5 WAYS TO PASS DOWN GENERATIONAL WEALTH

Welcome to the channel and welcome back to another video. Now on this quick video, I want to talk to you guys about how to pass along generational wealth. Listen, the wealth has to pass along from somebody. So it might as well start with you. Maybe you didn't get anything. Maybe nobody's left you anything, but guess what? You can leave something for the generation that comes after you or the two or three generations that come down the road past you. So my name is Eric and I write a blog over at the website, smartmoneybro.com. When you get a moment, check out a few of the things we write about over there. Over there, we help ordinary people be extraordinary with their money, with their real estate and managing money, managing their real estate. I do one-on-one consultations and I also do free 15 minute phone conversations. You can contact me at the information below and get in touch with me. I'd love to have a conversation with you because everybody's situation with money is a little bit different because personal finance is personal, right? So get in contact me. I would love to help. But on this video, let's just focus on generational wealth and talk about what are some ways that you can actually pass it down to the next generation. So let's jump into it. The very first thing you can do to pass along generational wealth is have something, right? You've got to have something in order to pass something to somebody else. So the one thing you want to be working on right now is accumulating appreciating assets that you can ultimately pass along to the next generation. You got to have something to either pass something along, give something to the next group of folks coming along in your family next. But you got to get something to do it, right? You can't pass along nothing so you got to have something, right? You got to be able to build some type of wealth to actually maybe you have some stocks, maybe you have some bonds. I don't even care if you pass along $50,000 under your mattress, right? You just got to have something. You got to build something to give it away. So the very first way you can pass down generational wealth is to first get a little bit of wealth, get a little bit of stuff, get a little bit of something that you can actually pass along in the form of whatever form you want it to be in. I don't care if it's, like I said, a house, apartment, land, it could be anything. Just get something so you can pass it along. So the second thing you got to do if you want to pass along generational wealth is you got to begin to have the conversations about money. You got to be willing to talk about it. And you know, when you eat dinner, you go out to eat dinner, whatever you do, you got to just have the conversation that says, look, here's what we got. Here's what I'm trying to do. Here's what's important to me. Because I talked to so many people that never had that conversation with their grandparents, or they never had that conversation with an aunt who had XYZ or whatever. You got to begin to have the conversations and talk about money. It's okay. It's okay to open up your checkbook or open up your budget to your kids or the people in your family that you want to have something or where you want to pass something to. Let them know what you got. Have a meeting once a year, twice a year, and talk to the people that you want to pass something on to and say, listen, this is what I got. Here's what my wishes are. But you got to begin to have those conversations and not don't be scared. Now I may be coming from a different standpoint, right? I've been, I was a teacher for a long time. And then I worked for the federal government. So the last 25, 30 years, I've had jobs where my salary was public knowledge. So I don't care that somebody knows what I make. It doesn't matter that you know what I make and what I what my actual salary, because you don't know exactly what I keep and what I invest. Right? So it doesn't matter if you make $30,000 a year, if you make $300,000 a year, that doesn't really matter because what really matters is what you keep and what you invest. So that's more important than what my income is. So my thing is this man, have the conversations and be talking about it so that money is not a mystery. And money is not a taboo subject that nobody talks about. Nobody knows. No, I'm not saying brag about it to everybody, but I'm just saying, make it known what you want to have done. And also make it known that money is something that you'd like to pass on or this asset is something that I think is important to pass on those conversations. When you talk to people that have money and are wealthy or have a semblance of wealth, those conversations are normal. And then when you talk to people who have no wealth, those conversations about money are never had, they're never talked about, or they're rarely talked about. I'm saying, make it a part of your conversation on a regular basis, money. So the third thing you can do to actually pass along generational wealth is focus your wealth on real estate, land and real estate, land and real estate. Now, I repeated that a bunch of times, right? Because land and real estate are wonderful ways to pass along generational wealth. I don't care if it's grandma's house, that is a tiny little