real wealth? | 为什么有些人从来没有建立真正的财富? |
| 477 | Watch this next video and learn the seven laws of money | 看这下段录像,学七法钱 |
| 478 | that explain how wealth is actually created. | 这解释了财富是如何创造的。 |
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