08 May Build A Legacy & Generational Wealth Discussion
Each month, I am reminded of how important our “Build A Legacy” series and our discussions on generational wealth is for my personal journey, as well as our community. In our panel on Real Estate, we were fortunate to have a panel full of experts when it comes to the home buying experience.
The Panel
While the topic focused on real estate, the discussion included personal stories about our history with money, generational wealth, community, and love for family. To me, these are the fundamentals when it comes to building a legacy.
In this panel of family and friends, we had Vanessa Heatley (Auntie Nessa), real estate investor, Lynnea Heatley and Dianne Jackson (2 first-time homebuyers), and Andre Duncan, Mortgage Broker with Evolve Bank & Trust, and Pam Covarrubias, new real estate investor and owner of Spread Ideas Move People.
Generational Wealth & Legacy
During our discussion on generational wealth, everyone agreed that tangible assets are important, however, education was key!
“I may not change the world, but I may spark the mind that changes the world” ~ Tupac
As mothers, Lynnea and Dianne both agreed that building a legacy and setting their children up for success was important to them. “I want to make it easier and teach them lessons”, said Dianne as she spoke about her daughters.
“Legacy is honoring the sacrifices of those who came before me”, said Lynnea. And in honoring her past generations, she is now molding her daughters to carry on the legacy.
On building a legacy, Auntie Nessa added “you always have to have something for tomorrow. Are you ready for tomorrow? Are you going to have the resources in place to be able to survive tomorrow?”
The discussion continues as we talked about generational wealth, family values, and passing on our history to our children. The stories everyone shared were so relatable because they were familiar.
Pam shared her story about wanting to help her mother run her business. Early on, Pam recognized that there was little support and lack of knowledge in her community. She she set out to get involved and provide the education and support her community needed.
“It’s intimidating”, said Pam as she discuss how people shy away from filing for an EIN number or dealing with the government. Pam saw the struggles her mother dealt with. She educated herself on how things were done, and shared her knowledge with her family and community.
Real Estate
For many people, the difficulties with purchasing a home include fear, past experiences, education, resources and mindset. During our discussion, the panel touched on each of these topics, and agreed that you simply have to start the process.
After the success of her third purchase, Auntie Nessa realized “this is easy!”. That mindset shift stemmed from the understanding that if she could do it once, she could do it again. “You have to take the initiative and have courage”, said Auntie Nessa.
“One of the biggest challenges in the real estate industry, is that people don’t believe they deserve to be a homeowner”, said Andre. There are so many ways to get off track, and we seriously need to educate ourselves and understand that it is possible.
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