Generational Wealth and the Future of Wealth Creation: Conversation with Rossco Paddison

Keri Norley

Rossco is the CEO of SyncDAO and the lead trainer at New Money Institute. Rossco is one of my all time favourite mentors in the entire world. He has been teaching me around a decentralised finance business and helping to bring this message around crypto and new money and all these wonderful things to the world. And so it's really such an honour and a pleasure to have you here today, we are going to drop into a conversation around generational wealth. And I asked her to come on the show today. Because he has a lot of insights into generational wealth. And this is a very, very much so part of my work, having come from a wealthy family and being in generational wealth. And so we just wanted to have a chat today around what this means and how we can kind of drop into creating more of it. And wherever the conversation leads us. So welcome to the show today Rossco.

Rossco Paddison  03:46

Thanks for having me. Um, it's super cool conversation today. This is something that's really interesting to me. I think that in the past, it's been this whole topic of trans generational wealth has been something that we have to just basically find out where the lottery lenses like which which family were born into, and what is the culture of that family. And, and for some people, that means they're fortunate or less fortunate. Also, like there's this, there's this life lottery aware of where you start on this journey. And you know, I think both of us have been extremely fortunate in our own versions of this but just just because because we've already done a podcast together. I think I might just give some context as to how I ended up with trans generational wealth. My first experience like first steps,

Keri Norley  04:39

by the way before you start there if anyone wants to hear the podcast Rossco and I did it his podcast number three and it drops into decentralised finance. It is amazing. It was one of my favourite shows on here. Definitely go and listen to it. Go on.

Rossco Paddison  04:52

Except this will now be the new favourite. Why are we good? So for me, I was born in Australia, I was born into a middle to reasonable sort of level of class or whatever. My I was born into a society where you basically end up with a lump sum at the end of, you know, the end of your parents life, basically, you end up with the, the estate, so to speak. And sometimes, you know, if a grandparent dies or something, there might be a small check or something there for you as well. And there was no in my family, at least, there was no real conversations around money, I could definitely see that my parents strived a little harder than the generation before to do well for themselves. And I think they had a reasonable amount of success for themselves in their view. And, and good on them. And also, you know, like I wasn't, there was no necessarily learning or incubation period, for me in the home around money or anything like that. We're just coming out of the generation that didn't talk about their feelings, or money, or sex, or politics or religion at the table. And now it seems like most of the dining room tables are at the opposite end of the spectrum, and a little too woke and, you know, there's a there's a dynamic somewhere in the middle, maybe. But the the, the point for saying that anyway, is is like just a context where my head comes up from this for me personally. But then I've also seen people that come from different circumstances. Of course, if anyone's ever read your book, they know your story, Carrie, and the life lottery that you landed in, but I've seen, I've been been to over 23 Different countries to really get a sense of how people's different wealth is in different parts of the world, and crypto and wealth conferences and the likes. And I found that no matter where what your starting point is, you've actually been born into a time where you have new tools that did not exist before. And you can there are new dynasties, meritocracies, whatever you want to call them are being formulated right now by the actions that we take in this time right now. And so there is a huge transition of wealth going on. And it's something that people say, and they've heard, but they really have heard the tip of the iceberg of that conversation. I think this conversation we're gonna have today, we're gonna go below that surface level of the water. And we're gonna go down to the depths of this iceberg in this chat. So I'm super excited. I just took over. You didn't even ask a question. And I just ranted. But no, I think this is an important conversation. important conversation care?

Keri Norley  07:35

Yeah, it is. And I love that you said that. And I think especially with with the crypto space, like, especially, we are seeing a huge, great transference of wealth. And we're gonna see people who've never had the opportunity in countries that have never had the opportunity to be able to create wealth that they've never been able to have. And I also like, for me, one of the things I'll say that that makes me super passionate about this conversation is the statistic that in the lottery, right, if you were in the lottery, I think it's 70 to 75% of people lose their money within the first year or two and end up bankrupt for the most part, many of them. And the same concept happens within generational wealth. So when people start to receive money from different generations, it can disappear, just like that. And it's because of the energetics and the lack of education as you're saying, to be able to actually take it and grow it versus spend it. And so that, to me, is why I'm so passionate about it. Because I know for me when I when I started, like it's been my journey has been around the fact that it's like, well, I've got money that's coming to me, and I don't want to be that statistic. So what creates like, so for me, it's been like what creates that problem in the first place so that we can eliminate that and then be able to grow it. And I know for me, like one of my biggest my biggest pieces of work with my children, right? You know, like we all I guess we'll dive into certain things with our kids that we want to educate them on. But for me, it has been money because of that exact reason. Because like you said, as much as I learned about money to begin with, like I got a checking account, even when I was little before I had a checking account, we got our allowance, and we put money away and we did our tithing. And so all the things that a lot of people may just be hearing right now for the first time. That's an important thing to do. I was doing since I was a little girl, and then even when I turned 14, I was a freshman in high school. My parents gave me my first check account and they gave me all of my allowance. And they said here's your allowance for the year figure it out. And so in those ways, like I learned to hold wealth early, but I didn't actually learn learn how do I make it for myself and then how do I actually take that and grow it I learned how to receive it and spend it and hold on to it. Right? And so

Rossco Paddison  09:55

you learn you learn how to receive, spend and ration that and that no I think a lot of people have that down. Yeah, I think a lot of people have that down. Yeah, totally.

