Learn how Gene Guarino has built a family legacy in a recent article published at Realty411 (See: https://realty411.com/learn-how-to-build-a-family-legacy-with-gene-guarino/).
Savvy investors are think-tanks.
They are continually analyzing and considering while envisioning the future. Their vision is not a selfish one, but one which encompasses those who matter most to them.
Gene Guarino, visionary and founder of Residential Assisted Living Academy, is one such investor.
Have you thought about investing? Do you have reasons for investing aside from capital accumulation? Has consideration been given to the status of your wealth after your passing?
Be savvy, be wise, be smart, be like Gene Guarino and develop wealth for generations to come.
Building a family legacy requires a plan and commitment: Families are more than parents producing children.
Quite the contrary is true; families are conduits of vision in a continual and evolving spectrum.
Families build and fortify society making contributions that create opportunities for others to do the same.
Generational wealth for the family may seem a concept for the ultra-rich only. That is not true at all. Every wealthy family had its humble beginnings somewhere and at some time. Building a lasting financial legacy is closer to us all than one might think.
Why does generational wealth remain one of the most potent tools in financial success? What makes generational wealth so powerful and influential?`
MAKING MONEY LAST FOR GENERATIONS
The central focus of those building generational wealth is a lifestyle. Intentionally living your life is the discipline generational wealth builder’s exhibit.
Most people do not view their finances through generational possibilities. Instead, it’s a means to an end, the problem being the end.
Envisioning an end places a deadline on generational wealth. For these people, the wealth dies with them.
However, those who are generational wealth builders see their great-great-grandchildren.
They have hopes and dreams for those coming generations and seek to ensure finances are present to realize those hopes and dreams.
These desires typically have nothing to do with the wealth builder’s specific family, as much as they have to do with the community or world.
Again, the wealth builder is not inwardly focused but outwardly focused and views his/her family as the conduit that will enhance others.
The Residential Assisted Living Academy, Gene’s dream child, is such an example.
This organization helps new and established owners of assisted living homes build and manage the absolute best homes.
An outstanding generational wealth-building business, investing, owning, and operating an assisted living home improves the living conditions for millions of seniors nationwide.
WHAT IS GENERATIONAL WEALTH?
Generational wealth is not an ideological concept requiring education in Greek philosophy – specifics matter.
It is wealth (cash, stocks, real estate, business ownership, board seats, and more) that transfer from one generation of a family to the next.
Financially, the next generation focuses on wealth and can move quickly to accomplish visionary goals.
The advantage generational wealth provides in terms of time, if handled wisely, reaps greater returns on investment.
While wealth quickly passes from one generation to another, the richest asset is a bit more challenging – character.
The character needed to continue the wealth-building is a bit more elusive than is often acknowledged.
Nearly 70-percent of generational wealth depletes when passed from the first generation to the next.
The trajectory continues to show a disintegrating trend with up to 90-percent exasperated in the third generation.
However, if the appropriate character and vision pass down before the finances, the opposite is true.
Therefore, perhaps, the essential wealth trait to pass from one generation to another is character.
When building, investing, owning, and operating an assisted living home, the right character is undoubtedly optimal.
Passing this massive money-making asset down must be done with wisdom and care. Families, even communities, are reliant upon your family to provide this invaluable service to them.
Ensure the character of your heirs matches that of yours before forking over millions. The vision must be more important than the benefits reaped from it.
Gene Guarino’s think-tank, also known as the Residential Assisted Living Academy, teaches these principles.
It’s more than money – it’s people.
Those people include you, your employees, investors, residents, their families, and your family.
Caring for others and supporting others reaps excellent rewards, and finances are just one such reward.
WHY IS IT IMPORTANT TO BUILD GENERATIONAL WEALTH?
The importance of wealth-building for the generational passage for many is a mandate, even a spiritual one.
For those ascribing to such teachings, passing wealth to the next generation is perhaps the best gift ever.
Building a legacy and establishing wealth is freedom for the receiving generation.
The advantages generational wealth provides includes:
- Greater career options require desire and natural ability, not money.
- Devoting a life to serving others without concerns of income generation.
- Debt-free college tuition.
- Charitable contributions.
- The option to make better decisions for one’s life because money is not an issue.
When a person is an inheritor of generational wealth, life’s everyday stressors are not theirs to bear.
Many students of the Residential Assisted Living Academy ascribe to create such wealth for their families.
When donating to a charitable organization, people often say that they are giving “the gift of life.”
Why not give the “gift of living a life” to your descendants?
Make generational wealth a goal and be sure the wealth is married to good character.
Building a Financial Legacy Starts with the Basics.
