Multimillionaire Shares His Strategy for Multi-Generational Wealth

16.06.2016 • The Economy

From Gowdie Family Wealth (AUSTRALIA)-

Oher, a physically imposing 17-year old black youth, grew up in the slums of Memphis. He no longer lived with his drug addicted mother. He was homeless. His physical presence and sporting ability earned him a place in the football team at an exclusive Memphis school. The Tuohy’s, a wealthy family, took pity on Oher and invited him into their home. That one-night stay turned into a long term stay. Oher eventually became part of the Tuohy family. Michael Oher, now 30, is an NFL player on a US$7 million contract. What a transformation from a decade or so earlier.

Without the love and guidance of the Tuohy family, Oher could easily have gone down the path of destruction trodden by other kids from disadvantaged backgrounds.

I was reminded of The Blind Side story after reading an article in The Atlantic titled ‘How America Lost Its Mojo’. This is the section that triggered my memory:

‘“Exposing individuals to entrepreneurs may encourage them to start their own ventures,” the Kauffman Foundation, a nonprofit that studies entrepreneurship and education, concluded. People who know startup founders are more likely to found startups. What’s more, people who live in the richest parts of the country, like the northeast, are “more likely to know entrepreneurs overall than in other areas of the country.” Meanwhile, poorer people were less likely to say they knew entrepreneurs in the study.

The Atlantic article focused on why the US has lost its drive.

People are becoming less mobile and seem less inclined to switch jobs or start companies.

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