two bed room in a ran down part of city. You just never know 10, 15, 20 years later, you don't know what's going to happen in that area. Keep the house and the family as much as you can. And what that means is you have to start doing repairs to the house, maybe while grandma and granddad is still living in the house so that when it does come time and the house falls into the hands of somebody else, you don't lose the house. Something doesn't happen where you can't keep up with the taxes on the property, right? Because we lose a lot of property because of taxes or not being able to keep up with the repairs or do some of the maintenance on the property. I'm saying this, do your absolute very best to keep up with the property, preventive maintenance, and don't sell the property. Real estate is a wonderful wealth builder. Let me give you a personal example. In my family, my great, great grandfather in the 1930s bought some acreage down in Mississippi, right? He bought some acres. Those acres, I think like 60 acres, those acres are still in the family today. Now, I don't own them. Somebody else in my family owns those acres and some of my family lives on those acres. But if I needed a place to stay today, if everything went bad for me, I became homeless, had no place to stay, lost everything I had, guess what? I would contact my family down there and somebody down there on that piece of land would probably help me out. Why? Because 80 some odd years ago, my great, great grandfather bought a piece of land, bought some land. So what I'm telling you is that land or real estate can stay in your family and stay forever or as long as you need it to. And it's equity, it's wealth, and it's generational wealth. And I see so many families that lose a house because the family is squabbling over it or whatever. And that takes me to the number four. The fourth thing you can do to build and pass along generational wealth is to create an estate plan. And when I say an estate plan, I'm not going to go into the details, right? But I'm talking about under the estate plan is your power of attorney, your healthcare power of attorney, your will, and there's some other things too, but create an estate plan so that if you do pass away or something happens to you, you become incapacitated, it doesn't go through probate and the state is directing what's going to happen with your money or your real estate. You create an estate plan so that you in your living can tell what's going to happen to the possessions and things that you have, your land and real estate when you pass on. So an estate plan is essential. It's very important. And it doesn't have to cost 10, $15,000 to create an estate plan. Some estate plans you can do for three or $400. You can do for $200 or you can get an attorney and do it for two or three or four or $5,000, whatever you choose, but get an estate plan so that you can tell future generations what to do with the stuff that you've accumulated, right? So you've, you've went out and got the stuff. You went out and decided to, Hey, we talk about money all the time. And you went out and actually said, look, I'm going to buy the real estate, but how do you keep it? How do you pass it along? How do you make sure it doesn't go anywhere else? Create an estate plan. Very important way to pass along generational wealth. And it don't have to cost an arm and a leg to actually create one. Now, the fifth way that you can pass along generational wealth is simply by having life insurance, life insurance, get yourself some life. And if you watch it, wait, let me just say this. If you're watching this video right now, and you don't have life insurance, you don't have enough insurance, insurance for your burial and to take care of the loved ones that depend on you for their livelihood. Stop what you're doing. Turn this video off right now and go online, go Google life insurance brokers, find you a broker to find you a good life insurance plan. You need it right now. If you don't have insurance, stop watching the video now and go get it. Listen, you can get a good term life insurance policy for about what it costs you to go to Starbucks four times a month. If you go to Starbucks, I don't know what Starbucks, five, six, $7 for a latte or whatever. If you do that four times a month, you could have had $100,000 life insurance policy. Life insurance is cheap, especially term life insurance. You've got to have it. It's another way you can pass on generational wealth, right? So get yourself some life insurance. It's super duper. It's super duper important, right? Go ahead and make this turn. So I got, I got hyped up about life insurance. My apologies guys. So you've got to get yourself some life insurance, right? So easy to get simple to do. If you don't have it, get it right now. Now, what I just gave you guys, what I just gave you guys is five ways to pass along generational wealth. Now that you've seen this video, no excuses. Now that you know, some of the information that I just talked about, no excuses. Go out and get it done. Listen, the best person to take care of the old you is the young you. The best person to take care of your great, great grands that come along in 20, 30, 40 years, 60 years from now is the young you. Take care of yourself and take care of other people until the next video. Peace.