Creating Wealth for Generations

 

Creating Wealth for Generations is more than smart estate planning. The real key to generational wealth is raising capitalists who can build wealth and make smart investments.

It’s tragic when one generation leaves a fortune to the next and they squander it. Or some unforeseen event wipes out a family’s business or portfolio…and the heirs have no idea how to rebuild.

It’s one thing to build a fortune and another to raise a fortune builder.

In this episode we talk about building generational wealth by raising capitalists.

In the studio and behind the microphones for this father and son edition of The Real Estate Guys™ radio show:

  • Your son-of-a-Bob host, Robert Helms
  • His Sean daddy co-host, Russell Gray
  • The Godfather of Real Estate, Bob Helms
  • Co-host in training and budding Seantrepreneur, Sean Gray

 

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Leave More Than Money…Pass on the Skills for Creating Wealth

 

We’ve all seen examples of someone rising from the dust to create enormous wealth. It’s a heroic feat. Tragically, sometimes when wealth is passed on, the next generation squanders it through greed, negligence or incompetence.

So we up the ante on the old adage, “Don’t give a man to fish, teach him to fish.”

Rather, we say, “It doesn’t stop with the second guy in the boat.” It’s a much bigger picture. The influence of one generation can impact hundreds, thousands of posterity.

Consider the wealthy, successful, brilliant people who founded the United States of America. They chose to stand up to the greatest armed forces in the world to create an environment of opportunity and prosperity for their families and the generations that would follow them.

Right now, at this time in history, it’s more important than ever to teach up-and-coming generations how to create prosperity through business and investing.

Want to do more just donate your wealth to you children? More than preserving money and protecting money, prepare your heirs to think and live like entrepreneurs.

In other words, show your children how to CREATE wealth.

This is a topic near and dear to our hearts.  We’re at that season in life where you start thinking beyond our own lifetime.  What’s our legacy going to be?

Probably like you, we care about our family’s future…even more than our own.   In this episode, “Creating Wealth for Generations” we bring in representatives and get perspectives from three generations to discuss ways to ensure the wealth-building mindset is passed on.

 

Seasoned Wisdom – Tips from the Godfather of Real Estate…

 

Robert’s dad, Bob Helms, our powerful mentor and the man we affectionately refer to as the “Godfather of Real Estate,” has been a real estate investor for six decades. Even in his 80’s, he’s still got contagious enthusiasm for investing.

“I’m still very excited about it. Being involved gives me access to people who are doing it today,” said Bob. “The reason I’m doing as well as I’m doing at my age is I’m involved.”

For those in your 60’s, 70’s, 80’s, looking back at your time as a parent and grandparent, Bob recommends learning lessons from the past…but not dwelling on them.  Move on from there.  Bob made his own mistakes, and advises failing fast and moving on sooner.

As for Bob’s parenting advice: You can’t push your kids where you want them to go. You can’t force them along.

Instead, create environments which let kids experience possibilities. As hard as it can be sometimes, don’t give them all the answers. Let them learn at their own pace.

Introduce them to people doing what they want to do. Get them in places where they’ll be exposed to ideas which excite them. This is how you process life.

 

To Find Great Answers Ask Great Questions

 

Like most kids fresh out of college, Russ’ son, Sean Gray, felt unsure about his future. Yet, with a little guidance and his own go-getter ambition, at 24, Sean is now an active entrepreneur and investor.

When he was “22 without a clue,” and his shiny new college degree in hand, Sean was tempted to ask the same question as his fellow grads… “What can I do to make money?”  It’s what nearly every student entering college is preparing for and the primary thing they focus on when they finally finish school.

And it SEEMS like a a good question.  After all, isn’t the whole point of working to make money?

Maybe.  But maybe not…

The “What can I do to make money?” question makes money the end goal…with the requirement to do something to get it.

With a little guidance from his mentors, Sean re-framed the question.

Instead, Sean asked himself, “What can I build that will afford me the lifestyle I want to have?”  In other words, don’t live to get paid…get paid to live.

