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Four Secrets About Building Generational Wealth I Wish I Knew in my 20s and 30s

Updated: Oct 7, 2020

Starting my business when I was only 27 was the best decision I could have ever made....but there were quite a few things I did not know...and I wish SOMEONE would have told me when I was in my 20s and 30s...Enjoy!

Someone may need to read this message....

When I was only 27 years old, I started my own business and began investing in real estate. I was one of the few people in my family who had taken on such adventures. Don’t get me wrong I had family members who were homeowners. I had family members who had good paying jobs, and I had a couple of family member who were business owners. But they were older and really kept the how’s and why’s of their success pretty much to themselves.

I had little to go on when I started my journey of becoming an entrepreneur and being unemployed, on purpose. Many well-meaning family members even encouraged me to go back to my job as an assistant to two high powered managers at American Red Cross! While I did enjoy my job very much and the pay was pretty good, I knew I had to earn more money and spend more time with my youngest daughter who was having a hard time in daycare. So, I did my research, completed the necessary training and paperwork, put in my two-week notice and became an entrepreneur and real estate investor!

The first property I bought was an owner financed home I purchased from the janitor/real estate investor who also worked at American Red Cross. I started my day care and for over fifteen years I grew my business into a six-figure producing Empire. I also went on to purchase well over 15 residential properties and two commercial properties! I was as they say, Ballin!!!I retired at 44 years of age because my children were grown, and I thought I had built a secure future for myself…Boy was I Wrong!

I did not know some extremely important things about building wealth that would last for generations. No one ever talked about how to build generational wealth. As a matter of fact, I don’t recall ANYONE in my family or immediate sphere of influence EVER mentioning generational wealth! Needless to say, “Retirement” did not work out quite like I thought it would. I found myself having to start over at the ripe old age of 44, after only a few months of having no income coming in. I wished someone had told me about building generational wealth when I was in my 20s and 30s. If they had I would have really been Ballin and my children would have been Ballin too!

So, today I want to share with men and women in their 20s and 30s information about building generational wealth that I wish someone would have told me! Although this information is not a “secret” it is not openly discussed in many homes or schools. It seems like it is reserved only for those fortunate enough to know someone who freely provide the information. Or they are lucky enough to stumble upon the information.

If you ask the average person what their retirement plans are, the answers will range from 401k to winning the lottery! I actually had a retirement plan that was based on real estate and residual income from the sell of my six-figure producing business. I erroneously thought my plan would carry me into my golden years in the style that I had grown accustomed to. What I was not prepared for were the “hard knocks” of life hitting me upside my head!

The once thriving business quickly folded under the new owner, because they did not know how to run the business properly. Because they were making monthly payments, there went my residual income…poof!! The real estate I owned that was producing steady rental income was mismanaged in my absence and the rents were not sent to me! Then came the real estate crash of 2008, just 2 years into my retirement. The crash resulted in my properties being upside down in value.

On top of all of this, my part-time “retirement” business plans fell through! My small nest egg quickly disappeared with an unexpected divorce, everyday living expenses, a higher cost of living that comes when living in paradise, car repairs, and the purchase of a car that worked, when the repairs didn’t, as well as several other direct financial hits! In no time at all I was forced to end my short-lived retirement and get a job!!

I am not sharing this for people to feel sorry for me, because in the end I was able to make a full recovery, thank God!! But I often think how I could have avoided ALL of the above pitfalls if I had only known how to start a savings and investment plan when I was in my 20s and 30s earning a six-figure income. However, have no fear, because building generational wealth do not require you to earn a six-figure income! I am going to share four (4) secrets about building generational wealth I wish I knew when I was in my 20s and 30s.

So, what did I not know and where had I gone wrong? When I was in my 20s and 30s, I was able to qualify for an insurance policy of $500,000. Due to my health and age the payments were affordable and were less than $40 per month. In my 20s and 30s I had the power of “compounding interest” on my side, which means just by virtue of my age, my money had the ability to grow into a sizeable nest egg. I also did not know about the “Right” type of insurance policy to set up that would provide me, my children and their children with a financial backing for expenses such as college, down payment for a home, business start-up cost, etc.

If I could speak to my younger self I would say; (1) get the right kind of insurance policy NOW, because once you reach your 40s and 50s it becomes harder to even qualify for a good policy at an affordable rate. The next piece of advice I would give my younger self is (2) to structure my real estate in the right type of business entity to ensure protection. (3) I would take advantage of “compound interest” in savings and investment portfolios. (4) I would NOT retire at 44 years of age, at least not full-time!

You can get more information on how to accomplish all the above advice by visiting us at Generational Wealth Empowerment Network. You can also get your “FREE” copy of How to Build Generational Wealth in 1 Year or Less. You can also attend our live Q & A Zoom meeting which are held every Friday night at 8:30 pm EST!

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