Keri Norley  10:05

From the beginning, right. And I don't know, I mean, I don't know or from that age, like, that's what that people learned. But maybe, um, and then as I started to accumulate more and more wealth, I learned how to really like hold on to that wealth. But it's not something that most people teach. And I don't think I learned it, I'm gonna say this too. And I think this is a problem with some generational wealth. When we receive it, I don't think I learned it in a healthy way, I learned it as Don't you dare spend that money. If you do, you're a bad person. And you can only spend it if it's on your house, or if it's on education. And so it was more fear built into me not to spend it than it was. Like, I'm going to educate you on what to do with it. And my, my stepdad actually is a financial advisor. And even in the conversations I would have with him, I'd want to ask him more and more things, because I wouldn't understand it. And sometimes they talk to me about it. And sometimes he'd give me these really broad, unhelpful answers. And so even in that place, like, it's really interesting, I think when we start to look at how families teach money, that it can still be like you were saying, really superficial level, even when we have money. And I think that's to the detriment of all people. And that's why people then lose the money, because you learn how to hold it. I mean, you learn how to get it and spend it, but you don't learn how to do anything with it. And I also find that with generational wealth that a lot of people, especially when you receive it this way, they, if it's within a family structure, then you get to spend it the way they say to, and oftentimes we're then put into a lack of purpose life, right? Like, it's

Rossco Paddison  11:42

like, I think, I think it'd be lovely if you could get to spend it the way they say you want to. But unfortunately, when we think about families, it's it's not only it's not as direct and linear as that, you know, there's, there's, there's inferred shame and guilt that happens if you you know, disappoint by buying something that's slightly outside the line, but, but within the within the coloured lines, but a little bit questionable, or x or y or z. Um, I just want to bring this up at this point that, I think there's like, if you were to imagine a three pointed star of how you create a three point inch stopping a triangle, by the way, that's the that's the flavour of that shape. If we were to imagine a triangle that had three points, and like all triangles do. And there was three key parts to make, to make transgenerational wealth happen. I think they would be the following. I think the first would be education, like just teaching the fundamentals of actually how money and wealth and finance and wealth creation actually works. Like what's the fundamental building blocks of it, educating and actually teaching the inside of that, the next thing that I think would be stupendously important to create true transgenerational wealth is culture and I mean culture of the family culture of the unit, or the tribe of people who are trying to create the trends generational wealth. And, and I think it'll be more than just families that try to do this in the future, I think there'll be people with shared ideologies that come together to as a tribe to create transgenerational wealth. And we're seeing a lot of this with intentional communities, and all sorts of different things happening out there in the world. So there's interesting things there. And then I think the third piece to this three pointed star, which is a triangle is, is technology. And this could be, this could be the technology could be a piece of paper and a pen, as long as the culture and the education supported it, and, and that technology had the ability to generatively constantly create ever flowing outcomes that support this little trifecta. And, yeah, he's got up there on the screen for those of you listening in to the podcast, but yeah, so education, culture, and technology, technology, I think they're the three things because, you know, education is very linear technology is very linear culture is not you know, and this is why your work is so important, what people carry because, you know, people need to up their ecology, beliefs, behaviours, all these different things that impact culture. And then, like the mini software programmes were running as humans they like, you know, like, they're the beliefs that the behaviours, the automated responses that we have based on based on the environment we live in, because mommy went to the shops and that's how she reacted when she broke the last $50 note in her wallet, you know, she broke down in tears because she couldn't afford the groceries. So that makes this mean x about me, that is going to it is going to, you know, hinder the maybe goals of the family to have transgenerational off if that even is the goal, like 990 9.9% don't have time. I don't know many people that focus on transgenerational wealth as well. Don't like they say it's like a nice to have that they tick on a box at the end of like a, you know, like when they write out their personal mission statement they go and it'd be really nice to impact future generations and they said is like this pretty party line. So true. I really mean it

Keri Norley  15:21

true because it actually takes work to create generational wealth. Hmm. Yeah, like you have to. And it's funny because, well,

Rossco Paddison  15:28

less than less as technology comes in, though, right? Yes, yeah, yes.

