How a Poor Kid Built Generational Wealth
7/15/202615 min
Growing up in a single-parent household where financial planning meant deciding which bills could be paid first, Shawn W. Phelps never imagined he would one day help entrepreneurs and families build lasting wealth. In this episode of Living Your Legacy, the founder of Rivertree Wealth shares how curiosity, intentional planning, and a commitment to serving others shaped his journey from community banker to trusted wealth advisor. He explains why legacy is about far more than money, reveals the "Three I's" framework for financial planning, and discusses how the right conversations can prevent costly mistakes. This episode explores wealth management, financial planning, legacy planning, and the mindset required to create opportunities that last for generations without revealing where Shawn's journey ultimately leads.
Key Takeaways
- Growing up with limited resources can become the foundation for building an abundant mindset.
- Financial success begins with a clear vision before investments or products.
- The "Three I's" framework connects ideas, investments, and insurance into one strategy.
- Building a legacy requires the right team of trusted experts working together.
- True wealth is measured by the impact you leave on future generations, not just financial returns.
Notable Quotes
- "It starts with the Three I's: ideas, investments, and insurance."
- "It's not a lack of opportunity. It's a lack of understanding of what's possible."
- "We're in the friends business."
- "I want to maintain those promises about their legacy."
- "Sometimes one person changes the financial future of an entire family."
Clips
Transcript preview
First 90 secondsShawn Phelps· Guest0:00
15 years ago- Mm-hmm ... founded a company, uh, called RiverTree Wealth. We're a private client wealth practice, and we help families, family businesses, entrepreneurs live their best life. Really try to help them align their vision, perspective, and direction of what they're doing in their career.
Speaker 3· Soundbite0:13
Shawn W. Phelps is a wealth advisor, entrepreneur, and the founder of RiverTree Wealth. He helps business owners and families build, protect, and preserve their wealth through personalized financial planning, trust and estate strategies, and long-term legacy planning.
Shawn Phelps· Guest0:27
So I had a client, owns a lot of rental real estate. He made a major error in his tax situation. We're not tax advisors, don't give tax advice, but I just asked the question, "Are you sure you're able to do this?" Just the question around that, he was able to call his CPA. We're gonna avoid a million-dollar tax issue. He would've owed over a million dollars in taxes had we not pivoted around that.
Angelina· Host0:47
Do you have any advice on how people should live their best life financial-wise?
Shawn Phelps· Guest0:51
It starts with the three I's.
Angelina· Host0:52
It spans the globe like a super highway. It's called internet. Elvis Presley.
Speaker 3· Soundbite1:00
[crowd cheering] I'm Steve Jobs. Today, Apple is going to reinvent the phone.
Shawn Phelps· Guest1:05
It's not over until I win.
Speaker 3· Soundbite1:08
The Living Your Legacy podcast: for those who live to leave a legacy. That's extraordinary. The impossible. Oh, that is sensational. Jordan. Open. Chicago with the lead.
Shawn Phelps· Guest1:23
Usain Bolt is the fastest man on the planet. You can live your dream.
Angelina· Host1:29
Welcome to the Living