Rocco Carriero, CEO, private wealth advisor, and author, joins Mark in a podcast interview to discuss the importance of legacy planning. Mark is 42 and while he isn't looking to retire anytime soon, he is interested in planning for his legacy. Rocco explains that most people think of retirement planning first, but parents usually think of legacy planning. He brings up the three cords approach which is a way to plan for one's legacy. The three cords are financial, spiritual, and relational. Financial planning is about making sure one's wealth will last for generations. Spiritual planning is about establishing a sense of family values and a shared vision. Relational planning is about connecting with other family members and creating an emotional bond.
Legacy planning is about setting up a sustainable foundation for the future generations. The conversation focuses on business mindset and goal planning. The guest explains that a business mindset is about clarity, confidence and direction. He believes that goal planning is important, his whole family including his two young children have goals and written activities to achieve them.
The guest also reveals that his parents immigrated from Italy to the United States in 1962, and he believes this reflects on who he is today. The speaker was raised in a traditional Italian American family on Long Island, New York, where he was surrounded by people from Italy, but also integrated with American culture. His parents only had one child, him, and he was lucky to be provided with plenty of food, love, and togetherness. In his 20s, he realized he wanted more financial resources, so he studied recipes of success and created his own financial independence. He was able to integrate his Italian American family with American culture and create his own lifestyle, such as skiing and a big family. Ultimately, he realized that if something he wants isn't given to him, it is his responsibility to create it.
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