The Personal Finance Podcast - The Complete Guide to Generational Wealth Part 1: How to Build Generational Wealth

Episode Date: April 24, 2023

In this episode of the Personal Finance Podcast, we're gonna give you the ultimate guide to generational wealth. How Andrew Can Help You:  Join The Master Money Newsletter where you will become smarter with your money in 5 minutes or less per week Here! Learn to invest by joining  Index Fund Pro! This is Andrew’s course teaching you how to invest!  Watch The Master Money Youtube Channel!  Ask Andrew a question on Instagram or TikTok.  Learn how to get out of Debt by joining our Free Course  Leave Feedback or Episode Requests here.  Thanks to Our Amazing Sponsors for supporting The Personal Finance Podcast. Chime: Start your credit journey with Chime. Sign-up takes only two minutes and doesn’t affect your credit score. Get started at chime.com/ Thanks to Ka’Chava For Sponsoring the show! Go to kachava.com/pfp and get 10% off on your first order.  Shopify: Shopify makes it so easy to sell. Sign up for a one-dollar-per-month trial period at  shopify.com/pfp Policygenius: This is where I got my term life insurance. Policygenius is made so easy. To get your term policy go to policygenius.com and make sure your loved ones are safe. Hello Fresh: Check out Hello Fresh www.hellofresh.com/pfp50 and use promo code PFP50 for 50% off your first order and free shipping! Delete Me: Use Promo Code PFP20 for 20% off!  Links Mentioned in This Episode:  Relevant Episodes: The Stairway to Wealth (Where to Put Your Money In Order!) The Stairway to Wealth 2.0 (The Order You Should Put Your Money in!) How To Teach Your Teenager About Financial Independence With Dan Sheeks Buy VS. Rent: Is Buying a House a Good Investment? 21 Ways to Invest in Real Estate (8 Ways are Completely Passive!) How to Create a Bulletproof Wealth Protection Plan How to Protect Your Finances Online (And Prevent Getting Scammed!) The Back Door Roth IRA (How High Earners Can Get Money Into a Roth IRA!) Why Does the Stock Market Go Up?! With Brian Feroldi Book: First to a Million: A Teenager’s Guide to Achieving Early Financial Independence Buy Then Build: How Acquisition Entrepreneurs Outsmart the Startup Game Other links mentioned: Green Light Visual Capitalist: What assets make up wealth Delete Me: Use Promo Code PFP20 for 20% off!  The Ultimate Guide to Building Generational Wealth PDF  Connect With Andrew on Social Media:  Instagram  TikTok Twitter  Master Money Website  Master Money Youtube Channel   Free Guides:   The Stairway to Wealth: The Order of Operations for your Money  How to Negotiate Your Salary  The 75 Day Money Challenge  Get out Of Debt Fast  Take the Money Personality Quiz Learn more about your ad choices. Visit megaphone.fm/adchoices

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Find your advisor at IG PrivateWealth.com. On this episode of the Personal Finance Podcast, we're going to give you the ultimate guide to generational wealth. Everybody and welcome to the personal finance podcast. I'm your host, Andrew, founder of mastermoney.com. And today on the Personal Finance Podcast, we are going to be talking about the ultimate guide to building generational wealth. If you guys have any questions, make sure to hit us up on Instagram or Twitter at MasterMoney

co and follow us on Spotify, Apple Podcasts, or whatever podcast player you love listening to this podcast on. And if you want to help out the show, leave a five-star rating and review on Apple Podcasts or Spotify. I cannot thank you guys enough for leaving those five-star ratings and reviews. They absolutely mean the world to me. And if you're looking to learn a ton more about personal finance, building generational wealth, and learning how to earn more money, then make sure you check out the Master Money YouTube channel as well. That's our YouTube channel. We are putting a ton of to that YouTube channel, so make sure you check that out. Now, today, I am so incredibly excited for this episode because this is the ultimate guide to building generational wealth. Obviously,

this is one of the main core focuses of this podcast. It's one of the main core focuses of master money, and it is one of the greatest things that you can do for your entire family. Now, this episode is absolutely jam-packed with information. We're going to make this a two-part episode. In this first episode, we're going to be talking about how you can actually build generational wealth. And it is so incredibly important to learn how you can build generational wealth. In part two, we're going to be looking at how to pass down generational wealth. And we have a bunch of different steps on that one as well. These episodes are going to be long. These episodes are going to get into the weeds because I want this to be the all-encompassing guide for you to learn how to build

generational wealth. And because this is a pillar of what we do here at Master Money, and it's a pillar of the personal finance podcast, we got to make sure that we are thorough in this. Because this is a collaborative effort. Most people fail when it comes to building generational wealth. And there's a bunch of reasons why I will get into, but it is a collaborative effort. Either you have people in your family who are not on the same page as you, and I'm going to show you how to get them on the same page, or you don't make enough money to actually pass down wealth for generations. And listen, financial independence is another pillar of this podcast. If you want to just be financially independent, get to the point where you have $1 million,

$2 million, and that's it. Then that's going to be something that you can live on for the rest of your life, you have that financial freedom. Amazing. That is absolutely amazing. But this is for folks who are interested in going a little bit deeper and a little bit farther and learning how to take that wealth and being able to utilize it either for the next generation so that their kids have maybe a somewhat easier life or they want to donate that money and or they want that money to last for multiple generations. And we're going to talk about how you can do that in this episode. This episode is jam packs. Without further ado, let's get into it. All right. So the first thing to understand, understand when you're trying to build generational wealth is you need the baseline.

And the baseline for our generational wealth is the stairway to wealth. If you haven't heard the stairway to wealth yet, I would make sure you check out that episode. We have two of them, the stairway to wealth, the original episode, and we have a 2.0 that we came out with about a year ago. And we have a 3.0 that we're working on as well. But in the 2.0 episode, what's happening in that episode is this going to tell you the exact order that you should be allocating your dollars when you are trying to build wealth? This is going to give you the baseline and the starting point of what you need to do. So make sure you check out that episode if you haven't heard it yet.

