It has been said, that when we approach the age of 60, there is a pause for reflection. We look back 25 years or so, and we realize just how quickly the last 25 years flew by. Then we realize just how quickly the next 25 years will come. There comes a sense of urgency to make sure all of those items are checked off our bucket lists, perhaps we ponder what will be our legacy; some of us may have a moment where we have a harsh realization that you haven’t done enough planning and savings for your retirement. Or, maybe you have planned so well that you forgot to make time for yourself, and you are saddled with a touch of regret of the “wish I would haves.” If you’re lucky, you reach this realization with time to correct your steps before life decides for you.

At AZREIA, we focus an exceptional amount of time on running a business, doing your due diligence, and building and adjusting your plan to marketing conditions by being an informed investor. How- ever, there are very few in this industry that talk about wellness and life balance as you become an investor and entrepreneur. You are always taught ways and strategies to help you reach your “enough number,” but no one takes the time to talk about once you reach it, how you will sustain it, or better yet, how will you move it on to generational wealth or contribution.

We have decided to step back and look at these two areas to explore and incorporate them into the conversation at AZREIA. As we began looking at life and wealth planning, a few things came across our mind. One, the majority know to set up an entity to protect their assets, and most people get into real estate investing because they want to control and have an overall quality of life with no earthly idea on how to get there.

We know you’ve heard it, but it begs to repeat that, “failing to plan is planning to fail.” In the past 18 months, as we’ve watched the countless individuals and couples who have gone through the Launch Pad, walking away with a clear plan, defined goals, and bulleted action items, the mountain suddenly comes into focus and isn’t as daunting. So, with that in mind, we want to tackle an area that is INCREDIBLY important not only as an investor but more so as an individual. We are taking the time to carve out time to discuss as a community in the coming months not only how important it is to plan and have these difficult conversations, but why NOW is the time to be having them.

Coming up in June, while you might be setting your sights on that novel you’re going to read on the beach, join AZREIA for a program called Lifeonaire (imagine millionaire, but with a focus on living life with purpose and abundance). If you’ve read the 4 Hour Work Week by Tim Ferris, this is the event for you. Lifeonaire is what we call the 4 Hour Work Week for Investors. Take a second to recall your “Why?”, why you got into real estate investing in the first places and all the grand ideas you had for yourself, your family, or giving back to a world that afforded you this opportunity. Now dream big and start to put onto paper your outline what your ideal lifestyle looks like, how many vacations, that dream car, giving your kids the life you wanted, or giving to your favorite charity or endowing a scholarship to your alma mater. Now, this is the missing piece, Lifeonaire will guide, outline, and create the steps to not only build but live the life you want. We promise this is some of the best time well spent and why it’s an integral part of the 21st Century Investor.

And in October, continuing with AZREIA’s academy series where we learn-practice-do, we will explore the life cycle of an investor as an individual in terms of wealth and life planning. Starting with your basic estate, talking about the what ifs and determining through wills and trusts who will be your medical and financial power of attorney. Then as you begin to accumulate assets, how to structure your holdings through entity structuring even including something called an IRA Trust. As Bill Cook talked about in April, becoming an “Ender” when it comes to retirement as a real estate entrepreneur, who will be your or your business successor and limiting the tax ramifications of unloading your portfolio. And the dreaded conversation no one wants to talk about is long-term care. As we live beyond the previous generation, discussing life and disability insurance, how to make sure you are well taken care of, and making sure that your assets make it to those it was intended.

We think that it is worth taking the time to explore and have this conversation now before time forces us to deal, plan, or attend to necessary but difficult matters.

By Troy Miller,  Associate Executive Director AZREIA