Building generational wealth can seem like a daunting journey.

In fact, when it comes to financial planning and investment strategies, the #1 challenge for most people is… building generational wealth.

Many are perplexed about how to approach it. But this is what separates those living paycheck-to-paycheck from the financially independent individuals. If you don’t know how to build and maintain your oinvestment assets effectively, reaching this level of financial freedom may remain elusive.

The process of accumulating generational wealth isn’t easy, though.

But I’m here to help and offer some value from the best source possible – my 20-year-old son. Check out the YouTube video below, which is the first of many in the “Generational Gains” podcast. For those who want to read deeper, the text below the video outlines the concepts in greater detail.

If you have any questions, or want to learn more, contact me in the form at the end of this article.

Building a Successful Platform at 20

The narrative of Carson Herlean, who constructed an impressive real estate platform while barely out of his teens, is compelling and inspiring. Despite initial reservations due to shyness and the inevitable missteps along the way, he built something truly noteworthy.

Overcoming personal barriers for success

Carson’s journey began with overcoming personal obstacles that could have easily derailed him. His introverted nature was one such challenge. Rather than viewing his introversion as a hindrance, Carson embraced it and used it to fuel his ambition.

By doing so, he discovered that being introverted can actually be advantageous in business dealings – enabling more focused listening during negotiations and facilitating calculated decisions free from emotional bias or external influences.

Learning from failures and growing stronger

Mistakes were another element Carson had to contend with on his path toward success. At times, the outcomes didn’t go as expected for this young businessperson venturing into uncharted areas.

Rather than viewing these instances as setbacks though, Carson saw them instead as learning opportunities – stepping stones leading towards greater understanding. This resilient attitude helped not only foster professional growth but also cultivate personal development. Inc Magazine

To sum up: The story of Carson’s early start in real estate investing serves not just as inspirational fodder but rather concrete proof demonstrating age isn’t necessarily a barrier if you possess determination coupled with a willingness to learn through experiences.

Defining Success

The definition of success is a subjective concept that varies from one person to another. For Greg and Carson, the meaning isn’t necessarily about crossing the finish line on their first attempt but rather persevering through trials until they reach their objectives.

The Role of Perseverance in Achieving Success

In any journey toward achieving goals, perseverance plays an instrumental role. It’s not unusual for individuals to encounter obstacles or setbacks along this path.

Acknowledging these challenges as part and parcel of life’s course is essential; resilience can transform failures into stepping stones leading up to ultimate victories.

This philosophy mirrors Greg’s personal belief system, too – he emphasizes maintaining determination and tenacity even when faced with adversity.

Why Quitting Is Considered Failure

Frequently misunderstood by many people, failure doesn’t always mean falling short of your targets; instead, it signifies giving up before you’ve exhausted all possibilities. This sentiment strongly resonates with both father-son duo who believe quitting equates to admitting defeat prematurely.

An alternate perspective suggests successful entrepreneurs often view failure as more than just an endpoint – it’s seen as a learning opportunity that provides valuable lessons each time there are setbacks encountered during their entrepreneurial ventures.

To encapsulate: true success lies not in never failing but rising every time we fall – this principle forms the bedrock upon which both father and son Herlean build themselves professionally.

Future Aspirations

The world of entrepreneurship is a vast one, and Carson has set his sights high. Having already achieved notable success in the real estate industry at a young age, Carson aims to broaden his ambitions.

Setting Ambitious Business Goals

In the business realm, it all starts with setting ambitious goals. And for Carson, these extend beyond real estate; they encompass running multiple companies across various sectors. Finance, an area that plays an integral role in every aspect of life – personal or professional – also features prominently on his list.

This isn’t about chasing after different interests randomly but rather diversifying intelligently. He broadens his understanding and expands his potential for development and edification by diversifying in this manner.

Real Estate as an Investment Goal

Besides aiming high in terms of businesses and finance ventures, there’s another goal that stands out: owning beachfront property. But this isn’t simply about enjoying luxury living – far from it.

Investing wisely in real estate, especially properties like those along beaches can be incredibly profitable over time due to appreciation rates and rental income potential.

And let’s not forget tax benefits. Things like depreciation deductions which could offset taxable income derived from them make these investments even more attractive.

Balancing Lifestyle Changes with Parenthood

As we transition into the role of parents, there’s a significant shift in our lifestyle. The freedoms that were once taken for granted, such as traveling or maintaining specific schedules, now need to be reconsidered and adjusted according to the new family dynamics.

In essence, parenthood doesn’t spell an end to one’s personal interests or hobbies; instead, it requires some strategic planning and flexibility.

Adjusting Life Routines After Becoming Parents

The arrival of a child brings joy and responsibility, which necessitates adjustments in daily routines. It might initially feel overwhelming, but remember – adaptability is key during this period.

  1. Finding ways to incorporate baby-friendly activities into travel plans can help maintain interest while catering to the needs of little ones.
  2. If the work schedule seems challenging post-baby, consider discussing flexible hours options with the employer. Consider discussing the possibility of adjusting your start time, either earlier or later than usual, to better suit both you and your partner’s needs. Remember, open communication always helps.

Maintaining Work-Life Balance During Parenthood

  • Prioritizing tasks effectively aids in setting boundaries between work time and family time.Note: Prioritize based on importance rather than urgency whenever possible – long-term goals require attention too.

The Importance Of Active Engagement In Retirement

Retirement is often viewed as a time of relaxation and leisure. Though retirement may be seen as a period of rest, keeping an active mind during this stage can have substantial advantages for overall wellness.

In essence, staying mentally engaged post-retirement goes beyond passing the time – it’s a key aspect of living a healthy and fulfilling life after work.