Keri Norley  15:31

But it's a mental work. And it's like, you actually have to purposefully want to do it. And you're right. Like, I know, people who are like, fuck, that I'm gonna just spend all my money and ride into my grave with who cares? Like my kids can figure it out what I didn't get him like some of those right? I didn't get hand in my money. So why should I care about my kids get handed money, right. And the other thing that you it's interesting that you say around generational wealth, and the mindset beliefs of our parents, but actually generational wealth, like our beliefs in our DNA comes from seven generations. So this is like generational wealth, whether you're actually consciously choosing to want to invest in a way that you can pass on wealth to your kids or to society, however you choose to. You are also taking through seven generations of beliefs that are like within your unconscious within your energy within your field that are creating whatever you are doing in the world, right now. It's being filtered through all of this stuff. So if we can consider like, there's been famines, there's been World Wars, there's been all sorts of problems that most generations have lived through at some point in time, there has been some sort of not so pleasant part of life that has made us contract and hold money. Like right now, right. Even in the world right now, how many people have contracted and going, Oh, my God, I don't know what to do. Because we don't know what's going to happen in the future with the economy happening right now. And so there's been a lot of contraction in holding on to money. And so that part of our DNA will then move into, especially if you're pregnant right now, holy moly, moves into your children. And even if you're not pregnant, the thoughts and beliefs that you have, if you have kids, right now, you are 100% imprinting that onto your children. And so that's the piece where we get to really start to shift when we start to look at why it's important, as you said, like, unpack these beliefs that we've had for so many generations. So that we can choose if you'd like, as you said, if you want to, to be able to pass money on. And I would say that even if you don't like I don't have kids, even if you're not thinking about passing money on, like, there's a part of it that is even just for like, what's gonna do for retirement? Like, how do I build my wealth so that I can, quote unquote, retire?

Rossco Paddison  17:46

Just this, this generations? Well?

Keri Norley  17:51

You know, it's we're not gonna have I'm like, who knows? If we're gonna have Social Security? Or, you know, like, who knows?

Rossco Paddison  17:56

Yeah. Well, I think it's pretty clear. At this is pretty clear to me, they may not be clear to everyone, but you know, like, I'm a sci fi nerd, and in a technology company, and I, you know, listen to a lot of weird ideas all the time. And for me, it's pretty clear. For me, it's pretty clear that we are going into, like, the last, the last 25 years, the world has changed so much, since you know, the iPhone and the Internet and whatever, like, it's, if you took a time machine back then and came to now, it's quite different. If you take a time machine, if you were able to take time machine jump 15 years into the future, from now, I think it's going to be stupendously different. Knowing knowing where AI is, knowing where robotics is that knowing where biotechs at knowing where augmented reality is at knowing where Kryptos at knowing where all these technologies are out. I know, I know, without a shadow of a doubt that the world we live in tomorrow is gonna be different than today. And there's only going to be sort of three main things that matters. There's going to be working on the robots and making sure and policing them and making sure that they're doing a good job. And they're coding and doing cool smart things, right? There's going to be investing owning the robots, and I'm just giving you like a, let's say, the benevolent robots. So let's call this a utopian scenario, okay? Right. So there's gonna be investing the robots, there's gonna be there's gonna be fixing the robots and programming the robots. And then there's going to be making life fun, meaningful or experiences like experiences, you know, they're probably going to be the two or three main lines. And to me, it's quite obvious that we're going in that direction. Like I'm looking at AG tech at the moment, which is agriculture. Technology. This is my hobby. I studied different technologies in my sleep. But the the the thing that's quite interesting they like all the driverless tractors and you know the defenceless farms with towers. little GPS collars and all these sorts of weird things are popping up like it's, it's only a matter of time until labour is not late needed on certain jobs. And that curve is moving at an exponential rate.

Keri Norley  20:11

Scarily, I think, actually, scarily and I excitingly, both.

Rossco Paddison  20:16

Yeah, I think it's gonna be like the Age of Aquarius timing that we're going into is going to be stupendously amazing. And I think few people can see it. What I am most excited about, though, is that we have the time to spend on culture shifts, and paradigm shifts with where the world's going, Yeah, we have to wait, we do need to have our education, and our shit sorted around having our finances in place so that we have a seat at the table. But even if you even if you screw that up in this lifetime, you can still just with the time you have left set up the next generation for a better game, by the the actions you take in this lifetime, even if you don't create wealth for yourself. I'm not saying that that's your goal, by the way, but I'm just stating that, you know, someone who's on less than $1 a day could use these forever style technologies to build translate generational wealth, and build the building blocks now that sets their family up for future generations. So it's a crazy time, but also for me, it's just it's so clear that this is the moment in history where you make a choice and you get to consciously make it.

Keri Norley  21:31

Absolutely, absolutely. I put a person to the day actually, after watching the video that you sent. We should put it up here in the show notes actually around the the robotics that he sent me. It's a short video I'll put up it remind myself actually. After I watched that, I put a post up on Facebook and I thought to myself, like, are you robot proofed?

Rossco Paddison  21:56

Is that the video? Just by the way, just is that the video that had the pisspot in it where the guy's got the be the BA ping robot dog robot to pee into the cup was the video?

Keri Norley  22:06

I don't think that was the one that

Keri Norley  22:16

we're gonna find that one. Um, and so I just think it's like a question to start to see

Rossco Paddison  22:24

the future is hopeful robots will ...

Keri Norley  22:31

hilarious. The shit you watch Okay, by the way, I'm gonna say this because a man is one of the smartest people I've ever met in my life. And I sometimes I wonder how you have time to watch these things?

Rossco Paddison  22:46

I do too. I wonder how I do too.

Keri Norley  22:48

smartest, busiest man. Okay, so but I really do question that right? Like, do we have Have you considered what you will do when a robot replaces your, your livelihood? Because that is coming like, you know, Iran, it's something to consider. And so I'd love to hear actually with that in mind, because you even mentioned, like, there's things that we can start to do whether it's for you're going to make it for this next generation, or whether it's you start to plant the seeds. Like I love how you said that, for next generations, whether you make the wealth this time or not, what does that look like?

