Helping the Next Generation Build Wealth One Rental at a Time

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1:03And I am working on something for all rat number four that I want to get her feedback on. Let's welcome to the show. How you doing, Anna? I'm doing great. Good to be back with you. Absolutely. So thank you for setting up and sharing with me your son's phone number. I will make that call after taxes. But not till then, not till then. But I wanted to share this idea. I'm working with Cody Davis, somebody who's going to be helping me lead the teenagers in January of next year. And what we're thinking about doing now is we were trying to gamify it. The first idea is Cody went through a Rich Dad Poor Dad game where you traded things. And I'm like, that's too complicated. We're going to have 18-year-olds and 13-year-olds. It's just too much. Then the second thought was, why don't we just play the board game, Rich Dad Poor Dad? Which is, you know, it's not a bad option. We could do that, probably get 10 games in the room. So, you know, tables of five or six make that happen. But then we stumbled across something that I think is pretty cool. But be honest and brutal with me.

2:04I'm not sure if you're going to like it. So I wanted your feedback. So I'm thinking about helping them create a vision board. And why do I want to do this? Because the feedback from my test run last year was Cody and Dylan and Ashley really got the teenagers to start sharing what they wanted, like what they wanted their life to look like. And then the conversation got back to what's it cost. Because again, they're teenagers. They have no idea. Right. So I wanted to kind of build on that success and actually put some structure around it. So again, I'm thinking, I'm just thinking and please help me with this. We gave everybody a big, you know, I don't know, big sheet of paper. We bring a bunch of magazines. We set up a printer or two so they can print stuff off the internet. And then we just say, hey, for the next 90 minutes, create your vision board. And maybe I think we have to structure it like what kind of card you want, what kind of home do you want, what kind of trips. Like we got to probably give them some frame.

3:06Yeah. And then from there, we kind of because we have to break it into two days. Right. So day one is building the vision board. Day two is what's it cost? Like what's your vision board cost? What's yours cost? And then we kind of relate it to, okay, now that you know, your vision board is $8,500 a month, how do we get there? Yeah. And hopefully that's the hook to look at, you know, passive income or semi-passive income. What do you think of that rough? Yeah. I like that. I still really like, I think I suggest the last time we talk the cash flow game. Because I've seen, I've seen the aha moments in my kids as they've done it. So I would encourage you to keep that. And maybe you do that as the last part. Like, okay, we start with the vision. I like the starting with the vision. And then it's like, okay, what's it going to cost to get there? And then, okay, what if you had a job making, you know, you're a doctor and you're making X, but your expenses were this. And versus a teacher making Y and your expenses were this. And so then you kind of give them ideas for like,

4:07oh, what am I doing actively that's helping me get there? And then how do I, you know, build the passive stuff towards more, more than my active stuff. And I can then, you know, live on it. So I like the idea of combining both. Because I think, you know, it's one thing to understand, to understand, it's two sides of the same coin, I think, is what I'm trying to say. So it's one thing to understand the math. But if you understand the math, but you're not motivated or don't believe that you can do it, then, you know, it'll help you for budgeting, but it's not going to really help you get the excitement about that, where the vision does that. And so I love the vision board. I think vision without knowing how to implement it, to your point of making something, you know, the third day is also just kind of like, raw, raw, people are going to get excited. And then they're going to be like, eh, that's too hard. That's unattainable, whatever. So I think if you can, if you can add together the two pieces of, let's talk about what you want. And then let's talk about how you design your life

5:10to achieve what you want and what your dreams are. I think that's really powerful if you can do those things together. And again, the cash flow gains just one tool that they can use to do there. There's also a, a cash flow game on an app, because my kids use that one as well. So at home, we play it, but there is an app where they can play it themselves. And so I was excited to see two of my kids were doing it on their app. I'm like, okay, like pull their teeth at first to get them to play until they got it. And then, you know, reinforcing that with an app is good. So maybe you even make it a little more high tech. And you say, hey, for those that want the app, for those that want the game or whatever. But it also, you know, the game costs money. I have no idea. I didn't know there. I guess I did know there was a game. But I, is it free or what is it online? I'm not sure. The one, the board games of like maybe 160 bucks. But yeah, I have, no, it's not a cheap game. But it's worth it, right? So, but I think the app is free. I think it is because I don't think my kids would have gotten it without without it being free

