A Blueprint for Generational Wealth:
How An Uncle Guided His 14-Year-Old
Nephew Towards Financial Freedom
How An Uncle Guided His 14-Year-Old
Nephew Towards Financial Freedom
Written by Irfan Haider
In an age where financial literacy is often overlooked in traditional education, one man has taken it upon himself to equip the younger generation with the right tools they need to build long-lasting wealth. Lance Smith, a lifestyle entrepreneur and founder of Claysmile LLC, has dedicated his life to serving families and helping them achieve both generational wealth and holistic health. Through financial coaching, real estate, tax planning, spiritual training, health & wellness programs, and motivational speaking, Lance has found his purpose — helping others unlock financial freedom and long-term gains.
However, one of the most impactful ways Lance has applied his purpose is through mentoring his 14-year-old nephew, Cory. Through a series of simple but powerful financial lessons, Lance has set Cory on a path toward financial freedom. Teaching him the essentials of financial literacy, investing, and personal responsibility, Lance is not only helping Cory achieve wealth but also making certain the foundation for wealth that will last for generations to come.
Lance’s entrepreneurial journey is far from conventional. Rather than building businesses simply for profit, he focuses on ventures that align with his passions and God-given purpose — to mentor others. With Claysmile LLC, Lance covers a variety of areas, including financial coaching, and health and wellness programs. Additionally, he is involved in real estate investing, bookkeeping, tax planning, dance fitness, motivational speaking, and more. For Lance, his work is an extension of his firm belief that he was put on this earth to help people.
But Lance’s mission goes beyond helping just any client. He has a keen passion for serving families and teaching them to build wealth — not just for themselves but for future generations. He wants to change the financial trajectory of families, breaking the cycle of paycheck-to-paycheck living and helping them build legacies that will last.
Lance’s motto is simple yet profound: “I help people manage their finances and life, from their first paycheck to their first million.”
The most personal manifestation of Lance’s mission comes in the form of his nephew Cory. As a 14-year-old ninth grader and football player, Cory is at a pivotal age — one where the foundation for his financial future is being laid. Lance recognized the opportunity to mentor Cory early on, knowing that instilling the right financial habits and mindset would set him on a course toward financial independence.
Interestingly, Cory’s initial interest in financial literacy didn’t come from his uncle. It came from a TikTok video that mentioned a Roth IRA — a concept that intrigued Cory and led him to ask questions. Despite hearing about finances from his uncle frequently, it wasn’t until this moment that Cory’s curiosity about investing was piqued.
When Cory approached Lance to learn more about Roth IRAs and how to start investing, Lance realized it was the perfect moment to begin teaching him about building generational wealth. The moment of curiosity was the catalyst that transformed Cory’s understanding of money from a passive interest into a proactive pursuit.
Lance began teaching Cory the fundamentals of investing and money management. Starting with basic concepts such as compound interest and how small, consistent investments could grow into significant amounts over time. He also emphasized the importance of starting early — the earlier you begin investing, the more time your money has to grow.
To Lance, financial literacy was not just about briefing how to make money. It was about teaching Cory how money works, how to make it work for him, and how to think like an investor. Lance knew that if he could instill these habits and mindsets early, Cory would be well on his way to achieving financial freedom.
When Lance talks about generational wealth, he is clear about what it means to him. It’s not just about passing down wealth in the form of assets or money. Instead, he believes generational wealth is about what you leave in your children — their mindset, values, character, and habits.
“There is no success without successors,” Lance often says. “God gives blessings to us so that HE can give blessings through us.”
The importance of this concept cannot be overstated. Lance explained that if you give a million dollars to a person with a poor mindset, they’ll lose it quickly. However, if you take a million dollars away from someone with a wealthy mindset, they’ll likely find a way to build that wealth back again.
This is why Lance’s focus was not solely on teaching Cory how to manage money but on developing a mindset that would serve him throughout his life. By teaching Cory to think like an investor — someone who values long-term growth over short-term gratification — Lance knew he was giving him something far more valuable than financial advice. He was giving him the tools to build wealth not just for himself, but for future generations.
Knowing that financial literacy could feel overwhelming for a 14-year-old, Lance took a step-by-step approach to simplify complex concepts. He broke down his teachings into 22 core financial moves that anyone could follow to start building generational wealth. These included creating a budget, opening personal bank accounts, learning how to invest in stocks, and understanding the importance of saving for emergencies.