Now, as we go through these episodes, I am also going to create a PDF guide for you on this because there's so much information in here that it's going to be hard unless you're taking notes throughout this episode to actually make sure that you go through all these steps. So I'm going to create a PDF guide for you that you can download along with this episode so that you can reference it as we go through this. Now, number one, the first key to building generational wealth is you need to invest in your kids and their financial education. Why is this a key to building generational wealth?

And why is this step one? Because when you are building generational wealth, and if you don't have kids, you can skip this step. But when you are building generational wealth, this is the crazy stat. And this is a very real thing. 60% of generational wealth transfers fail due to lack of communication. We're going to talk about how to communicate that in part two.

When you transfer it, 70% of wealth is lost by the second generation. And 90% of wealth is lost by the third generation. What I want to do is show you how to make that not happen. So the Rockefeller family, if you don't know who they are, John D. Rockefeller was one of the richest men to ever live. And his family has preserved his wealth over a hundred years or so. And there's a number of reasons why.

But one of the big ones is he was teaching his kids' financial education. And they were passing that down under their kids and their grandkids and so on and so forth. So one of the things that he did was that he made sure that when he gave his kids an allowance, every single week, when they came back to collect their allowance the next week, they had to report how they spent the money that they earned the previous week. If they did not report how they spent the money they earned the previous week, they did not get their allowance the next week, but they were still required to continue doing that work.

This is just one of the valuable lessons that he had handed down to his kids. So I'm going to give you a bunch of different lessons that you can go through with your kids, just some baseline stuff so you can start to get the juices flowing on some things that you may want to teach your kids. The first thing is to start early. So one of my favorite party tricks is that right now, My four-year-old can tell you what an asset and a liability is. And he's been able to do that since he was about two and a half or three when he was able to talk. The reason why you want to start early is start to get some of these things inside of your kids' heads

is because it's going to start to develop in their brain. Their brain's going to start to see things a little bit differently than most people would if they did not learn this stuff very early. So you can talk about some of the basics, maybe earning, saving, spending money, investing money, why you spend money the way you do. And just start to talk about this as early as possible. Now, another thing I like to do is I like to talk about real-life examples. So you can incorporate financial lessons into everyday activities, such as shopping, paying bills.

If you go to the grocery store, why you're not buying certain things and why you are buying certain things, you can go planning on a vacation. Maybe you walk your kids through the steps of planning a vacation to Disney World, for example, and you show them, hey, here's how much this cost, here's how much this cost, here's how much we're budgeting for this. And you can kind of talk through some of these real-life practical examples. The next thing you can do is you can give allowance when they're of age. So how old do they have to be to start getting an allowance?

Once they can start to communicate with you, you can really start to give an allowance if that's something you're interested in. Why give an allowance instead of not getting an allowance? You can do whatever you want. Obviously, parents are going to do whatever they want in terms of how they want to raise their kids. So don't take my advice with a grain of salt. But giving an allowance for me, they're going to intake money.

And what they're going to learn with that money is how to handle money at a very early age. We're going to talk through how to handle that money. It's going to give them a bunch of different lessons they can learn. In addition, building up that work ethic is going to be another big part that is going to come into play. See, my kids naturally want to help. So for me, I'm not worried about the work ethic side. My four-year-old wants to help with every single chore that I do and he will sit there next to me for an entire hour or two helping me with that chore.

He's got the work ethic already built into him. He was born that way. So my next thing is learning how to develop that and turn that into something that he could really start to build up businesses or other things along those lines. open a savings account with your kids. So once your kids are of age, you can open up a savings account with them so they understand the place where they can start to save money over time. This is going to help them learn how they can actually do this stuff and learn how a bank account works, learn how a bank account works.

A great place to do this is Greenlight. We'll link them down below, but Greenlight is a bank for kids. And you can also pay their allowance in there. You can get them a debit card, that kind of stuff as well. Teach budgeting. So you heard by example of John Rockefeller and him teaching his family how to actually budget. And you can do something along the same. ways. Now it doesn't have to be some drastic budget that your kids go through like toy category and

category for saving and spending all this kind of stuff. It can just be broad. Saving, spending, giving. You can have those three categories and have those open to see, hey, here's how much you've earned in allowance or selling your toys or whatever else you want to do. And here's how much you can save. Here's how much you can earn. Here's how much you can give if giving is part of your lessons that you want to teach inside of your family. So this is a really cool way to have them set it up. You could set up a paper budget if you want to and have them report every single week where their money is going. Instilling these habits now are imperative. This may sound like a waste of time to you. And while you're doing it, it may feel like a waste of time. But if you teach them how to handle money at the

youngest age possible, imagine what they can do once they get older and they start to have to handle your generational wealth. And if you want this wealth to last and be preserved for a long period of time, this is very, very important. Now, introducing investing. I've been investing for my kids since the day they were born. And we haven't talked through investing a ton yet outside of assets and liabilities, tangible assets like real estate that they can actually see. What we're going to plan on doing is we're going to start with my four year old now. We're planning on starting to do this in the next couple of weeks here is we're going to start buying single stocks that he's interested in. So we're going to look at Disney. See, hey, you can buy a piece of the movies that you love. Hey, you can buy a piece of

this company where you love to go to Disney World every single year where you can buy a piece of this company. This is a massively motivational and cool thing that you can do. Mattel will be another one. You can look at Mattel, the toy company, and say, hey, all these toys here are made by Mattel, and you can own a piece of this company who makes these toys and talk through this and have this conversation with him. Obviously, owning these individual stocks are not the best option for most people. But what it is, it's a teaching lesson. So you're spending $100 on an individual stock to teach them about this specific stock. And obviously Disney's a great stock. Mattel is a great stock. They're going to be around forever. So after you introduce investing, that's the first way to do it.