6:14or asking me for it. So I think it's free. But yeah, I think, you know, vision is really important. And I know adults right now that have vision boards and they look at it constantly. And, you know, one of our, for our apartment complexes, we actually had our staff do a vision board of what do they want their lives to look like over the next year. And then how, what can we do in our company to help them to get there? So one of my partners is a realtor and they also train realtors and they flip properties and then we have, you know, apartments together. But it's, you know, we teach our employees how to start buying real estate so that they can one day, you know, hopefully still work for us and do it. But, you know, we want them to grow and understand the power of that passive income. So we've done that for our staff with the vision board. So the vision board's powerful. So I really like that. So yeah, I'm just changing this in real time. So we do have space limitations, other schedules in this room. So now when I'm thinking we're going to do is 9-11 Saturday,

7:17we'll do the vision board construction. Same Saturday from three to four, we'll do what's it cost. And then Sunday morning 9-11 will play the cash flow game. I think that's great. I think that's great. And you might, you know, when you're doing the vision board piece, I think it's important to maybe show them what's possible with real estate, you know, from you, you know, or someone else to say, okay, I started out with nothing, right? You and I started out with nothing. And most people, if you tell a kid, oh, you can become a millionaire by doing this, some of them won't believe that it's possible. They need to see real world people that say, this is possible. This is what I've done. You know, this is the car that I drive. These are the houses that I own. And it all happened because I understood, I want more than what I have. I can get there and then learn the tools to help me to get there. One, you know, budgeting, understanding finances,

8:18understanding passive income, investing versus, you know, working, etc. The value of an hour, I think, is really important to kind of put in there somewhere. So when you talk about like how to get it, it's okay. This, this, I'm going to make something up, right? This Lamborghini is going to cost you $10,000 a month. Or this, you know, Chevy traverse like I drive is going to cost you $1,000 a month. Okay. How much, if you're working a job where you make $200 an hour, how many hours do you have to work just to pay for the Lamborghini versus how many hours do you have to work to drive this traverse? And I think before they do the vision board, maybe you just, you know, give that an idea and say, hey, let's shoot for the stars and say, if money were no option, what would your life look like? And then if money, you know, if you could be comfortable and enjoy your life and have time to enjoy it, what would your ideal life look like that you think that you can create?

9:18And if it's too small, then maybe they'll get inspired by some of the bigger vision board. And if it's too big, that it's too unattainable, they might not believe that they could do it. So I think it's important to at least have that conversation with, you know, there's, there's slightly unattainable goals. What you think, I don't know if I can get there, but if I could, I'd be really content. And then there's like the stretch, you know, big, hairy, audacious goal. So maybe talk to them a little bit about that and talk to them about belief and mindset before they even start that vision board, so that they build something that excites them, that they think they can achieve if they work hard to do it and figure out how, that's not too small and not too big. Yeah, I agree. We got it. We got to, you know, take 15 minutes in the morning, that first day and really, I think you're right, kind of highlight what's possible and have somebody go up there and, you know, show some stuff, not to brag, but, you know, it's real, right? Right. I like that idea and hopefully get them, because they got to be excited about

10:23building a vision board. I built, I think I've only built one vision board and I did that in 2019, I think, because I was struggling to figure out what I wanted to do with the rest of my life, and I turned to a vision board to do that. My health, travel, all the, it was very helpful to do it. So I know, but you have to be excited to do it. Otherwise, it's just like a, you know, I don't know, you're, you're making art or something. Yeah. And most people get excited, just from what I've seen and having been a speaker and attended a lot of events as well, and, and talk to young people, you know, in the high school about, you know, different career options and why I love real estate, et cetera, they want to hear story that they can relate to. And that's going to teach them more or get them even willing to listen to the speaker beyond 10 minutes or willing to go to an exercise that they think this is stupid, you know, because some kids are, Michael, some kids are just going to think this is stupid, you know, because they don't get it. So I think having someone come talk to them, maybe at the start of that session about,

11:27you know, there's, there's three key things, you know, to, to success and contentment, you know, again, I like to plug the eki guy thing, but like being paid well to do something you're excited about and then doing something that's going to make you as much money as you can so that you live a little less stressed and enjoy your life, right? And so if you can kind of say, you've got to understand, we're going to spend time with you over the next two days showing you how to get it excited, how to dream big, and then how to apply the financial tools to get there. And we know what we're talking about. We have some cred so that you can listen to us. So let me just quickly tell you about my story and how I went from here to here and that it doesn't happen without vision and some, you know, gaining, spending time to gain some financial acumen. And so you kind of lay out in the beginning, we're going to give you proof that this, it's possible, you know, to create the life that you want by design. And that's a term that I, I often use with my students are like, you create the life that you want by design. You either let life happen

