You’ve heard it time and time again…GENERATIONAL WEALTH! The act of being financially responsible and storing away assets and money for your family and the generations to come. Real estate is the key to that wealth! If you look at it, everyone needs somewhere to live, work, have functions, etc. Real estate is one business venture I recommend everyone to get into because it is never going away.
Break the cycle. One way to break the cycle in your family is to introduce them to Generational Wealth and that will have to come directly from YOU! Change the way you think and the way you move and watch how things fall in line with your goals.
The road to generational wealth will not be easy; you will need to roll up your sleeves and get dirty. This isn’t a get rich quick scheme, it is a lifestyle change! Changing the way you think and the way you spend your money so that it will benefit your family in the future. That should be what is most important anyway!
buy the block
#buytheblock If you are in tune with Instagram, then you may have seen posts and memes about people “Buying the Block.” The financial decisions you make now will greatly effect the situations you and your family find yourselves in in the future.
Some examples of how you can leverage your current wealth to gain more are:
- Rental Homes
- Condos
- Multi-family Homes (Apartments and Duplexes)
- Airbnb Properties
- Trust and Wills
- Purchase land and rent it out
By purchasing real estate you will be able to create residual income. This income will continually come in as long as you have tenants there.
KNOWLEDGE
Take online courses, read eBooks, follow people who have done it before, get a mentor, go to conferences, review videos on YouTube. The information is already out there, you’ll just need to step outside of your comfort zone and get it! There have been so many people before you who were in your same situation, and they decided to make a change. Knowledge is power and it is one of the most powerful tools instilled in you.
Don’t be afraid to sink your head into a book for hours in order to learn more about what you need to do for your life. Information should definitely be your best friend, because it is out there.
financials
Lets be clear, you will need to have some sort of income in order to make moves. You ever heard of the phrase, “It takes money to make money?” Well, that involves this situation as well. There are some unique tips and tricks out there where you can use other people’s money in order to start your real estate venture, but you will need to research that on your own. And that will even take some time to master it, but don’t cancel out the idea of it altogether.
Create a financial plan for you and your new real estate business outlining where you will get the start up money from, how you plan to maintain it, and the different ways you will be able get yourself out of debt should any mishap occur. Of course, there is more to it than just those 3, but that is a start. Never go into a business without a plan!
Let this be an introductory to you finally getting out there and doing what you need to do to get to where you need to be! Obtaining Generational Wealth.