as they get older, you want to teach them about diversified portfolios, especially when they're teenagers and how to have a diversified portfolio, how to invest in index funds and ETFs, and how this can create freedom for their life, because financial independence and investing need to go hand in hand. So you have to make sure that you are doing that. If you haven't heard our episode with Dan Sheeks, he has a book called First to a Million that talks exactly how to do this, how to teach your teenagers or college age or very young adults on how to teach them about financial independence. And it's a book that they should definitely read. I highly, highly encourage you reading that book. Encourage entrepreneurship. So this is a really cool one. I've seen 10, 11, 12 year olds

build out a million dollar business. So encouraging entrepreneurship, you can do this in a number of different ways. Lemonade stands are obviously the classic ones. I prefer you to teach them how to do things that are really useful in their everyday life. They're not going to start a lemonade stand as they get older, but what you could do is you could start something like a YouTube channel, for example. Say you start a YouTube channel, you start working through and talking through how this can become a business or you start something like a website that they're interested in. Maybe they're reviewing toys or crafts or whatever else they want to do. Another business they could start is as they progress into maybe some of the later years is we have a bunch of different side hustles that we

talk about on the Master Money YouTube channel. There's a bunch of different ones that you can look at there. One of which we just talked about, we just had a video about this, is a pet waste removal business where I've seen people grow this into a million dollar business by going into people's backyards and removing their pet waste for them because they don't want to do this. They'll pay you $60 a month to remove their pet waste every single month, which to me, I would not do that, but most people would. You can go to HOA communities, you can do commercial deals. There's a bunch of things that you could do, but you and your kids can actually build out a business like that together. So there's so many different ways to approach entrepreneurship. Look at their interests,

look at what they would actually like doing, and then see if you can actually lean into that a little bit. Now, discussing credit and debt. So as they get older, credit cards and debt are a massive conversation that you want to have. You want to talk about the damages that debt can do to your wealth building ability. And if you're a generational wealth builder, if you're a true wealth builder, you want to build out this generational wealth, you have to talk about credit and debt. This is something you definitely want to be doing with your kids as you progress through this conversation. Another way that you can teach them about this is play educational game. So there's a game by Robert Kiyosaki called Cashflow. There's Monopoly. Both those games are very similar in

nature. Cash flow is very realistic in nature in terms of how he actually set that game up. It's an expensive game. I think it's like 75 bucks to buy it. But it's a game where you go through the board and you buy rental properties, you collect cash flow and you start to scale up into larger properties. It's very cool once you learn how to play the game. And the last one is, I want to mention this because it is the most important one of all. And it is to be the role model for them. Be the financial role model for them. Follow through with what you're saying. Have your budget in place. Invest your dollar. Show them how you're investing your dollars every single month, how you set up some of these automatic systems. Talk through your budget with them.

Money conversations have to happen. If they do not happen, whoever said that talking about money is taboo is the person who is never going to be wealthy. You want to know why? Because these conversations have to happen. If you want to pass these lessons down to your kids, then you have to have money conversations with your family, your heirs, your spouse, everybody involved. Do not suppress money and money conversations inside of your family. So that's number one, is investing in your kids and their education. I gave you a bunch of ideas on how to get the ideas flowing. Now let's get to number two. So number two, when you want to build generational wealth is investing in the stock market. Now when you invest in the stock market, there's a million different ways to invest. And there is so much noise

out there when it comes to investing in the stock market. And really, if you want to build true generational wealth, you want to block out as much of that noise as you possibly can, put together an investment plan and stick to that investment plan forever. Now, some of the keys that I want you to think about here is having a diversified portfolio. So a diversified portfolio is when you're going to have a bunch of different stocks and bonds inside of your portfolio. And you can do this a number of ways. My favorite way is index funds and ETFs. Now, if you haven't heard our episodes talking about index funds and ETFs, we have a bunch of them. But when we talk about these, this is a basket of stocks that you buy all in one trade and they have very low costs. It's very important to keep your

costs low, especially when you're investing for the long term and generational wealth because you want to build out a large lump sum that you can hand down to your heirs. In addition, that's going to fund your lifestyle as well. The last thing you want to do is give a large chunk of that large lump sum to an advisor or to a mutual fund manager. So keeping your fees low with something like index funds and ETFs that are extremely well diversified and have a 7 to 10% rate of return historically, it's going to be an amazing option for you because you can set it and forget it. And then you can work on the other things that matter much more that we're going to be

talking about here in this episode. So index funds and ETFs are my number one choice. They always will be because I want to set it and forget it. I want to have that system in place. I want it to be automated. I don't want to have to think about it anymore. And instead I want to focus on the things that are going to make me more money. That's what index funds and ETFs help you do.

They help you live life so that you don't have to think about investing all day long. Another way to invest is dividend stocks. Now, dividend stocks I absolutely love. Now, you're taxed pretty heavily on most dividend stocks when it comes to their dividends coming into place. So putting them in something like a Roth IRA or any type of tax advantage account is going to be a great option for you. But I do love dividend stocks.

Specifically, my favorites are dividend aristocrats, meaning dividend stocks that have increased their dividends for 25 years or more. These are stocks that are standard companies that have been around for a very long period of time, and they are companies that really have stood the test of time when it comes to raising their dividends. They've been through the 2007-2008 crisis all the way up to COVID-19, all these different crises, and they can continue to increase their dividend over that time frame. Now, a key thing you want to do here is when you're investing in stocks, unless you have a large lump sum to invest, it's better to invest a large lump sum historically.

But if you are earning money every single month, then dollar cost averaging is a great way to do that. or just deploying your extra capital into the stock market. Now, there's other strategies that you can look at, like growth stocks, is one that a lot of people like, value investing, which is how Warren Buffett made a ton of his money. Those are some other options that you can take into consideration. But for us here, we like passive investing in index funds, ETFs, or dividend stocks, producing some of that income as well.

My main prerogative, though, is index funds and ETFs. Now, you have to have a long-term perspective when you invest in stocks. This is not a get-rich quick thing. Investing in stocks is a long-term approach. I'm talking 20, 30, 40 years. In fact, the S&P 500, if you invest in the S&P 500 over the course of 20 years, historically, you have never lost money if you keep your money inside of the S&P 500 for 20 years or longer. Brian Farrellty taught us that in his episode when he came on this podcast.

