In this video, the two speakers delve into building a legacy and wealth, the world of real estate and residual income, uncovering strategies and insights for creating a sustainable financial future.
The first speaker shared his journey in building his own legacy and making strategic decisions for continuous cash flow that can be pass down to the next generation.
Discover how to build wealth that can be passed down for generations to come.
Join us as we explore the secrets to building a legacy that stands the test of time.
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Transcript:
Chris Bounds
I mean, you’ve got family and obviously, that’s part of legacy. It can extend further than that. Some people more extensively further than that, if and when they have, like advice donor funds and charity foundations and stuff like that. But for you, how are you creating legacy?
Ian Flannigan 04:06
Obviously, the portfolio of real estate assets is a big legacy. Something that I never even saw coming was building wealth with my real estate license. And that’s something that I’ve been working on for several years now. You know, building that residual income through the cash flow and sales of other agents around the world. That’s been a huge one and the way our company is set up is we’re able to pass that through to our spouses, so my wife will be getting a real estate license. She’s on payroll with our company now. It’s just evolution of building this legacy. It’s so funny because I sound like I’m 15 years old. I’m actually 48 have been real estate probably almost 17, 18 years. Thanks, man. I’m still added every day making an effort to stay healthy. It’s more strategic now than it’s ever been in our lives. Right with with our Northwest distributional policies, everything that we’re putting into the market there, with that we have Term Life policies and a lot of the other estate type assets that you build over time. But it is definitely a focus of setting up the legacy now for the family. Because, I’m just blessed to be here another day, right? We never know, we never know when the time comes. I’m just making those strategic positions. It’s just a great blessing to know that I’ve built something over the last several years that something happens to me, my wife will be able to step right in and continue to receive that cash flow. And that’s pretty important.
Chris Bounds 05:39
This has kind of become a side question of the hour. Work ethic, I know you have tremendous work ethic being where you’re at. Have you thought about because you have fairly young children, right?
Ian Flannigan 05:54
I have a 27 year old and a four year old. My four year old. Yeah, she’s young.
Chris Bounds 06:00
How are you teaching her work ethic and building that foundation? She’s four, but you’ve thought about it. There’s little things that you just build up over time.
Ian Flannigan 06:12
Yeah, you know that’s a great question. We pour so much into her. My wife and I, we’ve done so many great things over the years of us being together. Our sister in law offered to babysit, watch Molly over New Years and we just were like, “no, we want to spend that time with her.” We did so much of traveling and partying and doing all the fun stuff, when you’re in the early days of courtship and then marriage. We pour so much into her. It’s really elevated her. I mean, she’s four years old but she can articulate things in whenever she’s around other adults. Even the ladies at the daycare, they’re just like, oh, my gosh, you’re so smart. We’re just really focused on pouring into her and it really raising her that way. She’s already in the mindset, we’re driving down the road, and I’m point at a building. I was like, what is that? She’s like, that’s a commercial building. What do we live in? We live in a house. I’m starting to really pour into her in that aspect, too. Because you know, that legacy is gonna pass from my wife to her and even my son too at some point.
Chris Bounds 07:15
Yeah, remember when we were back doing the heavy flipping, we drove down neighborhoods and our son would remember. Hey, is that the flip house at the flip house because he was walking through finished projects. It was fun. It was fun. Yeah. Yeah. I really appreciate you coming on and look forward to seeing you again soon.
Ian Flannigan 07:38
Yeah, absolutely man, anytime. I appreciate you guys. Absolutely. Take care. Bye.