Rethinking wealth: from accumulation to redistribution - Patrick Knodel, Innovation for Impact

In the latest episode of The Money Reckoning series, I speak with a next-gen wealth holder about the uncomfortable journey of questioning privilege and purpose.THE IMPACT. Patrick Knodel:Is the founder of impact investing fund Innovation for ImpactIs the CEO of the philanthropic Chancemaker FoundationTHE JOURNEY. In our conversation, we explore:Working for purpose and not for money. "I want to feel useful for the world, not just for myself. Let's be honest, in the current system, the best paid jobs are the ones that ruin the world. That's a systemic problem at the moment."Next gen wealth. "The baseline is always how can you keep the wealth in your family over generations? That's the bottom line. The standard is: can we accumulate and keep it? There's not even a question whether that's a good thing to do. That's just a given." "I only have one life. There is an exchange between time and additional accumulation of money. "The inner fight. "How much do I wanna accumulate, to provide a safety net for my own family. And to what extent do I just wanna spend my time working so that it doesn't happen."Planning for the future.  "You can have all those scenarios,  own property and land in different parts of the world that you can reach anytime. And that's what rich people do. Do I want to be like that? No. Let's work really hard toward community and togetherness, so this doesn't happen."Wealth redistribution. "Climate change, biodiversity loss.  You go to the root cause then you have to talk about wealth and about wealth distribution, and nobody who really looks at the world from an outside perspective without taking his own privileged position can deny that the accumulation of wealth is the main root cause of all our problems."