We'll link it up down the show notes below if you want to check that out. But that is an amazing stat that you need to keep in the back of your mind as you invest your dollars. Warren Buffett says if you're not willing to own a stock for at least 10 years, you shouldn't even consider owning that stock for 10 minutes. This is a long-term game. You want to hold on to stocks for as long as you possibly can. And then you want to regularly have portfolio reviews, meaning when you review your portfolio, you want to come in and review and rebalance your portfolio, look at how your allocations

are working, look at where your dividends are going, make sure your dividends are being reinvested, and just do those reviews once or twice a year and make sure that you have that in play. Now, financial education is very important when it comes to stock investing because financial education is going to allow you to reduce the emotions that come into play when the stock market goes down. So making sure you're reading and listening to a bunch of different personal finance podcasts or finance books are going to be one of the best things that you can do. So making sure that you're continuing your financial education, follow some of them on social media,

is going to be one of the best ways that you can stay level-headed when it comes to stock investing. So that's stock investing there. That is port two. That is the easiest way to get your money to start working for you. And the reason why we invest in stocks is so that our money can grow over a long period of time and eventually we'll have enough money invested. we can draw down on that portfolio. This is the most passive way you can invest your money where you don't have to think about it anymore is investing in stocks because all you have to do is set it up on an automated system. We talk about this in our course Index Fund Pro and how to set this up on an automated system, but you set it up automatically. It goes and you invest your dollars

automatically and then you don't have to think about it anymore. Now let's get into the third step. All right. So the third step when it comes to generational wealth is consider it investing into real estate. Now, this is not a required step, but there are a large portion of millionaires, and some come out with a stat that says 90% of millionaires are invested in real estate. Now, that can be true. A lot of them probably own their own home, though, which kind of factors into skewing that data a little bit, but a large portion of millionaires become millionaires through real estate. Why? Because there is a bunch of different things that come into play when you invest in real estate. You get tax benefits when you invest in real estate, meaning that you have things available to you, like a 1031 exchange, for example,

which we'll talk about here in a second. You have things available to you like depreciating that asset. You have write-offs that you can put into play. So you get a bunch of tax benefits. You get appreciation when you invest in real estate, meaning that when that property goes up in value, you can take advantage of that appreciation by selling the property or it just increases your net worth over time.

Now, does real estate always go up in value? No, it doesn't. Sometimes it goes down in value. So you can't expect real estate to just go up and up and up and up forever. But what it can do is when it appreciates over the long term if you're invested 30, 40, 50 years, we know that historically real estate has gone in one direction over that long-term time frame. Then the third thing is that you can collect cash flow when it comes to investing in real estate.

So if you invest in something like a rental property, you can collect cash flow and utilize that cash flow to reinvest into more properties, into your businesses, into the stock market, whatever you want to do with that cash flow, taking that capital allocation and putting it towards income producing activities is going to really create a snowball here where you can build a massive amount of generational wealth. Now, there's a bunch of different ways that you can invest in real estate. We have two episodes talking about this. One is some of the passive ways to invest in real estate and one is some of the active ways to invest in real estate. And we talk about 20 different ways to invest in real estate in that episode. So you can definitely check that up.

But we're going to talk about some of them here as well. So one of which is when it comes to rental properties is buy and hold, meaning that you're buying rental properties and you're holding them for the long term and then planning on living off the cash flow. So how many properties do you need to actually be able to retire. We have to figure out how much you want to live on in retirement every single month, and then how many properties do you have to buy based on the cash flow in that area? So say, for example, you can get $200 per door, and you need $5,000 per month to live off $200 per door. Well, you're going to need about 25 doors to be able to retire. So that could be anything from duplexes, triplexes, single family homes, all of those different things. And you're going to hold those for a long

period of time, you're going to collect the benefits of appreciation and the cash flow over that time frame. Now, rental properties are my go-to. I love single-family houses, but they're also small multifamilies. You can go four plexes, five plexes. Obviously, you go up all the way up to apartment buildings. There's so many different ways to invest in real estate when it comes to that side of it. Now, there's also flipping properties. Flipping properties does not create generational wealth. It creates large sums of cash if you do it profitably. So when you get this influx of cash, what are you going to do with it? Say you flip a property, you get this cash. What are you going with it. You're going to put it towards another property or you're going to flip two properties

the next time and snowball it that way. You got to figure out what you're going to do with this cash because you don't get to take advantage of cash flow appreciation, those types of things. There's also land investing. We had Pete Reese on this podcast. He talked about how to invest in land and some of the ways that he invest in land. That's another way that you can invest. Real estate partnerships. You can do syndications, which is you're investing your dollars typically as an accredited investor and you're investing into a syndication. Someone like Brandon Turner has a syndication where he invests in apartment complexes or Nick Huber has a syndic. where he invests inside or where he invests in storage units.

So there's a bunch of different syndications out there, but you have to have a certain net worth to invest in a lot of those private syndications. Then there's also lean investing. There's a bunch of different ways to do this. But real estate is a proven way to build generation of wealth. So if you're interested in real estate, we have a bunch of episodes talking about real estate. So make sure you check some of those out as you go through this process.

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But if you want multi-generational wealth, unless you teach your children exactly how to handle your wealth and as you pass that wealth on, they continue to grow your wealth. If you truly want multi-generational wealth, then having a business is the surefire way to get there. So we have a chart that I'm looking at here. And if you're on YouTube, we will link it up on YouTube so you can see this chart.

And I'll link up the chart down below in the show notes as well. But we have a chart of what assets make up wealth. And this chart was done by Visualcapitalist.com. And you can see the difference here. So when you're looking at someone who has a net worth of $10,000 to $100,000, the majority of their assets is in their primary residence. From $100,000 to a million dollars, the majority of their assets is still inside of their primary residence.