Rossco Paddison  23:18

Well, going back to three pointed star formerly known as a triangle the the you would have to you would have to secure all three of those aspects. So you'd have to make sure that you're educating not only yourself, but putting together an education, an education process, formerly like having having a book that you transfer to the other humans in your family unit, you know, like putting together an actual an actual file of like this is, this is what we all learn in order to build the wealth that we have. And making it and making the system actually generative in itself, meaning that show them how to add to that file as they go through the generations. So they can add the wealth of wisdom that happens over like over time, and build a system where they can, you know, a new kids born that at this age, they need to be educated in this at this age, they need to be educated in this at this age, they need to be educated on this and actually create a system around the education for yourself. And this is this, like, honestly, this can be done with the free internet, you know, resources available, you could start you could start you could start on you know, start the process, you know, there's obviously things you'd want to have in there that are dependent on the individual family's wealth. So for example, my family has some stuff around property, property development, an apple uplifting you know, property values and stuff like that. So I have context and knowledge of that from my upbringing, bringing but then I've gone on, noted out so deeply in this decentralised finance So I'm gonna have to clue my kids up on that. But it'd be good for me to pass that wealth of property down as well. And also some of the entrepreneurial experience that I've got. So, in capturing that wisdom of your family unit is important, stupendously appointment and I don't mean like a historical document, I mean, like a useful thing that someone could read and get value. You know, generations from now.

Keri Norley  25:22

Speaking of that and then you can go into the pieces of the triangle. This this sweet little book called The new wealth, magnetise abundance, hold you off and leave a legacy happens to be this book that I wrote. And Robbie picked it up. When I first when it first got here, Robin picked it up, and he started reading it. And he was kind of bored with it. So was he when he was reading it? This was last year. So six, seven months ago. Swell? Yeah, about six months ago. Um, and well, yeah. Yeah. Yeah. He wasn't quite 12. Yeah, just by the end of 11. And this summer, I said to him about two weeks ago, three weeks ago, I said to him, Hey, Bob, how about you pick it up again? He's like, mom, and I said, you read all the time. He's a voracious reader. And like, all I'm asking is, how about you read two pages a day, just read two pages a day, that's not gonna hurt you. It'll take a few minutes and move on. The first day, he picked it up, it was like something had shifted. And now first of all, I will also say that since that time, Robbie has also been sitting in on calls with Roscoe. So I have on my training calls with Rossco and how many does he pop into almost every single one of them?

Rossco Paddison  26:25

He's definitely, he's definitely, I've said hello to him more than I have to you, I think formaly on the calls.

Keri Norley  26:32

Right? And he and he loves coming in. And learning doesn't always stay for the whole call. But he'll take on 10 minutes. And he's learning and like, we're getting him into a different financing things. And today, it was really funny. Like he said, mom, but what about this? And so I was like, oh, that's something you don't know yet. And so I started teaching in these things. And the kid is really psyched about it. And he's even started saying, like, Well, mom, maybe I could teach intro to crypto stuff for kids. And, and I could write, right, and I put it on Facebook, and people were like, it's this this thing is exactly what you're saying. And they were like, Yeah, I love that I was like, but you do realise that if you want to teach your kids this, if my kid's gonna teach your kids that you actually have to learn that cuz there's no way your kid's gonna maintain this without you learning that. So who knows, I make no promises to whether or not he does or does not. He's 12. And he'll figure out on his own due time what he wants to do. But the thing about this book, he picked it up again, and he got hooked. He got hooked. And he's now literally quoting me, people will start asking questions about things. He's like, you know, my mom says in her book. And he's like, you know, Mom, I just have to do this, if I want to make this money. And Mom, I'm gonna do my quantum flow today to help me with this. And he's doing his breathing exercises. And he's like, I mean, it's kick ass. So when you say, like, I honestly after he started reading, and I was like, Maybe I didn't even have to write it for the world, which I did. And you all should read it. But I was like, if all I did was write it for my kid. Exactly what you're saying like so that he could embody the the knowledge that I have that has been put into this book, at 12 years old, like I think far out what an amazing experience for, for him. And the other piece of that, and I think this is so critical, when we start to teach our kids this early, we started talking about with Robbie compounding interest, because that's what we talked about with with all of these money things. And I put in so Roscoe and Paul have created this amazing compounding interest calculator when you want to start doing your defi things. And I put in for him like, Okay, if we do this much money, and you put in this much money, and we save this much money over the years, over these next eight years, by the time you're 20, I think it was going to be like he would have 30 or 40 grand. And I was like, What kid figures out how to do this for himself, leverages that, and then can be making five to 10 grand a year just on that, you know, depending on the on the percentage on interest at the time, right? And so, and by doing that, I was like, and when he gets that, and when he can receive that whatever he wants to do with it at that point in time, or when he's 18 years old. I was like, what would you do with it, he's like, Well, I keep saving them. Because if I worked that hard to get to this point at that age, then I don't want to spend it. I know how hard it was for me to save all of that. So I want to just keep, like saving it. And of course, you can also use it for however you want. But because you start to plant that seed younger with the children, they see the power of what happens. And they're part of the growth of it. And so instead of like it's sometimes 18, 20, 30 years old, when you start to actually have larger sums of money, whether it's from your parents who've gone off to college or whether it's from, you know, finally getting jobs and making your own money. And I know how many people who are young, right, get their money, they've gotten a job, they're all of a sudden, like, oh my god, I'm cashed up and like they have nothing to show for it and day later, right? And so it's so powerful because then you start to teach them the value of it right away so that they continue that process versus blowing it. And I think there's some seriously beautiful value in that and I think you know if to me if There is one reason for you as a person who's listening to this to educate yourself and shift your own consciousness around money, do it for your kids so that you can also teach them. And the other thing about that is like, stop shaming, talking about money at the dining room table, right? Because as much as the Fed like, conscious world that do, but there's a lot of people who still don't feel comfortable telling their kids about money.