12:30to you and you live check to check and you don't really think too much about it, or you're very purposeful with if I want a different life, I'm going to create it by design. And then I'm going to execute my plan one day at a time with everything that I have. And I think if you can kind of frame the overall purpose of here's what we're going to show you. And we're going to give you a taste. And then you have the person share their life and how they use that vision and life by design to achieve what they have. And maybe it's you, maybe it's you and a younger person who knows, right? Nope, but frame it with that. So they know like, this is why I'm doing a vision board. And this wow, if I, if they can do it, I can do it. And I think you messaged that like, if I can do it, you can do it. You have the tools and the resources that we didn't even have back then. Yeah. It is easier today than when we did it. So if you can get this now and get excited and participate all in for the next two days on creating a vision, creating a roadmap,

13:33and then understanding how to control your and master your finances to give you that life that you envision, your life will change after these two days. And then you, then you go from there, I think. Yeah. And the whole idea, and again, I don't know if it'll work out, you know, the whole idea is they have something to take with them. Yeah. You can roll that up or fold it or whatever happens. Absolutely. And then they can talk, because the whole idea is they're going to be coming with their parents, right? And then they can go back to the hotel or when they get on the airplane and they can talk about it, because it's education, motivation, but also helping the family talk about money more, right? Which is not something kids do or teenagers do a lot. Yeah. And I think when you have them do the vision board, of course, you know, this probably goes without saying, but you have different categories. Like, what would I be doing during the day, during the week? Yeah. What will my evenings look like? Where will my house be? And what view will I have outside of that, you know, back porch or going for my walk or whatever? And then what do I do

14:33on my weekends? Where do I go on vacation? You know, if I have a family in the future, you know, what do I want to be able to do for them and afford for them? And so, you know, they're thinking like, they're really thinking long term, not just, I want the big house and I want the car. Well, what are you going to do during the day to get it, you know, and how are you going to be able to have free time to spend? Because if it's all just, I want the house and I want the car, and I'm going to make this much money. So I'm going to do this. Well, are you willing to do a job that you're going to work 20 hours a week and never get to enjoy it? Or are you going to? Because that's part of that design is how do I spend my day? And what's the highest number of money per hour I can make that's going to allow me to afford that? Yeah, just so I'm clear. So it's a good idea to take this blank, I don't know, whatever it's going to be, two feet by two feet paper, and then chunk it up into that way, everybody answers the same questions like car, house, family, afternoon evenings. That way, everybody's answering the same questions. And vacations, yes,

15:37because you really need to think about that balance, right? And for some people, it's the house that's going to motivate them. For some, it's the car. For some, it's the vacation. For some, it's where they live in the location that allows them to do the things they love. Maybe they want to ski every day. So they want to live on a ski slope, but they're willing to live in a little bity place. So I think people are motivated by different things. So if it's just what are the things that you want? I think it misses a lot of the important things of life by design, like create the entire picture and think about how you want to be spending your time. And then that makes them kind of think about what's more important is that the location, is it the size of the house, is it where they go on vacation? I think all those things are important, because then they have a map like, okay, I want to build not just my goal as the car, and then I get the car, and it doesn't bring me satisfaction, and I'm upset. It's like, what's the life I want to create in all of its key aspects? I like it. Okay. And I probably could actually create something and have it printed

16:43somewhere ahead of time. Yeah. Absolutely. Yeah. Yeah. Okay. All right. So you encourage me to keep pushing on this idea. Oh, for sure. Yeah. For the young adults or the young people group that I think there's, there's nothing better they can come away with than understanding that they have what it takes to create the life that they want. They're limited only by their visions and what they believe they can accomplish, and their ability to master money and plan their life. Like, want it, see it, master it, and relentless pursuit of what you want with how you structure your day and your life and your career and what you choose to spend your time on. I like it. Yeah. And then the last thing on this is, do you think I should spend a couple of hundred bucks buying magazines or you think I should just put two printers in the room and let them print off the web or both? You know, I think most people would, I don't know, it's hard. Kids are different, right? Every