To Cory, Lance condensed these 22 moves into eight core steps. This way, he provided a clear and structured path to follow. The process began with simple actions that helped Cory set up his financial infrastructure: The breakdown goes like this;
1. Opening a High-Yield Savings Account: Lance helped Cory open a high-yield savings account with Capital One. While Cory was a minor, his parent needed to be a co-signer. But the account would
teach him the real value of saving for future needs.
2. Setting Up a Checking Account: Lance guided Cory to set up a checking account with Chase Bank. The checking account allowed Cory to manage his day-to-day spending and gain a better understanding of how cash flows in and out of his account.
3. Becoming an Authorized User on a Credit Card: Lance advised Cory’s parents to add him as an authorized user on their Chase credit card. This allowed Cory to start building credit at an early age, a critical step in developing a strong financial foundation.
4. Developing a Morning Routine: He encouraged Cory to write down an ideal morning routine, incorporating habits that would optimize his physical, mental, and emotional well-being. The core idea was that maintaining a disciplined morning routine would set the tone for the day.
5. Creating a Zero-Based Budget: One of the foremost things Lance taught Cory was how to create a budget that allocated every dollar to a specific purpose. Cory learned how to prioritize his spending, and savings, invest, and spend wisely.
6. Implementing a Tithing System: Besides, Lance stressed the importance of giving back and teaching Cory the value of generosity. For every dollar Cory earned, he was encouraged to tithe 10%, reinforcing the concept of giving back to others.
7. Opening a Custodial Roth IRA: To set Cory up for long-term wealth-building, Lance guided him and his dad to open a custodial Roth IRA, allowing Cory to invest in low-cost index funds that would grow tax-free over time.
8. Tracking Income and Expenses: Lance emphasized the importance of tracking all income and expenses. By regularly monitoring his financial activity, Cory could make well-informed decisions about where to allocate his money.
By the end of these eight steps, Cory had not only learned the basics of financial literacy but had also set up a solid foundation for building long-term wealth.
However, at the start, it was a challenge for Lance to keep his nephew staying engaged, and on track. Teaching financial literacy to a teenager isn’t always easy, especially when they’ve never been exposed to these concepts before. One of the biggest challenges Lance faced was explaining financial terms like compound interest, index funds, high-yield savings accounts, and Roth IRAs — all of which were foreign to Cory.
Lance overcame these challenges by making the lessons engaging and relatable. For example, he showed Cory how investing early could lead to significant wealth through compound interest. Using an Online Investment Calculator, Lance helped his nephew visualize how a small initial investment if left to grow over time, could turn into millions of assets. Additionally, he showed him how to use digital tools like ChatGPT to compare investment options, index funds, and track his net worth.
Cory’s curiosity and interest grew as he saw how the concepts translated into real-world wealth. The more he learned, the more excited he became about the possibilities of his financial future.
The most rewarding moment for Lance came when Cory applied one of the key concepts he had learned. After teaching Cory the difference between active income (trading time for money) and passive income (money earned with little to no active effort), Lance quizzed Cory on the two concepts. To his delight, Cory answered correctly, explaining how passive income is generated through investments and how it allows you to earn money even while you sleep.
It was a pivotal moment, not just for Cory but also for Lance, as it showed that the lessons were truly sinking in. Now, his nephew was no longer just learning about financial concepts; he was beginning to internalize them and apply them to his own life.
Looking ahead, Lance plans to continue guiding Cory as he grows older. As Cory turns 18, he intends to help him make the important financial moves that every teenager should make. From setting up personal bank accounts to understanding the stock market and developing multiple income streams, Lance’s mentorship will remain a key factor in Cory’s journey toward financial independence.
Lance’s ultimate goal is to help Cory become a self-sufficient investor, someone who understands the importance of creating passive income and building wealth through investments. But more importantly, he wants to ensure that Cory passes down the lessons he’s learned to future generations, creating a ripple effect that lasts for decades.
So far, Lance’s mentorship is a testament to the power of generational wealth. By teaching his nephew the core principles of financial literacy, investing, and disciplined money management, he has set Cory up for a future of financial freedom. But more than just teaching Cory about money, Lance has imparted the mindset and values that will allow Cory to create lasting wealth — not only for himself but for generations to come.