Now, one thing to note here is if you're looking to build generational wealth and you're new to this whole world, your primary residence is not that great of an asset. So you can buy your own personal residence. It's not that great of an asset. In fact, historically, it's appreciated 3 to 4% across averages across the U.S. Location dependence matters when it comes to real estate, but 3 to 4% is the average across the U.S.

Not a great investment. You just got to learn how to run the numbers. We talk about that in our Bivers rent episode, which we will link up down below. Now, at the 1 million net worth level, what you're going to see is the primary residence is still a large portion. And another large portion is going to be in retirement and pensions, IRAs, those types of things. But then once you get to the $10 million level, this is where it starts to shift a little bit. Because at the $10 million level, the primary allocation of net worth for most individuals is their business. and then once you get to $100 million, it's mostly their business,

and billionaires, it's the majority is their business. The interesting thing here is that the richer people get, the less percentage of their net worth is in depreciating assets, things like vehicles, for example. And it has it in this chart where vehicles actually decrease as net worth increases, which is a very interesting stat as well. But the key I want you to understand here is that over time, the more net worth that you have,

it is a higher likelihood that your business is going to be the primary piece of your net worth, especially $10 million or more. Now, if you're under $10 million, you can get to under $10 million, you can get to $5, $6, $7, $8 million investing in your 401k IRA. And that is an amazing life because you can draw on a ton of money in those areas. But if you want to get to above $10 million, maybe you're extremely ambitious, then a business is going to be the best way to do that. Now, do you have to have a business to build wealth? Like I said, absolutely not. but it is a great surefire way to build multi-generational wealth. So looking at this is one cool way to actually do this.

Now, do you have to start a business and build it out all the way up and do all these different things? Absolutely not. There's a book called Buy Then Build, and it is one of the most inspirational books that I've read in the last five years. And inside of Buy Them Build, it talks about how you can actually buy an existing business. And inside of that business, you can buy a million dollar business for $100,000 if you use something like an SBA loan, which means that they will loan you 90% as long as you put

10% down. So this is a really, really cool book. If you haven't read it, make sure you check it out. We also talk about that book in our book club in the Master Money newsletter. So if you're not subscribed to the Master Money newsletter, we talk about my favorite books every single week in the Master Money newsletter. So make sure you're checking that out. Number five, so businesses are a major factor. It is one of the things that I am most focused on is building out businesses, buying businesses, those types of things. Because when you buy businesses, there is no piece of real estate that you can take and you can buy it for, say, 500, $500,000. and then it would generate another $500,000 for you.

But you can buy a business that generates $500,000, and you can make that business generate $3 million for you. So this is something where the upside for businesses is much higher, but obviously the downside is also higher too, so you have to know what you're doing. And business is not for everyone. So make sure you understand that going into it. Read by then build, though, it is an amazing book.

And I'm working on getting the author on this podcast, too, so we can talk through some of that. Now, creating multiple streams of income is the next thing, because most millionaires do not have one stream of income. They do not have two stream of incomes. How many streams of incomes do you think that an average millionaire actually has? The average millionaire has seven streams of income. Now, if you only have one job in your household and you are relying on one single job,

maybe you work and your spouse doesn't work, that you have one single income. That is it. That is one of the most dangerous things that you can do. Warren Buffett also talks about this. One of the most dangerous things you can do is only have one stream of income. You need to have multiple streams of income to diversify your income sources in order to have a wealth protection plan. You can be able to protect your wealth and earn income in a bunch of various ways. So this is how you diversify those income streams because you don't want to put all of your eggs in that one basket.

So here are some income stream examples that you can kind of think through and see which ones may work for you. Having a business is another great one. So maybe you have your day job in a business. That's a great way to have diversified income streams. If you have two incomes in the household, then adding some side income streams would be amazing to diversify your income streams. but one of which is dividend income. We talked about that earlier, income from your stocks. There's rental income.

We talked about that. Real estate investing is going to allow you to have another diversified income stream. Earned income, meaning the earned income that you earn from your day jobs and your side hustles. So think through maybe there's some side hustles you want to start. Royalties from books, if you have inventions, those types of things. Then you have business income, income from any business and profits. You have interest income. So income from savings, accounts, bonds, those types of things.

and then capital gains, capital gains from selling highly appreciated assets. These are just some of the things that I want you to think through when it comes to having multiple streams of income. There's a bunch of other options as well. These are some of the main ones that a lot of people understand and why we're talking about it here. So make sure you think through, if you only have one stream of income, make sure you try to diversify those streams of income to protect your wealth.

Now, let's go into number six, which is tax havens. All right, so the next thing is going to be create tax havens. So we are going to talk about tax optimization a little bit. I'm going to give you a bunch of examples of tax optimized strategies. But what I want you to do is really if you want to look at the best tax optimized strategies for your situation, is you need to have a CPA on your team or you need to have a tax strategist on your team, which can also be the same person. So my CPA is also my tax strategist.

And the firm that I work with is absolutely amazing. But they don't take on a lot of new clients right now. So I can't recommend them to you guys. But when it comes to finding that good. tax strategist. One of the best ways to do this is to ask around to people who you know, who may be either wealthy, and say, do you know any CPAs or tax strategists that I could talk to or talk to family members who may actually know what they're doing? Because you want to have tax havens available to you. And I'm going to give you a bunch of examples here. Some of them,

you know what you talked about in this podcast before, where you can actually use those tax havens to build out wealth. So the first one is trust. Now, trust are typically for people who have a million dollar net worth or more. You can have a trust when you have less than a million dollar net worth, but it doesn't make as much sense as it would when you have more money. So there are certain kinds of trust that can save you on taxes. So for example, a charitable trust can provide income to a charity while allowing you to take a tax deduction for the donation. There's also other types of trusts like an irrevocable trust.

And a irrevocable trust can actually be used to transfer assets to heirs while avoiding or reducing estate taxes. So those are some different ways that if you really have a high net worth, you're looking to pass down in this generational wealth. and we're going to talk a ton about passing down generation wealth in episode two of this two-part series. So make sure you check that one out. We'll talk a lot more about trust in that episode. 529 plans.

