Time to Focus on Yourself

By Troy Miller, Associate Executive Director of AZREIA

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.

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Want to explore the opportunities mentioned above (and a whole lot more) – click the link below for our full calendar of events:

AZREIA Events Calendar