In a world where Elitism and Generational wealth thrives, every individual can only aspire to begin the generational train of wealth and riches for their families.
Most times, assets are even transferred after death in the form of an inheritance.
It is projected that more than $80 trillion will be passed down from today’s older generations to their children and other heirs.
However, figures from financial services firm, Gobankingrates indicates that 70% of wealthy families lose their wealth by the next generation, with 90% losing it the generation after that.
But for the sake of encouragement and clarity, we’ll use the Smith family as a positive representation of true generational wealth.
INTRODUCTION – Will Smith is an American actor, rapper and movie producer. He is married to Jada Pinkett Smith, making them one of Hollywood’s hottest power couples, boasting an estimated combined fortune of $400 million.
The pair have three children who are also rich and famous – Trey, Jaden, and Willow.
The Breakdown
Will Smith, the patriarch of the Smith family is one of the highest-paid actors of the past 20 years.
Although, Will boasts of an estimated net worth of $350 million, he came from humble beginnings.
In 1986, Smith alongside DJ Jazzy Jeff secured a record deal with the label Jive, prompting them to release their first certified gold album, Rock the House.
Fast track to when Will achieved millionaire status, the rising star splurged cash on cars, houses, clothes, and jewels for himself.
However, Will refused to pay his taxes, owing a staggering $2.8 million to the IRS, which left him flat broke.
“Being famous and broke is a ****** combination because you’re still famous and people recognize you, but they recognize you while you’re sitting next to them on the bus.” Smith opened up on his YouTube channel.
Going further into a formidable future, Smith’s career changed when he was asked by producer Quincy Jones to star in a sitcom, The Fresh Prince of Bel-Air, which premiered in 1990.
Meanwhile, as Will starred in the series until it closed in 1996, the IRS took a 70% cut of his salary for the first three years until his debts were finally cleared.
According to Smith in 2019, “It’s terrible to have that kind of success and have to quietly be broke.”
Smith never relented; between 1993 and 2013, he reportedly banked an incredible $200 million from his acting career.
His biggest movie payday ever was 2012’s Men in Black 3, for which he earned an astounding $100 million, the equivalent of $139 million today.
Unfortunately, Smith’s astonishing career came to a halt after he slapped Academy Awards host and Actor Chris Rock live on air for making a joke about his wife Jada. This earned him a 10-year ban from the Motion Picture Academy.
Aside from Acting and Rapping, Will has garnered serious money from other revenue streams as he is an early investor in Uber and founded the venture capital fund Dreamers VC.
Will Smith is also one of the most followed stars on social media, earning credible cash from Instagram, YouTube, and TikTok.
In 2020, he was the highest-paid celebrity on TikTok.
Profoundly, building wealth and maintaining it are two different things, choices are influential at both levels.
Jada Smith – She is the matriarch of the Smith dynasty, with an estimated fortune of $50 million.
Upon her graduation from the Baltimore School for the Arts in 1989, she scored minor roles in TV shows.
She got her big break when she was cast in the 1996 comedy The Nutty Professor.
Jada has appeared in many successful films and TV projects, ranging from the comedy movie Magic Mike XXL to the superhero series Gotham.
However, Jada nurtured a passion for producing, as she co-owns the production company Overbrook Entertainment. One of her most notable pieces produced and starred in drama, Hawthorne, which earned her $150,000 per episode.
To burst heads, under the stage name Jada Koren, Mrs Smith was once the lead singer and songwriter of heavy metal band Wicked Wisdom.
Additionally, Jada dived into TV by hosting chat show Red Table Talk along with her mother Adrienne Banfield-Norris and her daughter Willow Smith between 2018 and 2022.
The talk show won the Outstanding Talk Show Informative Emmy Award in 2021.
Generations and moments
Jaden Smith is the firstborn son of Will and Jada. As of today, he is estimated to be worth $8 million.
Did you know Jaden was a child star who made his acting debut in the sitcom All of Us at just five years old.
In 2006, he starred opposite his famous father in The Pursuit of Happiness.
However, Jaden’s first leading role was opposite screen legend Jackie Chan in the 2010 remake of classic 80s movie The Karate Kid. This was the young Smith’s big break in Hollywood.
Jaden had founded an eco-friendly drinks company JUST Water with the help of his parents. JUST Water was valued at an impressive $100 million in 2019, the equivalent of $122 million in today’s money.
Tracing the generational talent, Jaden showed his music capabilities when he rapped a verse on the Justin Bieber song Never Say Never in 2010. He also released some music recordings, including his debut studio album, Syre in 2017.
Fashionista? Yes the young star also launched a clothing company, MSFTSrep, with sister Willow.
Willow Smith, is Will and Jada’s youngest child. She is reportedly worth a tidy $6 million.
Willow just like her family members, started off as an actress, starring in the 2007 apocalypse movie I Am Legend, with her famous dad.
However, in 2010 she soon became a music sensation, dropping her catchy song, Whip My Hair. She then became the youngest artist to ever be signed to Jay-Z’s Roc Nation record label.
Her career is well decorated as she has collaborated with some of the biggest names in music, including Nicki Minaj and Machine Gun Kelly.
Her latest record, 2024’s Empathogens, reached the number one spot in the contemporary jazz album charts.
Fashionable? Yes Willow has also made money from modeling. She’s served as the face of luxury fashion house Mugler’s Alien Goddess perfume.
Advisory
Investing is key to beginning generational wealth.
The path to building wealth that lasts more than a generation has its peculiar roots and strategies.
As inflation keeps rising, people consider developing multiple streams of income.
From the Smith’s dynasty it is evident that all the family members shared in the family’s vision for the future. Initially, Will might have lacked financial literacy, but as soon as he got himself back, he sought after comprehensive and reliable risk assessments and assets management.
Did you know that every member of the Smith’s family owns their personal homes?
Don’t look down or look left, look up, look sharp, your generational wealth can start with you.
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