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Welcome back to another great episode of the Dear BLK CEO Podcast.

So many people are passionate about creating generational wealth, but a lot of fire and zeal will get you nowhere without a solid plan of navigation and the knowledge to get there. Fredrick Standfield, CFP, CPA, is the Founder of LifeWater, where he shares financial know-how and creates personalized plans to help people avoid financial mistakes and stress so they can achieve the financial freedom to live the life they want. With over 15 years of experience in corporate financial planning, budgeting, analysis and management, he has been responsible for impacting families for generations to come. 

Let’s dive in and grab some wisdom from Fredrick on creating generational wealth by passing down, not only resources, but knowledge.

Creating Generational Wealth Through Financial Literacy:

[00:01 – 07:00] Opening Segment 

• I welcome the Fredrick Standfield  to the show
• • Bio 
• Fredrick shares his background and journey into finance
• • Growing up in the rural south 
  • Faced with the stark lack of knowledge of money at a young age
  • Seeing firsthand the stress financial illiteracy causes 
  • Getting into the right environment to learn

[07:01 – 20:05] Leveling Up Your Conversations

• Fredrick talks about his ‘real-life’ education process
  • Making mistakes early on 
  • Starting in with a CPA firm 
  • Seeing the wealth while auditing trusts
• Fredrick shares about the lessons learned from working in corporate finance
  • “I want to do what those guys do”
  • Taking away the value and importance of working relationships
  • Vision and planning are critical 
  • It takes determination and hard work to get up to the level you want 
• Going out and starting your own business
  • Pursuing the essence of purpose and impact
• What happens after you get to the C-Suite 
  • More responsibilities and expectations
  • The challenge of shifting your focus 
  • An increased importance on building relationships

• Book your free consultation at: The Kas Company

[20:06  – 37:29] Creating Generational Wealth Through Financial Literacy 

• Fredrick talks about his venture into starting a business 
• • Purpose, vision, and impact 
  • Seeing the need to bring financial literacy to people 
  • Having a plan to get to your goal 
  • The importance of timing, yours and God’s
• Fredrick’s advice to people wanting to create generational wealth
• • It all starts with planning 
  • Get your capital resources in order
  • Reinvest into your business with your early sales 
  • Arm yourself with financial literacy 
• Planning a strategy to build generational wealth 
• • Remember wealth is in knowledge not just money 
  • You have to have intent and focus on what you want to achieve 
  • ‘The Johnny Appleseed Approach’ - turning a little into a lot
• What’s next for Fredrick 
• Nomination for a guest on the show
• How to connect with Fredrick
• • Links below

  [37:30 – 39:48] Random Round

• Who is your dream client?
• • Professional athletes 
• Negative stereotype of minorities that needs to end?
• • That we can’t think within a corporate or business setting 
• Favorite loophole/wealth creation strategy 
• • Estate planning
  • Using the lifetime gift exception 
• Final words 

Tweetable Quotes:

“Vision: where am I going and what’s my purpose? Why was I put here on this earth and how can I make a difference?” - Fredrick Standfield

“A lot of dreams die on the battlefield, if you will, because you don’t have the plan of execution.” - Fredrick Standfield

“You need knowledge to go with the physical wealth so that you can enhance that and then pass it on to future generations… Knowledge is what gives you the wisdom to turn your finances or your cashflow or your assets into wealth for future generations.” - Fredrick Standfield

Reach out to Fredrick on LinkedIn or call 770-800-8432. Be sure to visit https://getlifewater.com/ and connect to a life of financial freedom! 

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Let’s connect! Find me on LinkedIn, Instagram, or check out my website http://karlsona.com/. And The Kas Company to find out more about my coaching program.

You don’t have to be anyone other than who you are to be a world-class CEO!