In an era of economic uncertainty, digital disruption, and shifting social values, the concept of wealth, and how we build it, is rapidly evolving. This episode featuring seasoned financial planner Michael G Donkor, dives deep into the topic of making wealth accessible for all. From revisiting the meaning of generational wealth to examining the role of technology and the enduring need for authentic financial advice, this episode is packed with valuable takeaways for anyone thinking seriously about their financial future.
Redefining Generational Wealth: Beyond Money and Assets
For many, wealth has traditionally been tied to tangible assets: property, pensions, stocks, things you can touch, see, and pass down. Mike opens the conversation noting that in the UK, over 40% of total wealth sits in property, with pensions close behind. This "old money" approach, built on slow asset accumulation, is being reconsidered by newer generations.
But, as Mike notes, wealth isn’t just about numbers, bricks, or bank accounts, it’s also the knowledge we inherit. The stories, experiences, and skills our parents and elders pass down can be just as valuable as a portfolio or business. “Generational wealth,” Mike says, “is not necessarily something tangible that you can touch or you can see. It can also be knowledge that can be passed down to generations, to children, etc.”
This evolving idea encourages listeners to see wealth creation as a holistic, long-term strategy that involves both financial assets and the wisdom to use them effectively.
Embracing Technology: Tools, Risks, and the Need for Human Guidance
Tech professionals are at the center of this modern wealth shift. Mike's focus on working with these clients is twofold: his personal passion for technology, and the unique financial situations that arise in tech-driven careers. Rapid income growth, stock options, and industry volatility all create challenges and opportunities not seen in more traditional fields.
The rise of apps, trading platforms, and AI-driven financial tools has made investing and budgeting more accessible than ever. As detailed in the episode, platforms that allow individuals to visualize their portfolios, monitor spending, and even automate investment decisions are fundamentally reshaping how people interact with their money. Yet, Mike emphasizes that technology alone isn’t enough. "It's imperative that there are basics and some foundations in place in order to set somebody up for financial success." Tools are most effective when built atop a clear, strategic financial plan—one tailored to an individual's goals, circumstances, and appetite for risk.
While artificial intelligence and automation are powerful companions, Mike strongly believes in the importance of human touch. "People still need the human touch...they want someone to hold their hand through the process.” Financial planning isn’t just about crunching numbers—it’s about helping clients ask the right questions, anticipate risks, and adjust to life’s unpredictable turns.
The Power of Planning: Navigating Uncertain Times
One of the most valuable takeaways from the episode is the emphasis on planning—not just for the good times, but for setbacks, crises, and the “what ifs” that life inevitably brings. Mike describes the importance of having a solid roadmap, likening financial planning to mapping out a journey rather than rushing toward investments without direction. For tech professionals, issues like layoffs, market volatility, and sudden changes in regulation require more than just a robust portfolio; they need contingency plans and proactive strategies.
The current economic climate, marked by political upheaval, recession fears, and regulatory changes, makes comprehensive financial advice more important than ever. “Now is the perfect time to be an advisor,” Mike shares, highlighting that genuine financial planning can save individuals from knee-jerk reactions and help them make informed, long-term decisions.
Making Wealth Truly Accessible: Combining Tech, Community, and Expertise
At its core, the episode underscores that making wealth accessible is about much more than numbers. It's about using tech as a tool, building foundational knowledge, finding your tribe, and seeking advice that aligns with your life’s goals. Whether you’re a tech professional, entrepreneur, or someone at the beginning of your wealth journey, the lessons from Andrew and Mike make one thing clear: wealth is not just built, but thoughtfully planned, and accessible to anyone willing to learn, adapt, and prepare.
As the world continues to change, blending tradition with innovation and personal planning with the latest technology will be crucial. And, as Mike says, “For me, it’s all about…making wealth accessible, you know, and getting people to…really think about what they’re actually trying to achieve with their finances.”
Watch full episode here: https://youtu.be/Sl92NYMeS00?si=ezVIDsnkIVtdtnZd
Listen here: https://open.spotify.com/episode/3nuNpJrUeiXkRIuaG1Ckwr
Episode show notes: http://thesoundofaccra.com/mikedonkor
Discuss your financial goals with Mike (30 mins free consultations) : https://calendly.com/mgdonkor/letstalk