As Sean had seen from his mentors, this mindset requires more work in the beginning.  But it yields a very different…and arguably better…answer.

So Sean went after a lifestyle and focuses on building businesses and investments that fit.

Now in his mid-twenties, he says he feels retired because he does what he wants, when he wants…and gets paid to live.  He has so much freedom because he asked a better question and went to work on finding a better answer.

Sean’s living the advice of Thoreau, who said, “Go confidently in the direction of your dreams! Life the life you’ve imagined.”

No one else can determine what your dream life is or what your path should be – we each have to create that for ourselves.

 

Tips for Millennials from a Millennial…

 

For our younger readers and listeners, Sean offers three tips he’s using to get a Real World Masters

1. Change the way you think. Rather than sticking to the comfortable route, like the rest of the products of the school system, educate yourself about money and how to build it.

2. Get a mentor. Find whoever’s best at what you want to do. Learn from them.

3. Change the people you’re around. Spend time with people who have similar goals and aspirations…people who encourage and inspire you to push yourself towards your goals.

 

Prepare Your Heirs… So They Won’t Have to Repair Errors

During our last Summit at Sea, we heard from internationally recognized estate planning attorney, Jeffrey Verdon, who’s helped affluent families and business owners solve comprehensive estate planning problems for more than 30 years.

He saw up close that when wealthy individuals passed on their wealth, the next generation would far too frequently squander it.  He thought it was his job to prepare the heirs, but realized he need to solve a bigger problem…repair the errors of entitlement.

As the authors of “The Millionaire Next Door,” put it, avoid providing children with “economic outpatient care.”

Instead, if you want the next generation to think like an owner, let them own it!  Even more important, let them BUILD it.  Whatever “it” is for them.  Sometimes…often…their passion, purpose, mission, vision and values will be different than yours.

That’s okay.  It isn’t a business or portfolio your building.  It’s an entrepreneur and investor.  So WHAT you build is far less important, then WHO you build.

The key is to put your kids in environments where they can discover their potential and opportunities…and then go to work on developing their potential into abilities, achievements and assets.

Your role is to be their mentor…or one of them…and then help them find others as needed.

Where to find these mentors? We’re asked this a lot.

One option is to create your own group.  If you happen to run around with high achievers, it might be a good idea to look for opportunities to get everyone together.  Kind of a multi-generational mastermind group.

You can also attend topic live events where the right people are already all coming together.  You can attend lectures, workshops, networking events, etc.   We’re huge advocates for live events…both ours and others’…because they provide deeper focus, getting your away from your daily distractions, so you bump into a great idea or relationship.

For a young person…and really for anyone…one of the BEST places to start is our annual goal setting retreat.  After all, if it’s about building a lifestyle that pays you to live it, the first thing you need to do is figure our what you really, REALLY want.

It sounds easy.  But so many people have been on a pre-scripted track for so long, they’ve lost touch with many of their hopes and dreams.  But it’s never too late.

So listen into this inspirational and practical episode and consider how you might creating wealth and wealth creators…so you can leave both an big estate and a powerful legacy when it’s your time to move on to the next thing.

 

More From The Real Estate Guys™…

 

The Real Estate Guys™ radio show and podcast provides real estate investing news, education, training and resources to help real estate investors succeed.

03/29/15: Live from the 13th Annual Investor Summit at Sea

Once a year our producers let us out of the studio to hang out on a cruise ship with an enthusiastic contingent of listeners…and some of the biggest brains in investing and economics.  And we always have a GREAT time!

Our tradition is to record a radio show in front of a live studio audience and ask many of our faculty members to share their reflections on the week.

We’re always humbled and honored that so many incredibly successful people donate over a week of their very busy lives to inspire and educate our fun-loving collection of investors from all over the globe.

