So far in this series we’ve covered how Warren Buffett made his fortune and what he did once he accumulated that fortune. In this video I’m going to talk more about what you can do with your wealth as a Real Estate Investor / Landlord and how that can impact your legacy.
With Warren Buffett’s story you can trace back his success to a few things but 1 thing that can’t be denied is the influence that Benjamin Graham’s principles for Investing had on Warren Buffett’s wealth accumulation. Warren Buffett didn’t inherit any money from Benjamin Graham but he inherited something potentially more powerful, a mindset and proven system to accumulate Wealth.
After having a strong foundation of understanding how to invest, Warren Buffett went on to add his own touch to what he learned and eventually spring boarded over his mentor Graham. Most Real Estate Investor’s that I’ve met have a goal to pass down their wealth to their next generation and that’s great, whether it’s 1 cash flowing property or 100 cash flowing properties, that’s a selfless act and you should be commended.
Looking back at Warren Buffett and Benjamin Graham’s Mentee/Mentor relationship, if passing down your wealth to the next generation behind you, yes hard Assets and money can be important but the mindset of how to achieve them might be just as important, if not maybe more important.
Consider that Assets like Real Estate deteriorate over time and having to pay for Capital Expenditures like Roofs, and new plumbing and heating systems can wipe out cash flow for years to come. Without having a mindset of how to acquire and manage wealth, your legacy properties that you worked hard to acquire and maintain could eventually become burdensome to your family and be sold for cents on the dollar.
Passing down a mindset of how to invest and grow a portfolio is something that can stand the test of time. If passing down a wealth mindset is something that you would like to include in your legacy plan, tools like the Cashflow Board Game are great for facilitating an atmosphere of Financial Language that could get the ball rolling. With the assets and knowledge your next generation will be that much better off to make decisions to further your family legacy.
In all, I hope you enjoyed this series. If you’ve found it valuable be sure to like this video and subscribe to this channel for more. I’m Albert with Capital Street Management. Thanks for reading this post.
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