“Make Your Family Rich” by Patrick Keogh is a fantastic book about one of my favorite topics, generational wealth. The premise of the book is not to build wealth for retirement but your family estate.
The book then shows us various ways to build wealth. I will list some different methods in the five takeaways. Overall, I learned so much throughout the book. I now need to start integrating my children into our estate plans.
In the book, the author makes his children and grandchildren the board of directors, as he is the CEO of the family estate. He then meets with them monthly to discuss investments, real estate, and partnerships.
He now feels that when he passes, the family has a solid plan to keep the assets under control, and more importantly, to continue his life’s work. I agree that leaving our estate to well-trained, highly-educated children is in all of our best interests. Let’s look at my five takeaways.
1) Only invest in Dividend Champions (DC). DCs are companies that have increased their dividend for over 25 straight years.
2) Get to know your DCs. Some of my favorites are Walmart, McDonald’s, and Procter & Gamble. You own these companies, so be proud of their products.
3) Don’t buy DC’s straight from the stock market; sell puts to get these DCs at the lowest possible price and highest possible yield.
4) Hands-on real estate is time-consuming, and finding good property managers is even more challenging. Real estate is vital to wealth but also consider investing in REITs.
5) Invest in community banks because it helps you obtain loans. Also, they can be bought by bigger banks, increasing your return on investment.
Making your family rich is not just about buying stocks and real estate. It is going from an investment plan to a retirement plan, and then from an estate plan to a succession plan. To succeed, your children need to know the ins and outs of your family company.
Selling cash-secured puts to buy DCs is something that I never heard about but is very interesting. You will need a good amount of cash on hand to do this; however, it allows you to buy the best stocks at bargain-basement prices. I’ll break down his technique in a separate article.
After reading this book, I am eager to start bringing my kids into the fold of our family business. Our business is young, but we have learned a lot, so the sooner I get them involved, the better. I loved reading this book and finished it in record time. If you are serious about your family’s future, then I highly recommend picking this book up.
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. All Right Reserved Military Family Investing
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