Behind the microphones from a luxurious cruise ship somewhere in the Caribbean Ocean:

  • Your captain of conversation, host Robert Helms
  • His first mate, co-host Russell Gray
  • The founders of Rich Dad, best-selling authors and avid investors, Robert & Kim Kiyosaki
  • The inspirational and legendary master of salesmanship, Tom Hopkins
  • World class real estate investor and best-selling author, Ken McElroy
  • Financial pundit, best-selling author and multi-million dollar fund manager, Peter Schiff
  • International real estate developer, Beth Clifford
  • Social entrepreneurs and Rich Dad Advisors, Josh and Lisa Lannon
  • International entrepreneur, David Sewell
  • Asset protection and estate planning attorney, Jeffrey Verdon
  • Financial strategist Patrick Donohoe
  • Oil and gas investing expert, Paul Mauceli
  • Private placement attorney and asset protection strategist, Mauricio Rauld
  • Strategic metal investing expert, Knut Andersen
  • The Godfather of Real Estate, Bob Helms

Whenever we have a chance to to get around uber successful investors and entrepreneurs, we notice an interesting and encouraging paradox…

First, they’re not really bigger than life.

Even though they are doing amazing things…that many of us only dream about…they’re just people…like everyone else.

In fact, if you didn’t know they were so accomplished in their respective fields, you probably wouldn’t even realize they’re special.

So it isn’t something inherently superior about these people that makes them successful.  In other words, if THEY can do it…you can too!

THAT’S encouraging.

Next, they tend to be curious, respectful and genuine.  They aren’t at all the greedy, egotistical, deceptive manipulators TV and movies portray as the stereo-typical ruthless rich person.

That’s inspiring.  You can be rich… and still be a decent human being.

So once you’re no longer afraid of becoming rich…and yes, MANY people are subconsciously afraid of success…perhaps because of the negative brainwashing about what successful people are and aren’t…

The next thing to do is learn and adopt the attitudes and activities which successful use to achieve above and beyond the average person.

So how do you learn to think like a multi-millionaire?

We think one of the best ways is to invest as much time as you can in listening to, talking with, watching and working with as many high achievers as you possibly can.

Everything The Real Estate Guys do is about creating those opportunities for our listeners…whether it’s the broadcasts,  our recommended reading or any of the many live events we wither produce or promote.

In this episode, you get to hear how these high achieving faculty members process the Summit at Sea experience.

But listen carefully…because often the best lessons are subtly woven in to what often sound like casual off-hand comments.

Remember, the difference between where you are today and where you want to be in 10 years are the thoughts you think, people you meet and the actions you take.

But it all starts with your thoughts.  So be sure you invest some time every day putting good ideas into your mind.

To secure YOUR place on the next amazing Summit at Sea…click here now.

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The Real Estate Guys™ radio show and podcast provides real estate investing news, education, training and resources that help real estate investors succeed.

9/21/14: The Big Picture – Structures for Protecting, Preserving and Passing Your Wealth

Part of successful investing is good organizationMost people we know (ourselves included) would like to be more organized.

When it comes to investing and wealth management, great organization is more than just a convenience.  It’s a necessity.  Otherwise you risk losing everything you’ve worked so hard to build.

So while doing deals and chasing profits is exhilarating, there’s a bigger picture every investor should be proactive about attending to.

Because the worst time to find out your asset protection and estate planning strategies are inadequate is when you need them.

In the very organized mobile studio for this episode of The Real Estate Guys™ radio show:

  • Your very adequate host, Robert Helms
  • His inadequate and disorganized co-host, Russell Gray
  • Returning guest, new Summit at Sea faculty member and estate planning attorney extraordinaire, Jeffrey Verdon

When we were little boys, we played a now classic Hasbro board game called Chutes and Ladders.  

The premise is simple.  Your goal is to climb up the ladders to the top of the board.  You get opportunities to climb up when you land on “good decisions”.

But if you land on a “bad decision”, you slide down a chute to the bottom of the board…effectively wiping out all or part of the gains made from your good decisions.

Yes, it’s true…Chute Happens.

It reminds us a lot of real estate investing.

Because it’s easy to get excited about the thrill of climbing the ladder of investing success…finding deals, organizing funding, managing cash flows.

Heck, for hard core real estate enthusiasts, even dealing with some of the land lording hassles is actually fun.

