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Leveraging Life Insurance to Create an Entrepreneurial Legacy for Your Children

โ€œ๐ƒ๐จ ๐ง๐จ๐ญ ๐š๐๐ฏ๐จ๐œ๐š๐ญ๐ž ๐ฒ๐จ๐ฎ๐ซ ๐ซ๐ž๐ฌ๐ฉ๐จ๐ง๐ฌ๐ข๐›๐ข๐ฅ๐ข๐ญ๐ฒ ๐ฐ๐ก๐ž๐ง ๐ญ๐ก๐ž ๐œ๐ก๐ข๐ฅ๐ ๐ญ๐ฎ๐ซ๐ง๐ฌ ๐Ÿ๐Ÿ–, ๐›๐ฎ๐ญ ๐ฉ๐š๐ซ๐ญ๐ข๐œ๐ข๐ฉ๐š๐ญ๐ž ๐ข๐ง ๐ญ๐ก๐ž๐ข๐ซ ๐ฅ๐ข๐Ÿ๐ž ๐ฆ๐ข๐ง๐๐Ÿ๐ฎ๐ฅ๐ฅ๐ฒ.โ€- ๐†๐ข๐ง๐จ

On this episode, Rick and Gino talk about another interesting way to leverage permanent life insurance: to fund the entrepreneurial legacy of your kids or grandkids.

Times have changed, and so has the mindset of the upcoming generation.

Instead of taking the traditional 4-year college route, weโ€™re seeing that many of todayโ€™s teens want to create an entrepreneurial legacy for themselves instead.

Where is your kidโ€™s head when it comes to their future and legacy?

College is a great way for continuing education and getting into the practicalities of life. However, itโ€™s becoming the norm that not every child chooses that path. While many remain on the traditional route, more and more teens are now wanting to explore an entrepreneurial journey instead, with a focus on starting their own businesses.

Rick talks about how specially-designed permanent life insurance policies can be used if your child or grandchild chooses an entrepreneurial path.

Life insurance for children is most commonly purchased for its death benefits. Hence, many parents cannot sit with the idea of buying a policy for their kids. However, itโ€™s important to remember the other side which is often missed, that it can support transforming the mindset of the child at the young age and help them think in terms of decades.

Keep an eye out for Rick and Teresaโ€™s next book, The 100 Year Education, that dives further into this concept.

Key Moments:

00:00ย Introduction
02:35ย Leveraging whole life policy for kidsโ€™ entrepreneurial ventures
04:25ย Creating an entrepreneurial legacy at the young age of 20
07:33ย Do not advocate your responsibility when the child turns 18, but participate in their life mindfully
08:49ย What is a permanent life insurance policy from a mutually owned insurance company?
11:03ย Starting a specially-designed life insurance policy for your child or grandchild
16:22ย Putting every dollar to risk is not recommended when it comes to your childโ€™s future
19:00ย Why is whole life worth it? The cash value!
19:45ย Wrap-up

About Jake & Gino

Jake & Gino are multifamily investors, operators, and mentors who have created a vertically integrated real estate company that controls over $225,000,000 in assets under management. They have created the Jake & Gino community to teach others their three-step framework: Buy Right, Finance Right and Manage Rightยฎ, and to become multifamily entrepreneurs.

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