Staying Mentally Engaged Post Retirement

Mental stimulation plays an important role in delaying cognitive decline among older adults, according to research studies. But that’s not all.

  1. An intellectually engaging lifestyle contributes positively towards emotional health by providing retirees with purpose and fulfillment.
  2. Pursuing hobbies or interests you didn’t have enough time for while working full-time keeps your brain actively challenged.
  3. Lifelong learning provides mental stimulation at one’s own pace from home.

Besides these activities, many seniors find joy in mentoring younger generations using their years of experience – which promotes intergenerational bonding while keeping them cognitively occupied.

All things considered, retirement doesn’t necessarily mean slowing down but rather shifting gears into activities that provide intellectual challenge and personal satisfaction. Greg believes: “The key lies not in retiring FROM something but TO something.” So let us retire TO engaging activities that keep our minds sharp.

Influences And Learnings From Family Members

Our family is often our first classroom, shaping us in ways we may not even realize. For Carson, the lessons he learned from his loved ones have had a profound impact on both his personal and professional life.

Lessons learned from family shaping personal growth

The faith-based teachings passed down through generations were more than just words; they became an ethical compass guiding all aspects of Carson’s life. This moral framework has been instrumental in navigating complex interpersonal relationships within the world of finance.

  1. Treating everyone with kindness irrespective of their status or position fosters mutual respect – essential for any successful relationship, whether it be business or personal.
  2. Acknowledging when you’re wrong and expressing gratitude regularly promotes open communication channels between colleagues and clients alike.

Helping Others Understand Finance And Investment

The realm of finance and investment, particularly in self-directed IRAs and real estate investing, can often seem like a labyrinth for the uninitiated. Yet Greg has dedicated his career to helping others navigate this maze with confidence.

Fear is a natural response when faced with the unknown or complex – such as financial matters. The key lies in not allowing these fears to prevent you from exploring potentially lucrative opportunities that could lead to achieving your financial goals.

To dispel these anxieties, education plays an essential role. Gaining knowledge about various investment options can aid in allowing individuals to create decisions based on their level of risk acceptance and long-term objectives. This understanding empowers them to take control of their finances rather than feeling overwhelmed by complexity.

Apart from sharing valuable insights through his personal website and his team’s work at Horizon Trust, Greg also encourages people to ask questions whenever they feel uncertain regarding any aspect of their money management – no question is too trivial.

An effective way that Greg helps people conquer apprehensions associated with investing involves encouraging them to step out of comfort zones gradually. Starting off with small-scale investments first before venturing into larger ones enables beginners to gain practical experience while minimizing potential losses due to inherent risks involved within any type of investment ventures. As one’s confidence grows over time, so does the ability to handle more sophisticated forms of asset allocation, including but not limited to self-directed Individual Retirement Accounts (IRAs) which offer significant tax advantages compared to traditional retirement savings plans.

Importance Of Regular Family Time

In a world that often seems too fast-paced, finding the time to come together as a family can be difficult. But it’s these moments of connection and shared experiences that truly enrich our lives.

Let’s delve into how we can make quality family time a regular part of our routine.

Encouraging regular family dinners

Dinner times are more than just meals; they’re opportunities for families to bond. Research shows children who regularly dine with their families exhibit improved academic performance and lower-risk behaviors. It isn’t about gourmet cooking or lavish spreads – it’s about creating space for meaningful conversations.

The dinner table becomes a platform where everyone shares their day, and discusses challenges faced or triumphs celebrated – even complex topics such as finance and investment strategies become approachable in this setting.

Making mealtime interactions habitual is key here: consistency breeds familiarity, which eventually leads to open communication amongst all members.

Making service projects part of your routine

Beyond sharing meals together, another way to foster unity within the household is through acts of service. Participating in community activities not only benefits those you help but also instills values like empathy and gratitude among participants. This kind of act has been shown to boost self-esteem while reducing stress levels significantly too.

Families engaging younger generations early on helps them understand societal roles better, appreciate what they have at hand, and develop compassion towards others leading to positive character development overall. So next weekend, when planning your schedule consider adding some form of communal activity into the mix – because nothing bonds people closer than working together toward a common goal.

Building generational wealth is a journey, not a sprint. It starts with setting the right foundation at an early age.

Maintaining a resilient attitude and striving to reach objectives is key for achieving success.

Dream big and aim high. The sky’s the limit regarding your future aspirations in business and real estate investment.

Balancing lifestyle changes, like parenthood, while maintaining financial growth can be challenging yet rewarding.

Mental engagement post-retirement is crucial for overall well-being and prosperity. Don’t let retirement slow you down!

Your family plays a significant role in shaping who you are professionally and personally. Embrace their teachings!

Fear of investing? Overcome that by learning more about finance and stepping out of your comfort zone.

Spend quality time with family because those precious moments count towards building solid relationships, which indirectly contribute to generational wealth.

If this seems overwhelming or if you’re ready to take control of your finances now rather than later…Greg Herlean has got just what you need! His personal website provides valuable insights into

FAQs in Relation to Generational Wealth

What is the truth about generational wealth?

Generational wealth refers to assets passed down from one generation to another. It’s a powerful tool for financial stability and can significantly impact a family’s economic future.

How impactful is generational wealth?

The impact of generational wealth is profound. It provides financial security, creates opportunities for education and entrepreneurship, and helps families weather economic downturns.

What are examples of generational wealth?

Homes, stocks, businesses, or land ownership are common forms of generational wealth. These assets increase in value over time, providing long-term financial benefits.

Which generation owns the most wealth?

Baby Boomers currently hold the majority of household net worth in America, according to Federal Reserve data.