The process of creating wealth, especially as such that can be inherited, is no small task. At times it can seem like a daunting or impossible task.
Generational wealth is most commonly defined as assets passed down from one generation to the next, which can include family businesses, stocks and bonds, real estate, and other investments. What does this look like with real estate? To put it plainly, it usually consists of several SFRs - or single family residences, MFRs - duplexes, triplexes, and quadplexes - or apartment complexes.
While there are a few different ways to do so, none are as easy as real estate. But before you start dabbling in how, it is always smart to determine your why, and for two very important reasons: It helps you define your finish line and helps keep you accountable to the plan. Without a why, you have no plan. From there, the plan will define and propel you to your desired lifestyle, whatever that may be, and help to prepare for the costs of retirement, marriage, kids, travel, hobbies, or whatever else may fall into your plan.
You have your why, your plan, and your resources (including your favorite REALTOR, tax professionals, estate planners, and so on); now to execute.
If you are interested in creating this for your family - please reach out. I would love to help guide you through this process.