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then we declare: “We are generational wealth builders<br />
through real estate.” Affirmations can help a family see<br />
beyond their current limitations and further develop an<br />
ownership mindset.<br />
3. Become a student of the industry. The more<br />
informed we are, the better decisions we can make to<br />
avoid financial hardships and setbacks. Awareness<br />
allows a person to better weigh their options and<br />
create the most effective investment strategy. We<br />
know the industry is always going to change, so it is<br />
important that we remain aware of real estate’s current<br />
trends and systems. Encourage your clients to have<br />
every generation within the family take financial<br />
literacy, business and real estate investing classes from<br />
industry experts.<br />
Financial literacy is especially important to obtain and maintain<br />
real estate. Yet, younger generations are not always taught<br />
financial literacy at school. Older generations should help<br />
them establish a habit of budgeting and saving early to avoid<br />
financial challenges in the future. Explaining the importance<br />
of and creating a budget for their allowance, work and gift<br />
money will increase the likelihood of them being financially-<br />
savvy throughout their lifetime. It’s equally important that the<br />
older generation sets an example by living by those same<br />
financial standards.<br />
The key is that everyone is learning together, so when real estate<br />
assets are ready to be transferred between generations, they are<br />
well-prepared to maintain the inheritances and expand it.<br />
4. Start a family real estate book club. In addition to<br />
taking classes, clients can start a family real estate book club.<br />
This is a great way to learn together but also increase<br />
communication and dialogue across generations on real<br />
estate-related topics. If you are a part of a real estate book<br />
club, invite your clients and their families to join you.<br />
Workbooks are also recommended.<br />
I suggest ones with hands-on<br />
activities and case studies of real-<br />
life scenarios to better equip and<br />
engage the entire family in their goal<br />
to build wealth through real estate.<br />
5. Invite the younger generation<br />
to shadow the homebuying<br />
or investing process. Encourage<br />
clients to bring children or young<br />
adults with them to witness and<br />
better understand the homebuying<br />
and investing process.<br />
future. I see many buyers leave their teens at home<br />
during the home inspection; however, the home inspection<br />
stage can be an opportunity to expose their child to a possible<br />
career field. In addition to learning about assessing the quality<br />
of a property, the young person may grow to love the job of a<br />
home inspector or contractor, which can be helpful to them<br />
later on as an investor.<br />
6. Offer real estate internship opportunities. As<br />
REALTORS ® , we can all use a hand with secretarial duties like<br />
organizing files and documents, answering calls and scheduling<br />
posts on social media pages. As rules and regulations permit,<br />
we can create internship opportunities for youth to expose<br />
them to the day-to-day activities of a real estate professional.<br />
My very first job as a teenager was working with my dad,<br />
a real estate investor and property manager. I assisted him in<br />
the management of his properties by painting and doing<br />
maintenance work, and it was a catalyst to my successful real<br />
estate career today. Moreover, this is an effective way to<br />
give the next generation more exposure to the real estate<br />
industry, including networking opportunities and basic job<br />
skills to prepare them to effectively run and manage their own<br />
real estate business one day. It’s all about making an income<br />
while making an impact.<br />
Building generational wealth through real estate is more than just a<br />
catchy phrase; it can become a reality for others when we are intentional<br />
about creating and implementing consistent plans of action.<br />
As REALTORS ® , it’s important that we share our keys to building wealth<br />
through real estate and unlock access to the next generations through<br />
exposure and education.<br />
Purchase Donna J. Rogers book & workbook Who Got the Keys?<br />
Building Generational Wealth through Real Estate.<br />
Exposure makes an impact on what<br />
people believe is possible in the<br />
www.ChicagoREALTOR.com 37
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