Generational Wealth Myth and Why I Rent Everything
They say you shouldn’t rent, you should own…
Don’t buy a car, lease…It’s not an asset
Buy things that you can pass down to your kids, and your kid’s kids…
Start developing generational wealth…
Honestly, I rent everything…
Time is where were wealth will be generated, not in a specific asset.
Plus if you don’t have your life together…
How can you plan for your kids 30 years from now?
In today’s video I share strategies I use with my clients to get more time for what’s important in their lives, why it’s ok to rent, and why you shouldn’t be thinking about buying house for your kids (or big mama).
Make sure you check out the full video for all the strategies.
Let me know what you think in the comments!
Here’s what we cover:
1. Societies View On Generational Wealth
2. Why I Rent Everything
3. Maximizing My Time
4. Why You Should Focus on One, Not Multiple Streams of Income
5. Pay Yourself First
Want to learn more?
I help millennials and reach higher personal/professional potential with my personal development program.
To learn more about my program, you can schedule an appointment with me @ jarradpouncil.com/schedule or email at firstname.lastname@example.org. If you email me, say “I’m interested in your program” to make sure we get back with you quickly!
Hey, what’s up everybody? So today I want to talk you about generational wealth and why I rent everything. So I’ve been seeing a lot of stuff going on, on the internet, different memes and you know, growing up I used to always hear “Put your money in a house”, which isn’t necessarily bad advice. Put your money in a house. Buy an asset. Buy something that’s going to last. Don’t buy a car, lease a car. You know, don’t put your money in assets that are going to depreciate. Put them in things that are going to continue to increase. Save money so you can pass the money down to your kids. All stuff like that – and you know, build equity. You don’t want to pay somebody else for the rest of your life. You know, we’ve all heard these things and you know, if you’re like me or you know, if you’re someone who’s looking to get back your time, you know that may not be the best option because to be totally honest with you – you know, that takes a lot of work.
You know, there are things that come up within the house and there’s a whole industry that kind of pushes us to buy houses. You know, that’s one of the things we’re told, to secure our future, and you know, coming from the black community, that’s something that’s promoted because at a point in time in history we didn’t have access to housing based on different laws. So there are different programs. The government sets up the help. You know, not just the black community, but anyone, to get a house. So a lot of this is promoted. But you know I feel like me, an entrepreneur, someone who is looking to you know, cap your time on buying, it may not be the best option. I tend to rent everything.
So I rent my apartment. I don’t own a car or lease a car. I have been using Lyft consistently for like, the past six or so years. What else? What else are things I don’t buy? I rent my apartment and even leasing a car takes work, because you’ve got to take that car back to the shop eventually to get it fixed, you know. So even that, there is some work.
But you know, one of my clients was talking about this subject and he was spending time on his house. He was like, “Yeah, I want to work on this in my house”, “I want to do this repair, I want to do that repair” and so I asked him like you know, “You’re spending the time doing these repairs. You know, maybe a couple hours during the week and then on the weekends you’re doing a couple hours as well. What if you could spend that money or that time doing something else that you enjoy more, like spending time with family or working on your business?” So my time — or I at least know, my wealth is going to be generated in my time, not necessarily within putting my money in a house or that type of asset.
You know, we all rent things in our lives that we’re not good at. You know, cleaners. Rather, you know, someone coming to — Or us dropping our clothes off at the dry cleaners or getting a service, like a tune-up or something. You know, those are all the things that we outsource, but I think as a business owner or someone who is looking to get more time, you have to kind of take that up to the next level and go, “Okay, what are the other things in my life that I can kind of outsource or have someone else do?”, you know? One of the things that we do in my house is we have someone come in and clean and wash the dishes because for one, that’s not something that I think my time is most valuable being used and two, it just cuts down on a lot of arguments about who’s going to be responsible for doing XYZ, because honestly I don’t know if anybody really wants to do the dishes. You probably don’t either.
So those are some of the things in my life that I use or that I “rent” because it saves me a lot of time. You know, I can put all that time back into the things that are my main thing, which is catching up with my friends and family and my wife and focusing on working with my clients, you know? So talking about driving and Lyft, like that’s the biggest time sucker of all. Like if you have to drive to work, you know, one hour, because I know some people
— I know my mom used to have to drive. She maybe still has to drive to work, you know, an hour or an hour and a half back and forth and that’s one way. So you know, that’s two or three hours a day just driving on the road and unless you’re using that time to like, listen to books on tape, you’re not using that time you know, to your advantage, when you could really be doing something else with it. You’ve probably been in that situation a lot.
So how do you focus or how do you get your time? And why you should focus on one thing and not multiple streams of income and I think the whole housing and generational wealth, that comes from the thought that “Hey, I need to build these multiple streams of revenue to be set”. You know, if I put a seed here, a seed here, a seed here, a seed here – one of these seeds has to sprout, and you know, honestly I think that approach doesn’t work if you’re just starting out of if you’re just looking to focus on what’s important in your life. You know, you can’t pick five things and focus on all of them. I’ve talked about that in other videos. The same thing comes with trying to pick up different streams of income. You can’t do real estate and have another side business. You’re doing a Master Mind and oh, you’ve got a partnership where you’re working on some app. You know, you have your energy focused in three places and as we know, when you focus, that’s when you make real progress.
So I’m not bashing the whole generational wealth, but I think there’s just a little bit of misunderstanding about how to actually build that generational wealth because you’ve got have wealth before you can build generational wealth. So I think if more people focused on the now and what they can do to build their wealth as opposed to what they need to do in the future for themselves, for big mama, for the kids that are thirty years away – you know, why are you focused on buying your kids a house thirty years from now? They may not even want to move into the house that you have, acquired for them, you know.
Today it’s never been easier to get started on whatever goal that you’re trying to do, you know? Whether you know, you want to lose weight or you want to start your own business. There are tools, there are resources online that can help you do all of this, but the biggest thing is you know, you’ve got to focus and you know, the truth is most millionaires don’t inherit their wealth. You know, only about 20% of the millionaires actually inherit it. Once again, the 80/20 rule shows it’s head, but that other 80%, they’re out there working it and they’re making it on their own.
So you know, what I do is or what I would recommend is to pay yourself or to pay your rent, you know? Do things that are going to lead to your — Or do things that are in your best interest as opposed to what everyone else is telling you to do. So if you’re an entrepreneur or if you’re someone looking to focus on your goals, you know, you want to maximize your time and really think about what’s important and you know, most of the time things like cleaning the house, cleaning the gutters, making sure the bed is made – those aren’t necessarily the most important things on your list of things to do, you know?
When I do my research, one thing I don’t see the people who actually have wealth and financial gurus talking about is actually building generational wealth, and that’s because they know that before you can build generational wealth you’ve got to build wealth in the current state. So, people who are thinking about what they’re going to do in the future for their kids or passing their house down to family thirty years away, they’ve kind of got the wrong attitude and you know, the people who are more likely to pass down houses are also more likely to be wealthy in the first place. So that’s always the first step and as Diddy said, “First comes the money”.
So focus on what’s important for you today, not necessarily what society says you need to focus on, which is not going to be something for another thirty years. You’ve got to focus on what’s important for you today, whether that’s your time, your family, your friends or your entrepreneurship. Just making sure that that’s priority and not getting caught up in doing what society tells you that you need to do. So I think that’s it. That wraps it up for today. Be sure to subscribe to the channel and hit me in the comments if you have any questions.