CNLP 653 | Ken Costa on The 100 Trillion Dollar Wealth Transfer, When Millennials and Gen Z Inherit Unprecedented Money, and The Keys to Wealth For Beginning Investors
The Carey Nieuwhof Leadership Podcast
Carey Nieuwhof
4.8 • 2.2K Ratings
🗓️ 28 May 2024
⏱️ 58 minutes
🧾️ Download transcript
Summary
Global investment banker, financier, and philanthropist Ken Costa talks about the 100 trillion dollar wealth transfer that's happening over the next decade as Boomers pass on their wealth to their Millennial and Gen Z children. He discusses what happens when the next generation inherits that much money and the key to wealth for beginning investors.
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TIMESTAMPS:
Misconceptions about money and faith (00:10:45)
Compound interest and investment (00:22:16)
The $100 trillion wealth transfer (00:25:40)
Influence of wealth transfer on the housing market (00:28:44)
Impact of technology and inheritance (00:32:06)
Generational divide and church's role (00:35:16)
Technology's empowering role (00:38:49)
Preparing for the wealth transfer (00:43:09)
Churches and estate planning (00:46:05)
The vision for generational unity (00:50:29)
Financial advice for younger generations (00:52:31)
Brought to you by The Art of Leadership Network
Transcript
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| 0:00.0 | The art of leadership network |
| 0:03.0 | over the next 10-15 years, |
| 0:05.0 | the boomer generation of which I am one, those of the post-war generation |
| 0:11.0 | will transfer to what I call the Zenials to the millennials and to |
| 0:15.4 | Gen Z. I owe more than a hundred trillion dollars. It's 65 trillion dollars in the |
| 0:21.8 | US alone. |
| 0:23.0 | And the question is how this handover from the boomers to the Zoomers |
| 0:28.0 | will revolutionize capitalism. |
| 0:30.0 | Say, Carrie, what you could say to me is this, |
| 0:32.0 | come on, Ken. People die and when they die, you know, they get their money. |
| 0:37.0 | That happened throughout the history of humanity. |
| 0:40.0 | However, this is very different. Firstly, with never been the sheer quantum of money that is going to be transferred, |
| 0:50.0 | because of low interest rates, of asset inflation over the last 20 years |
| 0:54.4 | that is a huge sum |
| 0:57.1 | the second and the most important is that not only will power transfer |
| 1:01.6 | or wealth transfer but power transfers as well. |
| 1:04.6 | Well, well, wealth transfer, but power transfers as well. |
| 1:08.6 | Welcome to the Carrie Newhoff Leadership Podcast, it's Carrie here. |
| 1:12.2 | I hope our time together today helps you thrive |
| 1:14.6 | in life and leadership. |
| 1:15.7 | Today I have got Ken Costa on the podcast, |
| 1:19.5 | and we are gonna talk about the $100 trillion wealth transfer. |
... |
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