Rossco Paddison  31:27

My attention as you're talking was going there as well. I have some I'm I don't feel like a normal person. And I sometimes if if someone was observing my parenting on the street, they might also conclude the same outcome that I remember quite recently. And I shared this with you in private, but I'll share it on the podcast. It's quite cool. I remember I was walking over with chase my son who's just like early school age, and then my daughter poppers, preschool age, right? And Chase, one of the stick that he picked up that Piper had in her hand. And Piper didn't want that. She wanted that stick. And they basically, there was two sticks. He he wanted to get the one that she had, and she didn't want to swap. And I, you know, like I could have like sorted it out as the parent and going here's what's happening or whatever. But I knew that the only reason they liked those sticks was because of imaginary reasons. You know, like they they imagined that one was better than the other or whatever. So I said, I said, Chase, how about you tell your sister the reasons why she wants to stick you have? And he went on to say, look, it's like a rocket ship. And it's this and it's that and it's like this cool thing. I'm like, now, and she was like, not into it. Like dude, that doesn't work. What is she interested in? What does she care about? And he's like it. He didn't even barely get it out of his mouth and she snatched the stick off. And they swapped but he said look, it's like a dollies bed. You can put your dolly in here and like this, this the stick was swept right. And so for me, it was a really important moment that I teach him to first of all, you know, lessons in how to convince to get what you want. That was important. But I also...

Keri Norley  34:28

It comes in really handy

Rossco Paddison  34:32

but I also you know, I also have these things where I've seen I saw Piper like go to get money off the bench and Corinne my wife, like sort of say no, you can't take money without asking for it. And then I was like, I kind of watched it from it and then Papa got sad and I was like, Okay, I'm jumping in, you know, like, this is like an opportune moment for culture around money. And I just I got like, first thing I did like whenever you're trying to affect change in Your kids. You want to see the world through their eyes in that moment? So the first thing I did was I got down on the floor. So I was at eye height with a three year old, right? So I wasn't standing over her or anything like that. And I just said, what's going on? You know, like, what's going on you and she's like, I want the money, or whatever the thing was, and I'm like, you can have it be, maybe, maybe you need to ask for it. You know, like, and this is just like a three year old conversation. It's not that super, stupendously impactful. But it's important, right? And then, and then she said to Corinne, can I have the money? And it's like, yeah, of course, you're gonna have the money, but you got to ask for it. You know? And so, Koreans reflex a reaction was, No, that's a rule you can't break, whereas mine was, this is an opportunity for, for a, you know, a moment, you know, and, and the kids will remember things based on moments, not based on not based on linear education, their brain isn't even linear enough at three years old to figure out, you know, a linear conversation around it. No. So, yeah, anyway, I don't know what that was useful share. But I feel like that was useful to share.

Keri Norley  36:12

Totally, it is. And it's one of my favourite actual lessons for my kids, like, ask for what you want. Period, end of story. Like, if you do not ask for what you want, you will not get it is one of the most important manifesting pieces you will ever, ever have. And kids don't get that, you know, ask them what we want. Instead of they go snatching things, they, they get pissed off, because they don't have it. I'm like, you have words, use them. If you don't ask, you will never receive. And half the time you will get it if you just ask. Right. And it's a lesson not just for kids, but for all people. So it's important, it's important for kids to learn. I love that. Okay, so then your other two sides technology and education, we talked technology a bit. I mean,

Rossco Paddison  36:49

we talked about education, we talked about the folio, you can hand down culture, but not technology. So technology. I mean, the technology, I kind of alluded to the fact that could be a piece of paper and a pen. Because basically, what the technology is that you want to use to pass down this thing is going to be essentially what is your IP that is holding your wealth together, you know, like, like Carrie and your family, that'd be very different IP to what holds the wealth together, to what holds the wealth together, in, in, in my family. And so technology could be it could just be a system of like, this is the way we invest, and it could be written, the system could be written down on a piece of paper. And this is very separate from the education because this is specific to a schematic of a system that creates the wealth in a generative way for the family. Right, it's very different to the education, because the education is fundamental to them being able to even look at the system and make sense of it, right. And the culture also is important that they would be able to look at the system and make sense of it, because it would it would echo a set of values and ideals. So it could be a piece of paper, but it also could be things like decentralised finance, money, Legos, you know, it could be it could be these building blocks in in that kind of sense. It could be you know, a stock portfolio, it could be like it could be a system have multiple different types of assets working together to generate returns. And so I use the word technology, because this system will be able to be ultimately automated in a transgenerational nature. If you still have 20 or more years left before you you pass over, then you've got plenty of time in order to build a system that will traverse many generations.

