With multifamily real estate, it's not just about building wealth and financial freedom for yourself…
It's about teaching those you love how to also build wealth for themselves.
It becomes a legacy that can be passed on to generation after generation.
As the father of four kids (one college-aged!) this is something I think about often.
At Deal Maker Live last year, we hosted a panel for families and talked about how to bring your kids into your multifamily business.
Today, I wanted to talk about the 3 truths I'm sharing with my children so they, too, can become financially free.
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Truth #1: Financial Literacy
Unfortunately, financial literacy is not something that's taught in school. So it's up to us as parents to teach financial literacy to our kids.
You can start these conversations as young as 10-12 years old.
Playing games together like Cashflow 101 and Monopoly can be a good way of strengthening their financial literacy.
When they are ready, one book I recommend them reading is “Rich Dad Poor Dad” by Robert Kiyosaki which covers a lot of those foundational pillars.
And not just having them read it, but discussing it with them and asking questions to make sure they understand the financial concepts in the book.
Truth #2: Encouraging Entrepreneurship
While it would be great for them to get involved with your multifamily business, that's not the most important part.
It's encouraging them and being supportive of any entrepreneurial endeavors.
Whether that's a lemonade stand, selling Girl Scout cookies, etc.
Those early experiences are very influential.
Truth #3: Making Mistakes
As a parent, it's hard to see your kids struggle.
You want them to do really well, but you also don't want to see them in pain.
On the flip side of that coin, it's the mistakes that really shape us into who we are and help us grow.
So we have to encourage them to make mistakes which helps them become more comfortable to take risks… a key part of building wealth.
Bonus Truth: Reward For Saving Money
There’s the old adage from Robert Kiyosaki…
“It’s not how much money you make, but how much money you keep.”
One thing I’m going to start doing with my kids is create a “Blank Family Bank”.
Basically, they’ll be able to put money into the bank and in turn, I’ll pay them 12% interest on any money they keep there.
It’s another way to encourage them to save their money and potentially invest it rather than spend on things they don’t really need.
These are the three (well, four actually!) truths I am teaching my college-aged kids about building wealth, and I hope they help you, personally, or as a parent as well!
Now, if you're still on the path to financial freedom yourself, and you'd like to grow your multifamily business while still having quality time with your family…
Then I strongly recommend you join us at the next Deal Maker Live.
You have the option to join us in person in Dallas, Texas, at a safe and socially distanced event… or you can choose to join the virtual event if you prefer to get expert insights without the added stress of having to travel.
You can even stay in your PJs even if you want!
Last year we had rave reviews, and it's the place to be for learning how to grow your multifamily investments from people who are actually doing it!
See you there!