Over the years, I have met hundreds of real estate investors, and in talking with them, I’ve heard hundreds of reasons as to why they have gotten into the industry. Great Wealth. Passive Income. Greed. To Support a Family. Replacing that 9-5 Job. Boredom. A Smart Investment. Diversification. Legacy. To Rule the World… and the list goes on. (Okay, maybe not that last one.)
I would say the why for me has morphed throughout the past 10 years as I’ve gotten older (and theoretically wiser). I was moving along, happy with my goal of passive income by retirement, and being a slave to the grind until then. Then one day someone introduced me to the term, Private Family Banking System. This intrigued me.
Setting up a Private Family Banking System wasn’t about setting up a brick-and-mortar store. It wasn’t opening my own true “bank”. It was about creating a financial strategy, a banking system, where YOU take over the banking function in your life. Imagine a world where you never had to pay interest to an outside bank again. Imagine a world where you never had to approach a traditional bank again, but could borrow from yourself, and pay yourself back, time and time again throughout your life. This is a game changer in real estate endeavors, and so many other areas of one’s life. I’ll leave you to dream all the ways your life would change by controlling the banking function in your life.
Now that we’ve created a system that can change the financial trajectory in our lives, it doesn’t just stop there. How can we create a financial trajectory that can literally last for generations? Through this approach, one can be building up their warehouse of wealth throughout their own life, utilizing it along the way – then, their children can also be accessing it to replace the banking function in their lives. Those children then begin setting up their own banking system, thus combining and compounding the growth for the 3rd generation. And this can go on and on and on, as long as each generation teaches the next. As a matter of fact, the Rockefeller Family have a very similar system in place, and they are some six generations in, with the wealth still flowing.
With a system like this in place in your life, you’re leaving more behind than just a rental property, or a life insurance death benefit, or equity in your home. You’re leaving behind more than just a legacy. You leave behind a legacy that can last for generations – A Generational Legacy – and that is worth pursuing.
It has been said, “A good man leaves an inheritance for his children’s children.”
What’s your Why?