17:48every age kid's different. I like the high color glossy, beautiful pictures they can find in magazines. Me too. You can get you can get a lot of them. Well, they probably don't give them for free in the library. I was going to say take them to the library, everything you're cutting them all up. Yeah. But, you know, you can ask you can ask local schools or different places to, you know, or even gas stations when they're done with their magazines to send them to you. You can order a whole bunch online for businesses like you get 10 free magazines for this business for a year or two for, you know, $10 or for the year or something. So you can you can do some of those and they'll start sending you magazines every single, you could have 10 magazines sent to your house every single month and your wife do the same thing. That's what a lot of new businesses do. That's how they get all the magazines for their coffee tables. Ask me how I know, right? So I think there's something powerful about being able to flip through pictures because magazines are going to show you ever, you know, you want this, you want this. So they tend to have beautiful pictures. Maybe like

18:49travel magazines and then house magazines and car magazines and, you know, that's going to be good. Okay. All right. Maybe I can even have my audience bring in a couple, I don't know what all of it. So, okay. I think we're on this feels, this feels like fun to me and it feels like we're accomplishing a pretty big goal. So, yeah. And I think if you even do, because I've seen this done to like like a real estate conference, you know, for example, just have maybe you have one like that two-hour session. It's one game. Everybody plays it together. They play it, they each play it at a table for however many. And you have some kind of prize for whoever, you know, wins the game and exits the rat race. So it's like putting it all together and but make it, make it competitive. Like give them a, I'll give money away. Yeah, I'll give money away. 100 bucks for anybody who gets out in an hour. Exactly. And then whoever wins the game, 100 bucks too. They'll they'll be so in and excited to, you know, get a chance to do it. So, you know, just make that fun and give them a good run down it. And then then I would probably

19:54send them home with something that, you know, you know, maybe a one-pager of, you know, what did you learn this week? A lot of times people, you know, people have different books or whatever, but that says like, okay, what we want you to do when you go home is put it together, you know, refine your vision. Yeah, refine your vision board. What it is that you want. Think of that, you know, what if you haven't already chosen a career path or if you have and you don't like it and you want something else, you either take, this is how much money I make an hour. How much of it is going to be disposable? How are you going to get that disposable income that you need? Is it making more money? Is it cutting out your expenses? Is it buying rentals that add, you know, is it the side hustles, whatever it is? How are you going to wait, wait to buy liabilities until they pay for themselves or you haven't asked it to pay for it? How are you going to get enough disposable income? What choices are you going to make about your work and your career and your

20:56side hustles and your investments that are going to allow you to slowly but surely achieve your goals and then, you know, go home and do a budget, do an inventory of your time and your money and I think if you can give them something that wraps it up, like here's your design, your life, template, vision board, money mastery. And then I'm just again literally brainstorming it real time. We can also give that one page to their parents. So they both have what we hopefully accomplish and they can ask questions, do you think? Absolutely. Absolutely. Yeah, I love it. I'm taking notes. Yeah. And, you know, I know this, I know this works. I've done it and I've done it with kids. I haven't played the cashflow game with them other than my own kids, but just seeing the light bulbs go off when you explain to a group of young people, you know, again, I've gone to high schoolers to tell them right. They've seen all these people come in every week,

22:02you know, for a school year, parents and others in the community to say, this is what it's like to be an insurance agent. This is what it's like to be a teacher and this is what it's like to be a doctor and they ask, how much money do you make? That's the first question. How much money do you make? You know, and so they're thinking about that. But then it's like, what is your life going to look like? How many hours are you willing to work? What are you going to do? All the trade, life by design. And when you, when I talked about real estate, I can tell you the, you know, how much money do you bring in? Okay, more than a million dollars a year. You know, it's like, okay, but how? How? Because you start out a career and you save as much money you can and you invest that money into things that pay you to own it and eventually all this money's just coming in and then you get to go buy the stuff. So they, they will get excited about seeing and hearing from people that I've done this and you can do it too. For sure. Thank you for doing this with me. You've improved it so much. We're now doing

23:06three sessions, two hours Saturday, one hour Saturday afternoon. And then the cash flow game, plus we will have a one-pager and we'll give it to the parents. We'll kick off with some stories about people have actually done it, maybe myself, maybe someone else. Yeah. You made it better, Ana. I knew you would. Oh, thank you. Thank you. And hopefully ask Dane some of these questions when you get to talk to him after tax season. So yeah, and he may have some really good ideas for you to tweak. That's awesome. Well, where can people find you? You can find me on your show most weeks when we're both available. You can find me on social media at on a Kelly REI mom. And if you are looking for real estate or wealth coaching and consulting, you can book an appointment with me on my website at on a Kelly investing dot com. Thank you so much. I'm great day. You do.