Keri Norley  38:44

20 years. That's amazing, because so many people are taught I've never actually I've never heard you say that. So many people are taught like we have to start from such a young age. And if you're 50 years old, and you haven't started your retirement portfolio, you're kind of screwed under that. So why 20 years? Why do you say that?

Rossco Paddison  39:00

I think I think to just have the technology in our hands that will make it so that five generations from now your your your great, great, great, great, great, great grandkids can jump in and augmented reality or virtual reality machine. Have a chapter there, Great, Great, Great, Great, Great, great grandmother. I think that that stuff will be here inside 15 to 20 years easily. And we'll we'll record a certain number of things to leave. You know, you remember in Superman how he could talk to he's like dead parents in the hologram. Yeah, you'll be able to make one of those before you die for sure. Yeah, here's why. When imagine when you're doing family systems work, and you can see the seven generations back of like your parents and new grandparents. Eight people Yeah, you'll have like 1024 people have seven generations standing there in a grandstand and you'll be able to have a conversation with every one of them seven generations from now. Yes, it'll get weird.

Keri Norley  39:59

Oh my god. Ah, yeah, that's quite right. Crazy. Sorry. Okay, so with technology, and you talked about defy,

Rossco Paddison  40:07

actually, it actually makes a lot of sense, though. It's not actually that crazy. It's actually like, it's the trajectory we're on.

Keri Norley  40:13

I know. Yeah. I know. It's, it's, I mean, it's infinite. You know. And that's why I look at like, you know, why the why the book Why talk about infinite abundance, Infinite Wealth, peace, joy. And it's like, if we really were to eliminate I think this is the cool thing. And you know, when we when, when I questioned robotics in our in our chat with our mentorship group, I love I love what Paul who's whose rascals business partner, there's also another conversation with Paul on the podcast, you guys can go check out. And I love what he said was, if we didn't have to do all the things that we were doing all the time now to survive, right? Because we are actually living in a place in a space that we're infinitely abundant. Because we've created this, then what would you do? Well, you would actually have more loving connection. And if we actually all had more loving connection, then there would be more peace, more love more joy on this planet, because all of us would choose that because we have the time to write now, one of the reasons we don't have so much joy in our life is because we're like, you know, generally speaking, most people are stuck to work 40 to 70 hours a week. Right. And so if you eliminate that piece that people don't actually have to work those immense amounts of hours, because there's alternative ways to create wealth, then we get to have the time to just enjoy life. And we get to actually develop into this more socially emotionally amazing human being. And I think that was a really beautiful thing that he'd said, I was like, I like that spin on things. Well, like it. However, that turns up.

Rossco Paddison  41:42

I don't know how weird you want to get, but I have more weird thoughts. The so I've been listening to a lot of podcast by Balaji Severson, who's the ex CTO of Coinbase recently, and he's obsessed with this idea that we have a pseudo anonymous economy coming, meaning there will be people will have avatars by which they deliver products, services, and meaningful, you know, goods behind a pen name, essentially, right. And so we're seeing this already. I mean, Satoshi Nakamoto, created Bitcoin in 2008 2009, behind a pseudonym, just it just a random guy and a forum on the internet. And we've seen this pop up a lot throughout history, it's actually existed for a long time, pen names weren't created by our generation, it's existed beforehand. But what we're getting is, is we're simultaneously having this at a time in history where cancelled culture is like, sort of like peeking again at the moment. And it has throughout history, we've had the burning of the books, time and time and time again, when you look at historical lines, but what we're also going through is such a crazy pace of innovation, that this might be the one time in history, they're unable to burn books. And so we have all these different social medias and things sprouting up and different ways to store historical data, including blockchains, creating, you know, filing systems and all sorts of different ways in which you can't be cancelled. So actually,

Keri Norley  43:20

can they actually put books onto blockchain? Can you actually put,

Rossco Paddison  43:24

yeah, there's, there's, there's filing storage systems being built in a blockchain decentralised way. So you'll be able to have like a whole Google Drive of things you'll be able to pass on with a set of keys to people in the future. Yes. The Yeah, so you'll be able to have an unsensible filing cabinet so to speak. The, the, so why I'm mentioning this is my hallucination, while you're talking is that you might even end up the family might own you know, 20 of these pseudonyms, and they are actually income or revenue sources for the family, the work that that pseudonym produces, or the products or services that that thing works. So you might literally be working behind a pseudo anonymous name that five generations from now your, your great, great, great, great, great, whoever is is, is, you know, using the exact same personal brand, the pseudo anonymous one that's built credibility and reputation in a pseudo anonymous Well, that's silence and then you walk down the street and no one knows who you are. So you can be like invisibly, super wealthy and have impact and influence without having to be from an egoic pursuit and being able to go from really humble place and just being a normal human and and not having to put your reputation on the line to get your ideas across. I love that.

