All Forum Posts by: Corey Conklin

 @Sharon Mittelman That is a great idea. Help your kids understand that money is a tool to enjoy life and the power of compounding interest!

My child is still young and expecting our 2nd soon. We aren't done having children so it's been a topic that my wife and I have been discussing a lot lately. We not only want our children to work hard and understand how money works, we want them to not attach themselves to material items. Your new toy example does a good job at teaching these principles.

@Jim K. Right!?! I love my tools and love getting to use tools (and buy new ones) as much as the rest of the business. 

Just because I know how to build furniture, fix plumbing, paint, lay floor, etc. doesn't mean I don't know how to underwrite, read P&L statements, manage processes and systems, etc.

 @Ned J. That quote is very similar to one I'm familiar with "give a man a fish, you feed him for a day. teach a man to fish, he'll eat for a lifetime" 

My job as a father is to teach my kids to fish and watch them go catch their own. Hopefully I live long enough to watch them catch bigger fish than I ever could.

 @Marcus R. I've never read that book so I'll have to put it on the list. I'm still working to come up with the best solution on what to do with assets/wealth when I pass. I'm not a huge fan of blindly giving it to charity like you mentioned.

I've got a few plans but they are far from normal so I'm still working through all of the details. Still a lot to figure out!

@Sam Ganden I would buy the house. It's turnkey and is in a good location that historically rents well. That's a good way to get your start into RE investing. 

@Jim K. Not only would I do it all over again I would have started sooner! Unfortunately I'm still in the grind of a 9-5, acquiring/managing real estate, and being a family man. It is a lot to juggle but it's definitely worth it.

There is no better feeling than working your tail off and seeing the results of your hard work especially when you reap all of the reward and not some company CEO. 

@Jose Vazquez They will never admit to how hard it is to get that portfolio. If they told you that they had to bust the butts and work 80 hour weeks, who would buy their $1500 seminar? They have to sell how easy it is to do. This then gets people to buy their seminar and creates easy money for themselves. Full circle, just like you mentioned.

I like your shovel example. Find a way to actually provide value to people and you will do just fine. Unfortunately people need to understand that to provide value, you need to work!

This is something I hear real estate investors talk about all the time. Their goal is to build generational wealth for their kids, grandchildren, great grandchildren, etc. They believe by building a good real estate portfolio and acquiring assets they will create generational wealth for their family. I believe I have a controversial take on this stance. I 100% disagree with this line of thinking!

There are stories of family’s that have had multiple generations build wealth through owning land, real estate, oil, etc. that have lost it all in 1 generation! Wealth is incredibly hard to obtain and 10x harder to keep. Just because you are able to hand over your children and grandchildren wealth doesn’t mean that they will know how to keep it. They have to know how to handle the wealth if they are going to keep it. My focus will be on teaching them how to create and keep wealth, not handing it over to them.

How I will focus to create generational wealth will be the complete opposite of what most people want to do. My kids will not be handed anything in life, they will EARN everything. I will not give them money, instead I will be there to teach them what they need to know to get their own money. I will teach them what I’ve learned in my life that they can use to create their own success. When they need advice, I’ll be sure to provide it. When they are struggling through the rough times, I’ll be there to support them. My goal is to create kids who are good people. If I can do that, they won’t need my wealth, they will have their own.

What are your thoughts about creating generational wealth?

 @Marcus R. There are so many ways that you can get into class 2 assets like you mentioned. It's something I think not enough people focus on these days. They all want to live the easy life and get their mailbox money by focusing on class 1 assets.

There has been so much focus on real estate and class 1 assets it's becoming less and less lucrative. While all of the focus has been on that I've been working on seizing the class 2 asset boom that I believe is going to happen over the next 5-10 years. 

After hearing the TP story I'll be sure to keep that opportunity in mind! Haha

It's awful to see how little a human can care about others, especially towards animals. 

I learned a lot of lessons on that house but it also came with stories I'll be telling for a while.

I think more stories like these need to be told so people can get a better reality of RE investing and learn from some of our hard learned lessons.