Generational Wealth Starts With You
You may not have started with wealth, but that’s ok, because generational wealth can start with you. On this week’s episode, we will talk about how to set your future generations up for success. Check out the full episode and if you have questions about how to get started with Homeowner Prep, be sure to reach out to us or drop your question in the comments.
What You’ll Learn from this Episode:
- Understanding the Millionaire Mindset
- How to change your kid’s future
- Difference between rich and poor homes
- And much more!
00:00 Were you born with wealth? Probably not.
00:34 Welcome To The Homeowner Prep Podcast
01:05 Starting From Zero
01:34 Inheriting The Millionaire Mindset
02:23 Real Estate Leads To Generational Wealth
03:16 Change Your Kid’s Future
03:42 It Starts With You, But It Doesn’t End With You
04:13 Rich Households Are Like Poor Households
05:05 If You Don’t Have Assets, Pass Down A Mindset
05:29 Getting Started With Homeowner Prep
06:13 Connect With Us On Social Media
“When it comes to forming generational wealth here in America, you have to be very counter-cultural.”Eric Hellon
Full Episode Transcript:
Were you born with a million dollars in the bank or multiple homes to call your own? Chances are you weren’t, but that’s okay. On today’s episode, we’re gonna tell you how generational wealth starts with you.
Welcome to The Homeowner Prep Podcast, where every week we educate and encourage aspiring homeowners to help them buy their first home faster. If you aspire to own a home, you’re in the right place, so enjoy. Do us a favor and leave a review, a rating, and be sure to subscribe. Now, let’s get to this week’s episode
Hello and welcome to another episode of the Homeowner Prep Podcast. I’m your host, Eric Hellon, and on today’s episode we’re gonna talk all about generational wealth, and I know a lot of times we provide information that’s more educational, step-by-step processes to follow in order to make sure that you can become a homeowner, but today it’s gonna fall in line with a little bit of encouragement, a little bit of a mental mindset that you have to have in order for generational wealth to truly start with you.
The first thing to understand when it comes to generational wealth is that most people think that millionaires often start out with money from an inheritance or somebody who set aside money, property, assets for them to inherit in order for them to get to where they’re at. But the truth is, over 79% of American millionaires started from zero. Meaning they didn’t have an inheritance, they didn’t have physical assets that they inherited, but they did inherit one thing, and that is the millionaire mindset.
You have to understand that when it comes to forming generational wealth here in America, you have to be very counter-cultural. The culture wants you to spend money, not save, go into debt, and all these different things that are anti-generational wealth. So you have to have a mindset to say, I’m not gonna do what these commercials and what America wants me to do. I’m gonna do the opposite. I’m gonna actually earn money, keep a majority or at least a percentage of that money, invest it, stay away from debt and buy real assets. And so if you want to have that mindset, if you want to have generational wealth that you can pass down, you have to be counter-cultural.
The second thing to keep in mind when it comes to generational wealth and really having assets to pass down is that over 90% of millionaires own real estate. We are a real estate based company, we’re helping folks who have never owned a home who may be renting or living with family, and helping them transition to become homeowners because oftentimes that first asset is going to be your own home. That might be the biggest asset that you actually purchase in your life, but it gives you an opportunity to pass on that wealth to the next generation.
And so we do focus a lot on building generational wealth and setting the tone for your future generations through real estate. Buying your first home gives you an opportunity to pass on that wealth and set your kids up, and maybe even your grandkids up, for a better future. Just because you didn’t start out with assets to call your own doesn’t mean that your kids and your grandkids shouldn’t start out with those assets.
Don’t think automatically that they’re going to use that money in the wrong way. If you teach your kids how to manage those assets, how you acquired them when you started out with nothing, it’ll give them a deeper appreciation and help them to teach their own kids the right way to make sure that that wealth lasts for generations to come.
The third thing to understand when it comes to having this mindset of generational wealth is that, yes, it does start with you, but it doesn’t end with you. It’s very important that we have open conversations and open dialogue with kids, with nephews, nieces, grandkids, about the importance of building wealth, the importance of owning real assets and how to manage their money wisely.
These conversations just don’t happen. There was actually a recent article that covered this in deeper detail, and it talked about how people tend to think that rich households have these conversations with their kids and poor households don’t. Well, the research actually showed that both households are not having these conversations.
The poor don’t wanna talk about it because they feel ashamed that they’re not managing their money correctly while they’re rich don’t wanna talk about their wealth because they don’t want the kids to just think about their money and not think about the hard work that’s needed. So it’s important that you have these conversations.
No matter what your household makeup looks like, you have to set the tone for future generations. Be open about your finances, talk about the mistakes that you’ve made, talk about the lessons that you’ve learned, and that’ll truly help your kids to make the right decisions in the future, even if you don’t have assets to pass down. When it comes to generational wealth, you can build a millionaire mindset or a money mindset to really help them in the future when it comes to managing the money that comes their way.
Generational wealth starts with you. It starts with making the right decisions and making a plan to build real assets that you can pass down. If you need help in building your first major asset, which is real estate and buying your first home, that’s what we’re here for. Homeowner Prep is here to help you build out a plan so that way you can take action on that plan and be held accountable to the goals that you have in mind… so that way you can have generational wealth to pass down.
Don’t hesitate to reach out to us to get started, we’re here to help you. You can text the word START to 619-848-3700 or you can visit us on our website at www.homeownerprep.com/start. From there, we’ll be able to set up an initial consultation with you and get you started on your path to generational wealth.
If you just have a question or a scenario that you wanna run by us, feel free to reach out to us on any of the social media platforms. We tend to get direct questions and direct messages on our Instagram account @HomeownerPrep.
I hope you got some value from today’s episode. I hope you realize that generational wealth is possible, it starts with you and it starts with your mindset. If you have any questions at all, don’t hesitate to reach out to us, and I look forward to providing you with some more great content on the next episode, until then, be blessed.
If you’ve enjoyed this show and got some great value from it, please be sure to rate and review and if you’re checking it out on YouTube, please be sure to subscribe. That really does help us to continue the show and bring in some great guests to help you on your home buying journey.
Connect with Homeowner Prep:
Want to buy a house, but not sure how to get started? Visit our Start Page and we can help you, no matter where you’re at on your homeownership journey. If you enjoyed this episode of The Homeowner Prep Podcast, be sure to subscribe on iTunes and leave a review. It means so much to hear your feedback and we’d love for you to help us spread the word!