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How to Build Generational Wealth
Description
The wealth of families often dissipates to zero within a generation or two.
Learn about the Vanderbilt family's downfall and how you can avoid these mistakes.
Have an estate plan. I explain the difference between a will and a trust.
I introduce you to my friend Michael Manthei.
A regular GRE listener, Michael and his wife bought 55 units within 4 years and acquired $85,000 of annual real estate income.
He thinks about generational wealth as: income, taxes and inflation, giving, faith, service, preserving stories, character, physical health, and that your family is a treasure.
Learn the difference between inheritance and generational wealth.
Today, Michael runs the Elevate Investing Group. His upcoming event, Generational Wealth 2023, is August 18th-19th, 2023 in Lancaster, PA. Register here.
I've never heard of an event like this. Multiple generations of one family will tell you how they did it.
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RidgeLendingGroup.com or call 855-74-RIDGE
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Find cash-flowing Jacksonville property at:
Invest with Freedom Family Investments. You get paid first: Text 'FAMILY' to 66866
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Complete episode transcript:
Keith Weinhold (00:00:00) - Welcome to G R E. I'm your host, Keith Weinhold. How do you build generational wealth? How do you keep it and how do you pass it on so that it stays within your family for generations? Part of this is today's conversation with A G R E listener that's doing something that I've never heard of anyone else doing today on Get Rich Education.
Speaker 0 (00:00:22) - Taxes are your biggest expense. The best way to reduce your burden is real estate. Increase your income with amazing returns and reduce your taxable income with real estate write-offs. As an employee with a high salary, you are devastated by taxes. Lighten your tax burden. With real estate incentives. You can offset your income from a W2 job and from capital gains Freed