Keri Norley  44:42

Love that. Ah, yeah, that's that's by the way, whenever you whenever you talk to Roscoe, something's gonna blow your mind. You laugh about it. Well, you do.

Rossco Paddison  44:59

I think it's incredible. Like, I think that is where the world's going.

Keri Norley  45:02

I think that's amazing like, and even though even now, as you say, like, you can have a pseudo name, and you can be anonymous, and I'm like, Oh my God, that my entire being was like, oh, that sounds amazing having,

Rossco Paddison  45:13

like, really safe because you don't feel a personal attack, you know, like,

Keri Norley  45:16

I'm like, you and I being the people who put ourselves on the line and say things that the world doesn't want to hear. And it comes at me, right? Like, I'm the one who's being attacked, like, I'm like, Oh, my God, amazing, I could just not have a face to that, that'd be kind of Hmm.

Rossco Paddison  45:30

But you still will have like you still individually obviously will have an identity and a personality and all those kinds of things. And that will be important. It'll just be less, where our human interactions will not be based around so much the work we're doing, as opposed to just the the meanings we're making. So to be, you know, a lot more intentional about communities and all sorts of things. Okay,

Keri Norley  45:55

so the other piece that I want to drop into before we wrap this up, because you talked about technology, and the only technology that we haven't really talked about is the defy technology, and forever money. So talk about forever money, because it's one of my favourite things that you guys are building out right now.

Rossco Paddison  46:11

So we, we, we accidentally, upon the idea of forever money. But basically, we were trying to figure out how do we get access to this great defy technology that exists in the world. And if you don't know what defi is, go check that episode number three. But But basically, it's the ability for you to get access to all of the different financial instruments that were previously reserved for the financial elite that were sophisticated and had the friends in the right places. So so this gives the there's tools now that give you access to things you couldn't previously have access to like, you could actually you could actually be a bank within about 20 minutes and be lending to a stranger on the internet money somewhere in the world and be earning a tidy return in a safe and secure way. Because of this, this, this defy technology. And so you can get better than bank returns by begging the bank, which is quite cool. And do a peer to peer network where we resource each other rather, and cut out that, that tyranny of the middleman with these class ivory towers, so to speak. So anyway, so defi has all of these functions where we can do things like lending and borrowing. And specifically, I'm building a product that automates and aggregates a bunch of these defy returns, so that you can do less of the button pushing to produce the outcomes you want. And we created this, we created this interesting function, where we wanted to add in a layer of people who could basically be like the geniuses behind the the the proverbial Genius Bar to help people use this sci fi stuff. And so, you know, people like Keri, for example, will have the ability to share, to share sync data with other people. And Keri will get rewarded for helping people with it, you know, like, and, and helping them go through the process of... there's education, there's learning, there's, there's customer service function, and sales, people go, "Hey, what's happening with this, or that" or, you know, there's also marketing functions where carriers, Hey, there's this new thing that's doing all that new thing, or, like there's this, there's this need for this workforce. So although we want to cut out the ivory towers, the banks, we don't want to cut out the the front line of customer service and tell us like people still actually want help with stuff. So we're making sure that that gets included in the new world through what we're doing with SYNC now. And when we did that, when we added that function, we had to add this mechanism so that the affiliates got rewarded for the work that they did in a fair and just way. So when someone deposits in the sink down, they're actually creating what's called a perpetual vault token. In that moment, they're doing what's called minting, by depositing their funds into a smart contract. So that that money will work forever. And by forever, I mean, that forever, they can't withdraw the money. However, what they can do is, is that receipt token or perpetual vault token that they've been issued, they can sell that back in the market freely so they can they can they can get their money, they can have an experience of getting their money out, but they're not technically withdrawing that money will actually when you deposit $1 It will work forever beyond my lifetimes. So and yours and everyone else's, right. So yeah, it's it's this, it's this machine to be able to build that it's it's quite, it's quite intricate and design. Obviously, we've just had a very top level conversation around it could raise a lot of questions and concerns and all those kinds of things, which I acknowledge. And it's been done in such a way that it's completely noncustodial, which means You're in control of how this works for you, you're not handing your money over to someone you're putting it, you're wrapping it in a piece of code that has a set of instructions that you've dictated, to get it to do a certain set of behaviours, so that it can produce some financial freedom for you, maybe for the people you care about as well. So what happens is, is like, you set up your account or whatever carry and, you know, we need to make sure that that transfers the next generation, we need to make sure that there's a plan in place for for kids like Robbie, for example, to be able to, you know, if anything happens to his mom, dad, what does he do to, you know, unlock that wealth. And there's actually trying to remember the name of the book, there's a really good book that we'll put, we should put an Amazon link so people can buy the book, the play by play a step by step process for people to be able to write a plan to put with their will. Oh, yeah. I can't remember the name of the book off the top of my head right now. But we'll put it in the show notes.

Keri Norley  51:09

Keep talking, I'll remember.

Rossco Paddison  51:11

Well, I mean, I was pretty much I was pretty much at the finish line, though, Keri.

Keri Norley  51:16

I actually wanted to I actually want to wrap like what you just said, because, you know, you get really technical.