When it comes down to it, making generational wealth starts on the personal level with the basics of personal finance:
- Having complete control over your finances
- Budgeting– using your money as efficiently as possible
- Staying out of debt– consumer debt does not build wealth
- Spending wisely
- Investing wisely
BUILD A FAMILY BUSINESS
While it may seem a bit 19th century” ish,” family businesses remain one of the most vital organizations globally.
People with a common ancestry, lineage, customs, and belief system can do anything if they put their minds to it.
It is incumbent upon the elders to teach the younger generation the machinations of the business.
Whether there is a strong interest or not, a family business is a serious point and place of connection and purpose.
Family businesses are just as much a part of the family culture as Thanksgiving dinners and Christmas celebrations.
As time passes, those in the family who have a natural “knack” for the business rise to the top.
They have caught the “bug” and want to know the “ins and outs.”
These descendants want to be a part of every meeting, every trip, every negotiation, every project, everything.
Those who lack interest can still benefit and be a part, but just minimally.
Let those with the zeal run with it. While instilling in them the “know how,” also instill the character.
It is the character of the owners that is the real capital.
INVEST IN YOUR FAMILY
Families are more than husbands, wives, and their offspring – a family is also a financial entity.
Families have assets: houses, cars, bank accounts, investments, and the like.
One of the most important things a parent can do for their children is to ensure they understand the financial nature.
After all, Business 101 is household management, far more than washing dishes and cutting grass.
Be sure to do the following for your children and ensure they pass it to their children:
- Education: be sure to invest funds today for college and other forms of post-secondary education. There is no better time to start saving for college than at birth.
- Money Management – teach your children the basics of money management. Teach them to budget effectively, live prudently, and give abundantly.
- Self-Development – make sure you continue to develop yourself in financial management, health and wellness, and business development.
- Strong Marriage – evidence suggests that couples who stay married have a much higher chance of finishing wealthy. Marriage is perhaps the most robust partnership unit on earth when the two are focused on one goal. Conversely, divorce is a leading destroyer of family wealth. Learning to genuinely love one another reaps excellent rewards, of which improved finances is one.
REAL ESTATE INVESTING
The game of Monopoly teaches so much about generational wealth. Real estate investing remains the most lucrative vehicle for wealth creation.
It is also an example of the generational wealth passage. As Monopoly teaches, real estate generates cash flow, and value increases over time.
Many real estate owners reinvest their cash flow and profits back into the property.
By reinvesting, value and property tax benefits increase.
When properties are bequeathed to family heirs years later, they receive a valuable asset that is often free of debt.
With the appropriate teaching, you will be able to fund living expenses for multiple generations.
Even more, with the character to accompany the wealth, each generation will ensure they continue the trajectory of wealth creation and character development.
Learn how real estate through assisted living homes is a great opportunity for wealth generation for many years to come.
CREATE PASSIVE INCOME
Many wealthy people will tell you passive income is the best way to produce continual income for multiple generations.
Many entrepreneurial avenues exist that create passive income. Such opportunities include:
- Aesthetic creations: books, music, art, screenwriting works
- Real Estate
- Dividends from stocks and mutual funds
- Business investment in private enterprise
Learn how to generate passive income while helping seniors live an optimal life.
The Residential Assisted Living Academy is helping people generate healthy, long-lasting passive income streams.
EXAMPLES OF GENERATIONAL WEALTH
When most people think of generation wealth, they consider the most famous families on earth:
- The Rothschild’s
- The Kennedy’s
- The Rockefellers
- The Johnsons
- The Montgomery’s
- The Vanderbilt’s
These families are quite wealthy. Most of their wealth was established long before a federal income tax became the daily reality for Americans.
Have you considered the many wealthy people in your community, town, or city?
The book, “Everyday Millionaires: How Ordinary People Built Extraordinary Wealth – and How You Can Too,” is quite a powerful read.
Chris Hogan, a reputable wealth adviser who associates with Dave Ramsey, authored this powerful book.
His goal was to communicate to people like you, with the tools and strategies necessary to create generational wealth a reality.
According to Hogan, passing generational wealth is more about creating stewardship in your children than it is money.
Again, wealth passed on without the character results in wealth depletion.
THE BOTTOM LINE MEANS EVERYTHING
Generational wealth is a mark of success – it finances the legacy and allows descendants to do incredible things.
Perhaps the most significant benefit of generational wealth is found in the communities where such recipients reside.
If you are looking to establish generational wealth, self-development is mandatory. With the uncertain stock market, owning and operating an assisted living home offers greater promise.
Contact the Residential Assisted Living Academy today to learn how to invest, own, and operate your own business.
Generational wealth can be yours, too.
The Guarino family and expert trainers at the RAL Academy are using a unique assisted living model to help create cash flow for generations to come with senior housing.
Visit www.ResidentialAssistedLivingAcademy.com to get registered today.