Personal finance

BiggerPockets: Generational Wealth 101 and Getting Started in a Tough Market

Posted on by Andrew Packer

Investing is putting wealth to work to create more wealth over time. For some investors, saving to buy a home or take a vacation is the goal. Others may have longer-term goals, like creating and keeping generational wealth.

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    • Real estate is an asset that can be held for generations. It offers price appreciation and cash flow. But investing for generational wealth is different than looking to make a quick profit.

    For generational wealth, it may mean just investing in markets that can continue growing for decades. Plus, a rising population and increased demand will likely lead to substantially higher prices.

    Getting started may be tough right now. However, it may be the best time.

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      During Trump's first term, 8 million Americans became millionaires despite constant resistance from Democrats and even some Republicans in his cabinet.

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    That’s because mortgage rates are high. But home prices haven’t sold off that much. Should mortgage rates drop materially lower, home prices may start soaring higher again.

    Fortunately, starting investors in real estate can take advantage of first-time homebuyer programs. That can substantially reduce the down payment requirements. Also, today’s high-rate mortgage can be refinanced after the rates have dropped.

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    • Homebuyers can also buy multi-unit properties and live in one of the units. Or even rent out individual rooms in a home. Either way, there are many ways to get started, so that the compounding power can start to take place over time.

     

    To listen to the best ways to think generationally with real estate now, click here.