A good entity structure and estate plan can take your portfolio from chaos to orderBut because investors and entrepreneurs tend to be optimists, we are prone to procrastinate about paying attention to protecting, preserving and passing on the wealth we work so hard to accumulate.

It’s just not as fun.

However, negatives can’t be ignored.  Because sooner or later, EVERYONE has to deal with negatives.

Real estate is the most litigious of all asset classes, but even if you’re among the fortunate few who never end up in a lawsuit…eventually everyone dies.  And it’s hard to think of anything more negative than that!

But estate planning is more than just organizing your affairs in preparation for your death.  It’s about risk mitigation, tax management and wealth preservation.

The good news is it’s a lot like constructing a building.  It takes a lot of planning and effort on the front end, but once it’s built, the maintenance is fairly manageable.

So what does that look like?

Well, it’s far too big of a topic for a simple blog or podcast.  But our guest Jeffrey Verdon gives us some important pointers.

Like designing a building, first you need to decide what you want the finished product to look like…how you want it to function.  You don’t have to know all the details.  It’s just a big picture design.

Then, you get the “engineers” (attorneys and tax advisors) involved to design it according to your big picture plan.

And just like a real life construction plan, you’ll probably have to make concessions between what you want, what is structurally sound, and what is cost effective based on your budget.

Once it’s designed and engineered, then it can be constructed.

To switch metaphors, think of it like a closet organization project in advance of a shopping spree.

First, you lay it all out.  Then you build it.  Then you put the stuff you already have in the correct places.

Now when you go shopping and come home with all your treasures, there’s a proper place for everything.

And if you are disciplined to keep up on the maintenance, you can keep it fairly organized all the time.

Coming back to real estate…

With a proper entity structure and estate plan, you know where everything goes when you come back from a shopping spreeWhen you have your structure in place, and you know how to use is, when you go out shopping for properties, signing documents, receiving checks and conducting business, you know where everything goes.

Jeff says the most common mistake most real estate investors make is either holding all their properties in their own name, or holding them all in just one entity.

Another common mistake is holding them in a corporation…even an “S’ corporation.

Remember, the time to find out your entity structure isn’t well designed to protect your wealth from creditors, predators and over-zealous taxation isn’t when the challenge is upon you.  When it comes to asset protection, tax management and estate planning, it's best to be proactive

It’s best to prepare for the inevitable storms of life before the dark clouds roll in.  And it starts with getting educated.

So listen in as we talk big picture planning with attorney Jeffrey Verdon!

Listen Now:

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  • Stay connected with The Real Estate Guys™ on Facebook!

The Real Estate Guys™ radio show and podcast provides real estate investing news, education, training and resources that help real estate investors succeed.

9/18/11: Retirement Planning Abroad and Beyond – How to Have Your Cake and Eat It Too

When it comes to retirement, getting there means knowing where, why and how.  And without foresight, opportunities can be squandered or missed altogether.  Since real estate is simply a means to an end, it’s important to begin with the end in mind.

Host Robert Helms takes a look at what things you need to think about when planning your retirement approach. When do you want to retire?  Where do you want to live?  What do you want to leave behind?  There’s a lot to think about!  And sadly, it’s easy to put it off until there isn’t much time left.  Like cash flow, when it comes to planning, more sooner is better.

Then Robert sits down with some special guests to get updated on two very diverse topics.

First, Phil Hardcastle brings us up to speed on Mexico.  As U.S. baby boomers look for warm, affordable places to retire near the U.S., is Mexico still a hot destination?  Phil is a real estate developer and broker, originally from Southlake, Texas, who is now based in San Miguel de Allende, Mexico.  With all the hoopla about Mexico, we wanted to get the straight scoop from someone we know.

Next, Jeffrey Verdon returns to The Real Estate Guys™ radio show to give us an update on the latest and greatest tool in estate planning – something he says allows you to have your cake and eat it too.  Sounds interesting!

The Real Estate Guys™ radio show and podcast provides real estate investing news, education, training and resources to helps real estate investors succeed.  Visit us on Facebook!