As Lance often says, “Generational wealth isn’t just about what we leave for our children’’. It’s about what we leave in our children.” His teachings have given Cory the tools to build a legacy of financial independence and holistic health that will ripple through their entire family for years to come. And that, for Lance, is the true meaning of wealth.
However, one of the most impactful ways Lance has applied his purpose is through mentoring his 14-year-old nephew, Cory. Through a series of simple but powerful financial lessons, Lance has set Cory on a path toward financial freedom. Teaching him the essentials of financial literacy, investing, and personal responsibility, Lance is not only helping Cory achieve wealth but also making certain the foundation for wealth that will last for generations to come.
Lance’s entrepreneurial journey is far from conventional. Rather than building businesses simply for profit, he focuses on ventures that align with his passions and God-given purpose — to mentor others. With Claysmile LLC, Lance covers a variety of areas, including financial coaching, and health and wellness programs. Additionally, he is involved in real estate investing, bookkeeping, tax planning, dance fitness, motivational speaking, and more. For Lance, his work is an extension of his firm belief that he was put on this earth to help people.
But Lance’s mission goes beyond helping just any client. He has a keen passion for serving families and teaching them to build wealth — not just for themselves but for future generations. He wants to change the financial trajectory of families, breaking the cycle of paycheck-to-paycheck living and helping them build legacies that will last.
Lance’s motto is simple yet profound: “I help people manage their finances and life, from their first paycheck to their first million.”
The most personal manifestation of Lance’s mission comes in the form of his nephew Cory. As a 14-year-old ninth grader and football player, Cory is at a pivotal age — one where the foundation for his financial future is being laid. Lance recognized the opportunity to mentor Cory early on, knowing that instilling the right financial habits and mindset would set him on a course toward financial independence.
Interestingly, Cory’s initial interest in financial literacy didn’t come from his uncle. It came from a TikTok video that mentioned a Roth IRA — a concept that intrigued Cory and led him to ask questions. Despite hearing about finances from his uncle frequently, it wasn’t until this moment that Cory’s curiosity about investing was piqued.
When Cory approached Lance to learn more about Roth IRAs and how to start investing, Lance realized it was the perfect moment to begin teaching him about building generational wealth. The moment of curiosity was the catalyst that transformed Cory’s understanding of money from a passive interest into a proactive pursuit.
Lance began teaching Cory the fundamentals of investing and money management. Starting with basic concepts such as compound interest and how small, consistent investments could grow into significant amounts over time. He also emphasized the importance of starting early — the earlier you begin investing, the more time your money has to grow.
To Lance, financial literacy was not just about briefing how to make money. It was about teaching Cory how money works, how to make it work for him, and how to think like an investor. Lance knew that if he could instill these habits and mindsets early, Cory would be well on his way to achieving financial freedom.
When Lance talks about generational wealth, he is clear about what it means to him. It’s not just about passing down wealth in the form of assets or money. Instead, he believes generational wealth is about what you leave in your children — their mindset, values, character, and habits.
“There is no success without successors,” Lance often says. “God gives blessings to us so that HE can give blessings through us.”
The importance of this concept cannot be overstated. Lance explained that if you give a million dollars to a person with a poor mindset, they’ll lose it quickly. However, if you take a million dollars away from someone with a wealthy mindset, they’ll likely find a way to build that wealth back again.
This is why Lance’s focus was not solely on teaching Cory how to manage money but on developing a mindset that would serve him throughout his life. By teaching Cory to think like an investor — someone who values long-term growth over short-term gratification — Lance knew he was giving him something far more valuable than financial advice. He was giving him the tools to build wealth not just for himself, but for future generations.
Knowing that financial literacy could feel overwhelming for a 14-year-old, Lance took a step-by-step approach to simplify complex concepts. He broke down his teachings into 22 core financial moves that anyone could follow to start building generational wealth. These included creating a budget, opening personal bank accounts, learning how to invest in stocks, and understanding the importance of saving for emergencies.
To Cory, Lance condensed these 22 moves into eight core steps. This way, he provided a clear and structured path to follow. The process began with simple actions that helped Cory set up his financial infrastructure: The breakdown goes like this;
1. Opening a High-Yield Savings Account: Lance helped Cory open a high-yield savings account with Capital One. While Cory was a minor, his parent needed to be a co-signer. But the account would
teach him the real value of saving for future needs.