So 529 plans are a great way to save on education expenses. In fact, 529 plans is a new law coming out that I'm really excited about in 2024, where if your kids don't go to college, you can roll $35,000 from your 529 plan into an IRA. This is going to be a very very. very cool system that you can use if your kids don't go to college and you can figure out what to do with the rest of the money if it's grown to more than that. But contributions to a 529 plan are not tax deductible. So when you contribute to a 529 plan, it's not tax deductible, but the earnings can grow tax-free and withdrawals can be used for qualified education expenses,

and those are also tax-free. So the key to 529 plans is that you want to find a flexible 529 plan. I do not like the state plans because they're not flexible. So for example, where I live here in Florida, we have something called Florida prepaid. I absolutely hate Florida prepaid because Florida prepaid has no flexibility to it. Whereas you can get a flexible 529 plan where you can invest the money and you can do it somewhere like Fidelity, Vanguard, great places to open something like a 529 plan. 401Ks. So Roth 401Ks or traditional 401Ks, your employer sponsor plans are great places to put your dollars so that you can reduce the amount of taxes that you're paying every single year. So creating those tax havens. Now, if you want to contribute to a Roth IRA

IRA and you make too much money, I'm my high earners here, I'm talking to you. You can can do what is called a backdoor Roth IRA and still get your money into an IRA. I get way too many people who still think they can't get money into a Roth IRA because they make too much money. You absolutely can through the backdoor Roth IRA. And the quick way that it works is you contribute money to an IRA. Then you convert that money to the Roth IRA. And all you have to do is just fill out a simple one page form. It takes five minutes to do it. And you convert that money into your Roth IRA. And now you can max out your Roth IRA every year. So if you make too much money, just do the backdoor Roth IRA. It's completely legal. It's not some weird thing that the IRS doesn't know about.

The IRS knows that this exists. Millions and millions of people do it every single year. I do it every single year. So doing the backdoor Roth IRA is your best option. Now, if you invest in real estate, there's something called a 1031 exchange. Love the 1031 exchange. One of the best tax advantages you have at your disposal when it comes to investing in real estate. So the way that the 1031 exchange works is that you can defer your taxes on the sale of a property. if you go and buy a like kind property within a certain time frame. So say, for example, you sell an apartment complex and it's an eight-unit apartment complex, but you want to buy a nicer one in a different area that is worth a little more.

So you can take the profits from that eight-unit apartment complex. As long as you identify what the next property you were going to buy within 45 days and you close on it with 180 days, you can buy that property and defer those taxes and roll them into the next property. Why is this amazing? because as long as you continue to hold those properties and your heirs hold those properties, you're not paying taxes on that money. It's just deferred into the next property. And if that property is held for a very long period of time through generations, those taxes are never

paid on the earnings of those properties. But you can also do this over and over and over again. I know family friends who have done this over and over and over again, where they started with some small multifamily properties. Then they upgraded to a mobile home park, defer the taxes in the mobile home park. Then they upgraded to a hotel on the beach and defer the taxes to a hotel on the beach. Then they upgrade it to an even larger property. So it's just over and over again, you can do this and you can defer those taxes. It's an amazing way to actually save money on taxes. Another great way is municipal bonds. So interest earned on municipal bonds is actually tax exempt at the federal level. Now state level, it may be where you get taxed on some of it, but with municipal

bonds at the federal level, you are tax exempt. So if you have a lot of federal taxes, make sure you look into those as well. Roth conversions. So this is another way of converting a traditional IRA or 401k to your Roth IRA, just like the backdoor Roth IRA, but you can do it in larger quantities, especially if you're looking to do something like the Roth conversion ladder, which we have an entire episode on that. So making sure you check that out. Tax loss harvesting. So we haven't done an episode on tax loss harvesting yet. It's on the list. Don't worry. But the way the tax loss harvesting works is that when the market is down, you're going to sell some of your securities to offset some of the gains that you've had within that investment. So say, for example,

the market takes a dip and you have an index fund, for example. So when the market takes that dip, you're going to sell a portion of that index fund to offset the gains that the rest of the index fund has made. Then later on, you can repurchase it, but you're reducing the amount of ordinary income every year. We'll go deep dive into that because we don't have time to dive into it as much here as I want to. And then another one is qualified dividends. So qualified dividends are taxed at much lower rates than ordinary income. So qualified dividends are ones that you can really look into and try to earn via your qualified dividends to create some one of these tax havens, especially when you get to retirement age so that you can

save money on taxes. Then charity. Contributions. There is a bunch of different ways that you can contribute with charitable contributions and you can save money on taxes. They are a complete tax write off. I give away 10% of my income every year. I don't do it for a tax write off, but it is an added benefit that allows me to do that. And so charitable contributions are a way to lower your taxable income. And there's also ways with things like donor advised funds that we will have episodes on this, on how you can actually do this and give like a billionaire. So I'm going to have some episodes on that as well. But making sure that you have a tax strategist for your personal situation. There's a bunch of other ones

that we're obviously not talking about here. There's so many different ways to save money with taxes. I'm just giving you a bunch of examples here on what you should consider as you start to go through this. Now also, another consideration is a tax strategist is going to help you to see should you take a standard deduction every single year or should you actually do tax write-offs and actually do go through that whole process or can you just take the standard deduction and be done with it. So that's another option when you have that tax strategist available to you or if you have a CPA, the CPA will also be able to help you with this. Now let's jump in in number seven, which is building out a bulletproof wealth protection plan. All right. So what we've been talking about thus far is learning how to

play offense with your money, meaning learning how to earn more money. We want to create all these income streams. We want to build out of business. We want to invest in real estate. We want to buy stocks. We want to teach our kids how they can actually handle money. Then we started to talk about playing defense, having tax strategies in place. But the biggest way to play defense over all of these other things is to build a bulletproof wealth protection plan. So we have an episode talking about how to build a bulletproof wealth protection plan, but I'm going to go through some of these on this episode as well because it is so important. And I cannot say this enough on how important it is for you to put together this wealth protection plan. And you want to have layers inside of

