Regardless of how difficult it may seem to purchase real estate, given your particular situation, it is something that you should consider as part of your master plan to create financial wealth for yourself, as well as for your children and grandchildren. Did you know that one of the main reasons why many people never seem to achieve their financial goals is because they don’t own any assets; real estate or otherwise?  They do not have anything to borrow against to fund any other endeavor; like another real estate purchase, to pay for their children’s education, or the use of the equity in a current home to step-up into a better property, in a better neighborhood.

Owning real estate (and insurance) are the two most fundamental ways to create and transfer wealth from one generation to the next. Therefore, it is imperative that you take a strong position within your family and teach your children and grandchildren the responsibilities that come along with inheriting wealth, during their young years. Too many times, parents do not transfer knowledge or wealth to their children about financial matters because they do not trust their children to help build the family dynasty; however small or large it is. Consequently, many parents do not integrate their children into the process of learning how to make the right decisions around sustaining the wealth created within a family, early enough. This is why many young adults who inherit wealth make a multitude of wrong decisions which negatively impact their ability to better their financial position and to hold on to what is rightfully theirs. Some of these unfortunate decisions include, but not limited to:

1. Constantly paying bills late even though you have the money.This behavior leads to a bad credit/FICO score that will have a negative impact for years until the behavior is corrected and the bills are paid;
2. Over spending on trends, clothing, jewelry.This behavior leads to a high debt-to-income ratio and spending more than is SAVED. This behavior limits the capability to create additional wealth; and
3. Lazy about taking on any type of responsibility.This behavior type is always looking for someone else to do the hard lifting while they benefit from it.  It also leads to people taking advantage of them in a multitude of ways that have a negative impact on creating future wealth.

You may be thinking, “I don’t fall into the category of inheriting anything from my parents.” Neither did I.  If this is the case, like me, may this be the beginning for you to change the course of history within your family and take the first step to create the wealth that you would like you and your children to experience in future.

Take the next step to mapping out a new financial strategy which involves the purchase of real estate by attending my real estate seminar on Saturday August 20, 2016. Register by connecting with me via FB and/or registering via Eventbrite https://www.eventbrite.com/e/real-estate-seminar-with-home-and-lifestyle-pro-tickets-3538861831.  Search for my name and you’ll find my latest seminar if you missed one or contact me via Bev@PurchaseSellRealEstate.com and request a meeting to discuss your specific goals.  I look forward to hearing from you.

Article authored by Beverly D. Chandran who is affiliated at the time of this writing with Coldwell Banker Preferred, Center City.  More information about Beverly can be found at www.BeverlyChandran.com

Coldwell Banker Preferred, Center City is located at 1401 Walnut Street, 8^th Fl, Philadelphia, PA 19102

Office:  215-546-2700 | Direct: 267-238-2876 |Cell: 301-204-2292