Advice Column | Beating The Looming Recession With Your Inherited Wealth — The Betoota Advocate

Advice Column | Beating The Looming Recession With Your Inherited Wealth — The Betoota Advocate

DR CHET SPEVENS | Finance Expert | CONTACT

Desperate times call for desperate measures. With the looming recession brought on by runaway inflation, rising interest rates, war in Europe, and the exponential rise in the cost of living, many quiet Australians are finding themselves in dire need to get control of their finances. 

For many, the hardest part is simply making a start. Thankfully, I have decades of experience in the financial sector, and within this column, I provide readers with the ability to not only survive these difficult economic times, but to thrive in them through practical steps that cultivate the necessary ‘Crazy Money Mind’ paradigm essential to creating wealth in Australia. 

Today, I share with you how to capitalise on Australia’s economic downturn by using your:

INHERITED WEALTH

Whatever you do, do not start poor. It will set you back decades.

Making money is far easier when Mummy and Daddy’s Mummy and Daddy have given it all to your Family before you are born. This is the number one, best-kept secret to millionairism. 

What most poor people don’t realise is that having old family money is the most effective way of making new family money, because of ‘compound interest,’ a concept I will teach you about later.

One thing I say repeatedly to inspire my finance students is that in today’s gig economy, replete with stagnating wages and increased competition for fewer, less meaningful jobs, intergenerational wealth is the only thing that matters. In fact, it’s the only thing you should aspire to. 

Yet poor people complain they cannot use old family money because they do not have it, and that is precisely the wrong attitude to have if you want to make money fast. You have to get crazy and achieve a ‘Crazy Money Mind’ to thrive in the looming recession, and the best thing to do is think outside the box by making the impossible, possible. 

One thing I learnt early on when using my inherited wealth was to never say “I can’t” or “no”. Only “yes”. “Yes” to intergenerational wealth because if you want to get out of debt and into millions of money, you have to utilise your inherited wealth every day.

PRO TIP

In tough economic times, break the poverty cycle by using as much of your Family’s inherited wealth as much possible.

Studies show that over 95% of the Forbes Top 100 Rich List Australia come from old money, just like me, Dr Spevens. Honestly, without my Family Empire’s boundless wealth, I probably would not be where I am today. I would have had to find a so-called ‘job’ and struggle through menial tasks like ‘paying rent’ and ‘surviving’. 

It’s time to get crazy, people.

Crazy Money Mind your inherited wealth, now!

Author: Stephen Bailey