2. Setting Up a Checking Account: Lance guided Cory to set up a checking account with Chase Bank. The checking account allowed Cory to manage his day-to-day spending and gain a better understanding of how cash flows in and out of his account.
3. Becoming an Authorized User on a Credit Card: Lance advised Cory’s parents to add him as an authorized user on their Chase credit card. This allowed Cory to start building credit at an early age, a critical step in developing a strong financial foundation.
4. Developing a Morning Routine: He encouraged Cory to write down an ideal morning routine, incorporating habits that would optimize his physical, mental, and emotional well-being. The core idea was that maintaining a disciplined morning routine would set the tone for the day.
5. Creating a Zero-Based Budget: One of the foremost things Lance taught Cory was how to create a budget that allocated every dollar to a specific purpose. Cory learned how to prioritize his spending, and savings, invest, and spend wisely.
6. Implementing a Tithing System: Besides, Lance stressed the importance of giving back and teaching Cory the value of generosity. For every dollar Cory earned, he was encouraged to tithe 10%, reinforcing the concept of giving back to others.
7. Opening a Custodial Roth IRA: To set Cory up for long-term wealth-building, Lance guided him and his dad to open a custodial Roth IRA, allowing Cory to invest in low-cost index funds that would grow tax-free over time.
8. Tracking Income and Expenses: Lance emphasized the importance of tracking all income and expenses. By regularly monitoring his financial activity, Cory could make well-informed decisions about where to allocate his money.
By the end of these eight steps, Cory had not only learned the basics of financial literacy but had also set up a solid foundation for building long-term wealth.
However, at the start, it was a challenge for Lance to keep his nephew staying engaged, and on track. Teaching financial literacy to a teenager isn’t always easy, especially when they’ve never been exposed to these concepts before. One of the biggest challenges Lance faced was explaining financial terms like compound interest, index funds, high-yield savings accounts, and Roth IRAs — all of which were foreign to Cory.
Lance overcame these challenges by making the lessons engaging and relatable. For example, he showed Cory how investing early could lead to significant wealth through compound interest. Using an Online Investment Calculator, Lance helped his nephew visualize how a small initial investment if left to grow over time, could turn into millions of assets. Additionally, he showed him how to use digital tools like ChatGPT to compare investment options, index funds, and track his net worth.
Cory’s curiosity and interest grew as he saw how the concepts translated into real-world wealth. The more he learned, the more excited he became about the possibilities of his financial future.
The most rewarding moment for Lance came when Cory applied one of the key concepts he had learned. After teaching Cory the difference between active income (trading time for money) and passive income (money earned with little to no active effort), Lance quizzed Cory on the two concepts. To his delight, Cory answered correctly, explaining how passive income is generated through investments and how it allows you to earn money even while you sleep.
It was a pivotal moment, not just for Cory but also for Lance, as it showed that the lessons were truly sinking in. Now, his nephew was no longer just learning about financial concepts; he was beginning to internalize them and apply them to his own life.
Looking ahead, Lance plans to continue guiding Cory as he grows older. As Cory turns 18, he intends to help him make the important financial moves that every teenager should make. From setting up personal bank accounts to understanding the stock market and developing multiple income streams, Lance’s mentorship will remain a key factor in Cory’s journey toward financial independence.
Lance’s ultimate goal is to help Cory become a self-sufficient investor, someone who understands the importance of creating passive income and building wealth through investments. But more importantly, he wants to ensure that Cory passes down the lessons he’s learned to future generations, creating a ripple effect that lasts for decades.
So far, Lance’s mentorship is a testament to the power of generational wealth. By teaching his nephew the core principles of financial literacy, investing, and disciplined money management, he has set Cory up for a future of financial freedom. But more than just teaching Cory about money, Lance has imparted the mindset and values that will allow Cory to create lasting wealth — not only for himself but for generations to come.
As Lance often says, “Generational wealth isn’t just about what we leave for our children’’. It’s about what we leave in our children.” His teachings have given Cory the tools to build a legacy of financial independence and holistic health that will ripple through their entire family for years to come. And that, for Lance, is the true meaning of wealth.