your wealth protection plan. Meaning there's a bunch of different things where if things fail, you still have backups to your backups to your backups. Why? You don't want to interrupt compound interests unnecessarily. And you don't want to interrupt your wealth building. unnecessarily for no reason. You could have these all set up and automated early on in your wealth building journey. And once this is all set up, you don't have to worry hardly at all because these are set up. Now, sure, could all of these fail in catastrophic times? Absolutely. But the likelihood of all of these failing at the same time is very, very low. So having this setup is very, very important. Now, this is an 11-step system. So I'm going to go through these and give you the prime information on

this. And if you want to hear the really big deep dive into it, I think the episode is about 30, minutes long or so, then you can check out the Bulletproof wealth protection plan episode. We'll link it up and down in the show notes below. So number one is to protect your J job, meaning you need to protect income source number one. If your day job is your business or if your day job is going to work, which most people listening to this podcast are looking to develop their careers. They're looking to accelerate in their careers or young professionals. But there's also a lot of business owners who listen this podcast as well. So your number one income source needs to be protected. So if you go into your day job a nine to five, that means you need to be punctual. protecting your job by being on time, avoiding gossip inside of the workplace area that can actually destroy your career, acquiring new skills and certifications so that you can earn more and

show how valuable you are at your job. Taking on new projects so you can show your value and observe and learn from people in other higher positions and saying, hey, how did they get to those positions? What did they do? What can I do to get those higher positions so that I can earn more income to put towards building generational wealth? Same thing with your business. You've got to have protection plans within your business, that that's your number one income source, meaning that you need to have cash buffers within your business. You need to have all these things in place so that you can protect your business and that business can thrive for a very long period of time, especially in a recessionary period. If you don't have a recession-proof business,

you know, make sure that you at least have the cash on hand to make it recession-proof. Number two, create a cash buffer. So your cash buffer is not your emergency fund. We talk about this in the stairway to wealth also, but your cash buffer is something that is going to be somewhere around $3,000. What this is going to be, you know, you do is protect you as you're building wealth before you have your emergency fund. If you don't have an emergency fund yet, the cash buffer protects you while you're starting to build out some of the things that you need to do in order to build wealth. Reason why we have it around $3,000 is we want it to be about the same as what your highest deductible will be on your insurances. So you can go across

all your insurances. You can look at your health care. You can look at your auto insurance, your home insurance. Any other insurance you have in which everyone has the highest deductible, then making sure that you at least save that much within your cash buffer is in parlor. Why? Because if something happens in life, at least you have all your insurances are going to cover the major catastrophes and you have that cash buffer to pay the deductible if something happens in life. Usually your health insurance probably has the highest deductible of all those things, but double check. Maybe it's your home. Maybe it's something else. Number three is going to be established an emergency fund. So the emergency fund is the pure classic wealth protection plan. It is the thing that is going to protect you against life. It's not if something is going to happen to you in life. It's when something is going to happen you in life. Emergency funds will have, help protect you when that time comes. Now, what do you want to have in your emergency fund? At least three to six months expenses for any type of financial difficulties. Now, I am very pro having six months expenses and not three.

The reason why we say three to six months is it because if you can get a job really, really quickly, then you can probably get by with three. But I'd prefer you to have six. Let's just get real here. Having more protection, having more cash on hand allows you to have more protection, and it will protect you with financial difficulties. If you have kids six months, don't second guess it here, have six months available to you so that you can build that wealth here. Now, if you own a business, then I want you to have a longer runway in your emergency fund, so maybe one year there.

And as you build out this emergency fund between six months and one year, you also need to take into consideration if you do have kids. So for me, each kid, I also have an additional $10,000 in my emergency fund. That's just a random rule that I put together. The reason why is I don't want anything to happen in life that's going to make my kids have to struggle. So I have an additional $10,000 per child in my emergency fund just for extra protection. When you have kids, you have more responsibilities and more things that you have to protect. So making sure that you have those extra protection things is going to be key, especially when building generational wealth.

And then as I get closer to retirement, I'm either going to have one year of cash to two years of cash, if not more. I want my cash balance to increase over that time frame when it comes to my emergency fund. Now, there's going to be people saying, hey, having that much cash, it's going to reduce in value because of inflationary. I know that. And I've talked about that a number of times. You do not want to hold a ton of cash

when you're trying to build a ton of wealth. But as you approach retirement age, I am fine with you holding more cash over that time frame. All right, step four is you're going to gain access to lines of credit. So the reason why you want to gain access to lines of credit is so you have options

if anything happens. So the first line of defense would be something like a helot. Just having a helock available is always helpful. Now, using this helock should be only for very certain things. I don't even love using a helok to buy a rental property, to be honest. but you can do that.

But using your heloc is just, I like having it there in case everything else fails. I at least have a key lock there and access to cash that I can access so that if my emergency fund fails, my cash buffer fails, all these other pieces fail, I have access to a heloc that I can at least draw equity from my home line on. After the heloc,

you can do something like a securities base credit line. So M1 Finance has something like this where you can draw like 40 to 50% on your actual investments inside of that portfolio. Now, M1 Finance has lower rates. You got to check the rates on these. Same thing with the He lock before you even open these up. But at least have these available to you.

You don't have to draw on them at all. You can just leave them there. Or if they require to draw on them, draw on them, pay them back, that type of thing. Just draw a small amount, pay back. But making sure that you have these available is really, really powerful to help protect you. So if the Heelock fails, then you have this. I mean, it's just a wealth protection plan that's going to really help you along those lines to have cash available.

Now, the next one is a required one. So securing term life insurance if you have dependents. Now we can talk about other forms of life insurance. IULs stay away from. I've said that a number of times in this podcast. But securing term life insurance is a really inexpensive way to make sure your dependents are protected if something happens to you. So if people depend on your income, maybe it's your spouse, maybe it's your kids, maybe it's

a business partner. Term life insurance is the way to go. I pay just above 30 bucks a month for my term life insurance. It allows me to have the flexibility where if anything ever happened to me, my family is going to be okay. So here's how term life insurance works. works, it is within a specific time frame. So say, for example, you get it when you're 30 years old and then it will term when you're age 60. So you have 30 years of life insurance available to you there.

