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The Importance of Generational Wealth Management
We want you to live a life of financial freedom. When you're financially free, you’re able to quit your W-2 job and do more of what you love with the people you love.
Today, we're talking about generational wealth.
Generational wealth is the concept that there's something beyond financial freedom.
To build generational wealth, you achieve financial freedom for yourself, but you don’t just quit that day and walk away. You keep on going to build something more. The something more is generational wealth and it plays into your bigger “why”.
If your “why” is just to quit your job, that's one thing. But if it's to do something profound for your family, for your community, and your world – that usually that involves building generational wealth.
Drew Kniffin, Nighthawk Equity President, recounts his college best friend. In fact, he was a groomsman in his friend's wedding.
But it was his friend was only able to attend their expensive private college because his grandparents had grown generational wealth. They created things that made it possible for their grandson to attend the school, where he and Drew became best friends.
It was his grandparents’ foresight with generational wealth that made it possible for them to meet and become friends.
Parlaying that into real estate investing, how can passive real estate investing help someone achieve the goal of generational wealth?
There are two steps:
Step One: Invest your money in quality assets.
Obviously, we believe the best asset is apartment buildings.
We believe this for a lot of reasons – consistency of the returns, the long term trends, the fact that there's no technology that’s going to replace housing, the tax benefits. Apartment buildings are a great place over time to put your money.
Step Two: Manage your money well. Do the smart things that are incentivized to do to not only build that wealth, but also preserve it for your generations.
If you do these things, you get generational wealth.