Rossco Paddison  51:24

Yeah, I do. Blah, blah, blah. Rossco said some things as possible. Thanks to technology. Good. Cheers.

Keri Norley  51:29

Right. So in some, some actually

Rossco Paddison  51:33

is though, guys, it's not just like some waffle.

Keri Norley  51:36

So in some languaging that people might understand, one of the ways that I love that you actually talk about this to make this really, really simple. For example, we have a, we have a desire for many of us to have something like a phone or a computer or something like that, every couple years or every year. And so in in very plain and simple Torian, self speaking English language, what you can do is decide that instead of spending your $1,000 on a phone, and you go and give it to Apple, you're going to put it into sync, Dow sync, Dow is going to be able to create money off of that, so that every two years, you have enough money effectively to go and buy this phone off of that first $1,000. And so it's perpetually making money for you over and over again, instead of taking $1,000 in $1,000. And always having to create that $1,000, the $1,000 that you originally would have invested will continuously be able to make you enough money to buy that phone every two years. So that concept, right?

Rossco Paddison  52:39

So the so the the volts that we have these perpetual volts, will have multiple different usages, you know, you're referring to the usage here of the idea of being able to have perpetual products, which basically means, you know, like I have, I have something that I spend money on every few years already, why not automate that into an invest into an investment that I control that can produce enough returns to automatically shipped me that new phone or that new thing that I use on the regular. That's, that's definitely one piece of it, then the next, the next piece that there's perpetual wallets can do as cash flow. So you could actually build yourself like a universal basic income, you could go right, okay, the family needs 50 grand a year, just have a roof over their head, or whatever the thing might be right. And you could work towards that as a goal. So cash flows are one of the potential use cases for these perpetual vaults. Another one is that you might like an asset class, you want to be acquiring more of, but you want to acquire it from a place of where you have safety in, in your initial deposits. And you might be we want to requiring something like Bitcoin from a place of safety where you know, if you put $10,000 in, you still got that $10,000. But that $10,000 is working to produce a return that return is then buying something like Bitcoin, if that's something you want to get into. So that's the cash flows option. And then he might be some sort of savings piggy bank thing you might have, you know, Robbie is a good example of this, you know, you might have a piggy bank that's just locked for the next 15 years that he can't touch until he, you know, reaches a certain age or whatever it might be. So, there's those kind of they're kind of different ways in which it can be used. So yeah, there's technology. And that's just one of the building blocks. I mean, I'm not here to spruik our product, I'm here to speak the idea that I want for you, each and every one of you listening to this to be able to, you know, make choices consciously, right? I'm going to set wealth up to be this way and my family, and then use the tools that you have around you in order to make that happen. I happen to have one of those tools that you should have in the tool shed but there's other things there's like all the work I do with Keri On the work you do is other people to make sure you get that three pointed star nailed.

Keri Norley  55:10

So funny speaking of work that you can do, I am very excitingly launching my first sci fi programme a Rossco I'm so excited. Yeah. And so the and I'm saying this because what, what what reskinned are talking about here is in development. And so you have to wait whether you guys you know, whenever you hear this, if it's current, you know, like, when this first comes out, it's not ready yet. It'll be out in the next few months. And we'll, we'll keep you posted. And the reality is, I'll probably have Rossco on again, and we'll go really deep into this understanding is specifically around, sink down in this product. But until then, you can still get into defy and you can still reach out to me and you can still find out more about it and hop into my programme and learn how you can start getting income from a safe and stable way already and start building generational wealth already. And I have my wealth coach programme, which also helps you to then shift your mental energetic blocks around money and wealth. So to me, like you said, they marry, like, we can't just have one without the other. And there's so many, there's so many people who it's like, we want to create this, but you don't even have the the mental consciousness, the energetic consciousness to be able to go out and do it. It's why I teach both programmes and why I think they're so critically important. So thank you for that. I also want to say I did find the book crypto asset inheritance planning, I will put a link and

Rossco Paddison  56:34

I would just, I would just highlight based on what you shared with me. It's kind of like if someone wants to get the education and the technology piece, they do your defi course. If they want to get the culture piece, they do your wealth codes course.

Keri Norley  56:47

Yes, exactly. purchase that. Thanks. Good chat. On that note, good chat. Run and we are at about an hour anyway. So is there anything else you want to wrap up and say for this conversation today? Mr. Rossco,

Rossco Paddison  57:03

I want to wrap up with this thought which is stolen off the Tim Ferriss podcast, he asked the question, he asked the question. You know, if you could put anything on a billboard, to say to humanity, what would you write, you know, as the billboard. So the question I want to ask the listener and I'm going to bounce I'm going to hit leave on the Zoom Room when I when I say this, and I'm gonna mic drop, you're ready. Um, the the question is, if you could write a billboard to tell all the future generations of your family, one message around wealth, what would you tell them? And it has to fit on a billboard.

Keri Norley  57:41

Mic drop. Thanks, Rossco. This has been a great show. Mic is dropped. Everybody, have a wonderful day, wherever you are. I really consider that really powerful question and we'll see you on the next show. Thanks, Rossco for being here.

Rossco Paddison  57:55

Cheers. Thanks.