And the idea is you're going to pay a low amount throughout that time frame. And then by the time you hit retirement age, you're going to have enough money there to cover your dependents if they need money because you built wealth over that time. So it keeps your expenses low. Whereas if you get other types of life insurance, you're paying hundreds of dollars every single month. There's a bunch of other issues there. There's a lot more fees involved. Whereas term life insurance, you're just paying 25, 30, 40, 50 bucks a month, depending on how much life insurance that you want. And then you don't have to worry about it. It turns out it's not like anything's going to happen over that time frame.

And you should have your own wealth built so that if anything happens to you by the time you get to retirement age, then the money is already there to protect everyone. Number eight, protect your identity. So I had my identity stolen. It is not a fun process to go through getting your identity stolen. So one easy way to just prevent this from happening, especially now protecting yourself online, is to make sure you invest in something like identity theft protection. Now, not all of these are going to protect you completely,

but at least you have something available where it's actually protecting you, especially as all of these different things happen in life. So if you want to protect yourself online, there's companies like LifeLock where you can just invest a small amount into identity protection. And then another way to do that is to invest in a service like Delete Me. So you can actually use code PFP for 20% off Delete Me. But what Delete Me does is they go to all these data brokers. If you Google your name, for example, what's going to,

come up is your name's going to be all over the place. And you want that removed from all these data brokers. So delete me actually goes in and removes it for you. They save you hundreds and hundreds of hours over the course of your lifetime if you use them. And it's really cheap. It's like $100 a year. And delete me will be able to remove your name, your information off a bunch of websites so that you're not a target when it comes to scammers online or anything of that nature. Number nine is you got to have ample insurance available to you. So we talked about life insurance already, but you've got to also look at some of the other options that are available. So health care insurance, making sure you have ample health care insurance, and considering

opening an HSA, which is one of our favorite ways to save on taxes as well, is taking advantage of an HSA. What's an HSA? It has triple tax advantages, meaning that you contribute money tax-free, you can invest the money, and the money can grow tax-free, and you can pull the money out tax-free for a qualified medical expense. The IRS has a list of qualified medical expenses for the HSA, so make sure you check that out as well with that high deductible health plan you have to have when you open an

HSA. But also, you want to evaluate the need for disability or long-term care insurance based on your personal circumstances. So this is one where disability is definitely should be a consideration. And honestly, I don't have disability. And it's something I am now going back and looking into because I think it is very, very important for a lot of people. And I'm also looking into it for my wife as well. So I think it's one that you should at least need to evaluate for your own personal circumstance. And then long-term care insurance is one of the complicated forms of insurance, in my opinion. But what that is, is if you need to go into a nursing home when you get older, or if you need to have long-term care insurance kind of helps you through

that stuff. Number 10 is you need to monitor your spending habits. So if you don't routinely monitor your spending habits, you need to start doing it. And it's not just you can have a healthy financial life, but it's also so you can catch fraud going on in your bank accounts. Just the other day, I found a bunch of purchases that were $27 purchases that happened over the course of six months of some random scam company that had got access through my car, maybe through the gas station, I'm not sure, but they were just doing many charges, $27 every couple of months. So I finally, I caught it because I track my spending all the time. And I saw it the first couple of times and then just quickly looked over it because it was a smaller amount. And that's

irresponsible of me. But then I went back and I saw it a bunch more times and I'm like, what is going on here? So I went in there and figured out it was actually a scam operation, looked up the LLC, all those different things. So making sure you track your spending is going to help protect you as well. And then sign up for credit reports and alerts. So it's really important to have these alerts come to your email and that you're actually monitoring your credit because if someone gets access to your credit, like when I had my identity stolen, this is one of the ways I figured it out was people were trying to open student loans in my name. And when that happened, I got credit alerts and reports that actually told me. That's when I started to invest in identity

protection because identity protection is going to alert you right away. And then you can look into freezing your credit, all those other things. But we have a protection plan on how to protect your finances online, which you need to add to this protection plan if you have not heard that episode yet. So make sure you check that episode out as well when we go through this. So that's how you put together your wealth protection plan. It needs to be bulletproof. That is how you bulletproof it. You have layers and layers and layers and layers in your wealth protection plan. I know it is something that is not for everyone in terms of what they want to talk about all the time, but your wealth protection plan is how you play defense. And then building wealth, investing your dollars is how you play

offense. Listen, this is part one of the ultimate guide to generational wealth. I hope you guys are enjoying this episode. I hope you are learning a ton. Make sure you grab the PDF and download the PDF for this guide for part one. And then for part two, we will have another PDF in there so that you can check that out as well because this stuff is imperative to learn. It is imperative to know this stuff

because once you know all this, you are going to be light years ahead of everybody else. And if you want to build that generational wealth and change your family tree forever, you have the opportunity to change your family's future forever. It doesn't matter how you grew up. It doesn't matter where you came from. We all know privilege is real.

Some people are more privileged than others, but you can change the privilege for your future heirs just by making this. decision to build generational wealth. That's why I absolutely love teaching this stuff. That's why I'm so excited and amped up about telling you about this stuff. So making sure that you do that. I love each and every single one of you. I cannot thank you enough for listening to this episode. And if you're getting value out of this episode, consider leaving that five star rating and review. Share this episode with a friend as well because this is the stuff that we need to spread

to other people so we can all learn how to build generational wealth together. You can have colleagues that you can talk about this stuff with. And really, that is how you learn. That is how you grow as well. So thank you guys so much for listening to this episode. And we will see you. you on the next episode, which is part two. When a country's productivity cycle is broken, people feel it in their paychecks, their communities, their futures. What does this mean for individuals, communities, and businesses across the country? Join business leaders, policymakers, and influencers for CGs' national series on the Canadian Standard of Living, productivity and innovation. Learn what's driving Canada's

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