How To Build Wealth For Your Child

How to build wealth for your child. I love this one because I did it. I put it on paper by 10 years old and they were net worth millionaires. So I did it through generational wealth structures. I did it through trust, through corporate structure. Got a lot to share. So the few things I want to share today, how do you do it with your kids? Like specifically, how do you do it with your kids? How do you use this book to support you and do all your checklist? Now let's move on to leveraging debt. I love leveraging debt and I love using good debt. Lastly, let's talk about smart investing. And yes, kids can invest. I don't care that they're not 18. This means parents, you've got to be active in this. So let's talk about the kids and their generational wealth. How do you add those kids? Well, first of all, if you don't have this, you need to get this 87 points. And even if you're in your forties and fifties, these 87 things are what you could have, should have, would have done when you were zero to 20. So the book is broken down into age categories. It's brilliantly done. We're an award-winning book in many categories from best-selling business to best-selling personal finance. And how do you do it with your kids? You got to employ them through corporate structure, proper corporate structure. You employ your kids. Now they're employed. You say, what did I do from zero to seven? They're a model and you build calendars and you put them into your marketing. You say, well, I don't have marketing yet. You will, you need it. You put them on social media with you if you so choose. I do that very, very sparingly. I'm very highly protective of my children and our privacy. So I made that choice early in my career, not like Grant Cardone and the Kardashians. And some of those that are willing to let you into their family and your bathtubs and all of your bedrooms, not going to happen in this world. I'll show you some cool stuff as I go along my journey and what I do. If you really, really want to get to know me, then hire me privately and just come hang out with me for a day. Better bring your running shoes. We're going to go really fast. So what else do you do with the kids? You get them oriented to money, right? Again, this is a tell-all on my side of how I made my kids millionaires by 10 and then create a generational wealth through corporate structure and trust. By four years old, my kids had businesses, little businesses, a smoothie business is what Logan had. Tristan had a little paper wallet making business. She did little different arts and little sticky signs. She did little, you know, jewelry things. So it's the little stuff. It's just getting them thinking that mom and dad aren't my bank. I'm going to have to figure out how to make some money and I'm not going to mom and dad. So also in the link below, there is an iFlip link. It's a free app that we use to invest in the market and a second link on gravy sack, which is how to get your kids in this mindset of being entrepreneurial. How can they create their own economy, create their own monthly income? So kids are just a huge part of this integrated conversation that you need to bring them in. How do you leverage debt really smartly and in a healthy way to really leverage and grow your wealth? Most people would tell you right. Dave Ramsey, Susie Orman, most traditional firms that teach money or think they teach money. Actually, they don't even teach money. They just hold your money and give you fees for it. But they're going to tell you, go be debt free. We're going to say you're going to manage your debt. See, debt is just the cost of money. Write that down. I say this over and over. Many of you don't know it. Debt is the cost of money. So when you can get debt, credit cards, lot lines of credit at 0% for 21 months, it's free. You can do the same 21 months and go get a hard money lender. You're going to pay anywhere between 12, 15% and probably three or four points. So why would you pay that much when you can actually get 0% money? Yes, you're going to be in debt. Yes, it might look and breathe like a credit card. Who cares? It's what you can do with it that's going to have you leverage it. So a lot of the reasons why most of you won't go into good debt is because you don't know what to do to make the money to pay for it or have an investment that can actually pay for it. So you don't know the real dynamics that create a healthy debt structure to create good debt to leverage. The obvious things you should never pay off are your house. Like why would you pay off two and 3% loans? Now, if you got caught and trapped in this high interest rate and inflation environment just recently and you're over 5%, then I think you should restructure your home loan. But if you're down in the twos and threes, leave it alone as cheap money. Student loans, cheap money. EIDLs, cheap money. That's actually, I told my son the other day, that's generational for 3.37 or 3.25 or whatever that EIDL was. I mean, why would we, we can arbitrage that inside the company. We can use that to grow. So why would you ever pay off that kind of money when it's not available anymore? Why would you pay off a car loan unless again, it's above four and five? Now, four and five is my new number. So if you watch videos from before, I would say zero to three is low. But right now with interest rates as high as they are, inflation as high as it's going to stay. Write that down too. It's going to stay. People get it together. You can't ask for a high wage and increased salaries. Everything's gone up. So when the wage increase is stuck so high, what are you going to do? Like take the money away from the people you paid? Not going to work that way. That means the prices are going to get passed through to the consumer and we're going to have inflation. And it's just going to be a new way of living. It's just going to become the new norm. That's going to be exciting for everybody, which means you all going to make more money. Now, before I talk about the last point, which is how do you bring those kids in? And if you don't have kids, you should get them. They're tax deductible. I want you to subscribe to my channel. I want you here five days a week. We are here family-friendly. Five-year-old and up can listen to this channel. It's all been edited and buffered to be family-friendly for you. I raised my kids as a single mom. We had a few marriages in there, but that really didn't work out very well. We have this theme, a man is not a plan. So women get to the playing field. Men get to the playing field. You all have the ability to make more money, invest more money wisely, use debt wisely, use every tax deduction possible. And if you're not a U S citizen, a lot of our folks, as you grow, and as you become wealthier, you do get, you end up with an American company because our structure is so much more beneficial. So again, I want you here five days a week and share, make comments. If there's topics you want me to talk about, put it in the comment section. And again, if income is your number one problem, you need to go make money. We have a hundred K program. Again, that hundred K is the hardest money you're going to make. We have a guarantee 365 days, you'll make a hundred thousand dollars doing whatever you want to do. We're going to guide you, mentor you. And then I have a very strict 52 week protocol. You do everything we say for 52 weeks. Most people by about month eight or nine are making a hundred grand and on track. So then they upgrade to the big table and away we go into the whole community. And then number three, you're going to invest it wisely. And you say, well, I don't know how to invest. Well, I have a great book. It's called wealth cycle investing. So inside wealth cycle investing, you need to invest in depreciating assets. So if you just put it all in the stock market, you're going to end up with more tax, more capital gains. So you got to buy real estate, gas and oil, mineral rights, water rights, IP, aviation. There's all sorts of ways to use other investments. So to get a low tax return, it's not only the money you make and the deductions and the corporate structure and the trust, it's how you invest your money. No one's telling you that everyone's that part behind. So get it to the forefront and notice the integration that we just put together for you. It's why what we do is so different than anyone else in the world. And there isn't another company. Go try to find one. They all segregate, just like the financial services world. Some might offer tax, some might offer corporate structures, some offer trust, some offer financial planning, some offer insurance. How are you putting it all together? That's where we come in, help you advocate and navigate for that generational wealth. So how do you build generational wealth? You make more money, you leverage debt, you use as much income as you can in corporate structure, and then you invest it wisely. The pattern of millionaires and people with generational wealth is make it, invest it, make it, invest it. It is not make, spend, and then be debt free. That's the pattern of the broke. We are the millionaire maker community. So if you want to roll and do it quickly, three to five years, we know how to do it. If you have any questions at any point, go to asklaural.com. A-S-K-L-O-R-A-L. Ask questions, make requests. I'll see you back here tomorrow. Go read my books.