Episode 19: Being Creative to Create Wealth [Part 2]

Kyle: I used to always think about winning in the deal. We got a great deal. But if you actually think about the other person, if you think about the seller or the buyer, depending on the scenario you're in, if you think of the other person, the other party, you think about how do I help them win and can I still win too? As soon as you do that, then you are now in a position where it's almost impossible for the deal not to work because if you can help them get what they want, what they need and you get what you want and you need, then everyone is great. And that's really a lesson in scarcity and abundance.

Jon: Welcome to The Canadian Wealth Secrets Podcast, with Kyle Pearce, Matt Biggley and myself, Jon Orr.

Kyle: Get ready to be taught as we share our successes and failures encountered during our real life lessons, learning how to build generational wealth from the ground up.

Jon: Welcome, investment students to another episode of The Canadian Wealth Secrets Podcast, and we're continuing our creative mind, where we're tapping into Kyle's creative genius on thinking about scenarios and different ways to be creative so that you can create your wealth and build your financial future. In the last episode, Kyle, we were chatting about this scenario that we were chatting with a client of ours and they were trying to come up with a way to build their seed money or thinking about how they could access more capital. And we talked about this idea that they had a relative, a parent, a family member who was leaving money to them anyway, and they looked at that succession planning in a sense of distributing some of that now in one particular way. And we're going to talk more about that same idea of how can we think about this succession planning and passing off some of your inheritance earlier to start generating a machine of wealth building.
Earlier in that episode, the scenario we looked at or the option we looked at was that family member who might be leaving you some money down the line anyway could potentially be your mortgage holder. So it was like maybe you had a certain amount of mortgage left on your own personal residence mortgage and they had some money that they have access to and are really just looking for maybe some income. And a win-win scenario here to help this build a machine for you to start having more access to capital was that they could lend you the money to pay off your mortgage and then now you're paying that family member back interest payments or maybe you're paying principal and interest payments, but essentially it could free up some of your personal money you're putting towards mortgage to start building towards your financial future in different ways. But it gave you some options to think, "Hey, it's a win-win because the family member is getting what they want." They want this regular income coming in off their investment and they're using you as an investment.

Kyle: Yeah, I love it. And when you really think about it too, I want people to just reflect and think about maybe their own experiences. And first of all, I just want to mention Jon, do you think that Matt just doesn't like being creative? Because once again, we're here solo without Matt.

Jon: He is a busy guy and we're lucky when he joins us to give us his insight. He is out there walking the beat on the real estate game, so he's actively getting deals done and finding new deals. So we're slugging along here talking about real estate investing and investing options in particular, but he's got a lot of work to do.

Kyle: And we're just kidding around here because actually we sent him out and he actually walked through a property on Friday, which we are looking at and vetting an off-market potential deal. So he is overturning the stones while you and I get to sit here and just think in the abstract and be creative together while he's doing all the physical labor out there. So go get them there, Matt. But why Matt just popped into my mind was he often talked in the early episodes about his experience and his upbringing around money, and I know you've spoken to it as well and I've spoken to mine, and there's some interesting things that happen. When you actually look at those families who have wealth and those who are, we'll just call them either middle class or maybe even lower class in terms of wealth building and generation.
And I think there's something around our mindset that keeps us from thinking creatively like we have in the previous episode and in this episode here today. So I just want to call it out right away that the reality is that we are all better together and working together. So this is all about win-win scenarios for everyone involved in the family to grow the family wealth, not just to be selfish. So the thing that I worried about after reflecting on that first episode was like I don't want people walking away from that episode thinking about, "Are we just going to go and ask our parents to give us a free lunch and a free ticket?"

Jon: Yeah, totally.

Kyle: And it's like, "Well, no, no, no, no." That is not what this is about. It's about ensuring that you're helping them to get more of what they want and need and also helping you and your family get more of what they want to need, and that's going to be different in every single household.
So you have to think about that and obviously these conversations can be challenging to have because I'll tell you what, my parents and my wife's parents, we're a very close family unit and by all means, we want to make sure that everybody is winning in this scenario and we do not want to make it look as though you're just trying to win and you're trying to give them less returns or whatever it might be. So you have to just be cautious with that. Make sure that you understand what their financial wants and needs are and think about the things that you're after and how can you make sure that everybody comes together. And really, Jon, I only started thinking along this path after we were having successful creative joint venture deals that we had done in the past. It was like, "Oh my gosh, I finally had this epiphany that really it's less about who wins."
I used to always think about winning in the deal. We got a great deal, but if you actually think about the other person, if you think about the seller or the buyer, depending on the scenario you're in, if you think of the other person, the other party, you think about how do I help them win and can I still win too? As soon as you do that, then you are now in a position where it's almost impossible for the deal not to work because if you can help them get what they want, what they need and you get what you want and you need, then everyone is great. And that's really a lesson in scarcity and abundance. And so if you think about it from a family perspective, you can do things in a way where you as a family unit can work together instead of everybody working independently.
And I'm going to call out, I hope this isn't going to be culturally offensive to anyone here, but I'm going to say that North Americans, those who have been here multiple generations, and I'll say my family heritage is mostly English, Scottish, Irish. I don't know if it's just there, but I see that here in North America, we tend to do this. Everyone's on their own. The kids got to get out of the house. We always joke, "Get the kids out at 18, you got to go and make a living for yourself." But yet you'll see other families from different areas of the world who tend to work together. They purchase properties as a family and it's like they're trying to make sure that everyone benefits there. And when you really think about that mindset, that is the mindset that leads to wealth generation. When you try to take on the world by yourself, you're actually really fighting an uphill battle. So be creative and really I think in this episode, Jon, we're hoping to take what we talked about in the last episode and almost push that envelope even further. I would say that that first episode, some people hopefully had some epiphanies and went like, "Huh, that's interesting." Well, let's talk about how we can get even more creative and ensure that everybody wins.

Jon: Yeah, I'm glad you brought this up because when we reflect back on that conversation, and I think if you have not yet gone back and listened to the previous episode on episode 18 on Being Creative to Create Wealth Part One, head on over back there and give that one a listen, it will set you up for some ideas on what we're really referencing here, but also how we're going to frame out the rest of this episode. But I think when Tom, I remember it was Tom, Kyle, Tom was the one that we were chatting with. Their relative came to them. They came to them saying, "I have some money. I'm not sure exactly what to do with this pot of money or am I doing the right thing here?" It was because Tom was a trusted family member to say, "I value your thoughts on where we can strengthen the family money up."
And I think that mindset was already there, I think in terms of Tom and his family. But you're right, we definitely should mention that this don't just run out and go, "Hey, these guys said you should really consider this." Because some parents might not be as welcoming as say Tom's parents there in that scenario. So yeah, Kyle, in this episode, we're going to extend almost the same idea that we've got this family member who is looking to strengthen the family wealth building system up, but at the same time getting a win for them and a win for the family. So picture the scenario, still a family member is coming to you and saying, "Look, this is my retirement money or this is my money that I've got access to. It's generating me an income here based off I have to pull this money out every month or every year, or maybe I've come into some access. I've got this pot of money that I'm not sure exactly what to do with to maximize my return."
And we talked about using that to fund a mortgage, pass that to a family member to fund their mortgage and be the mortgage holder. The idea that we're being creative here in this episode is almost the same idea, but it's taking it one step further. So let's say the mortgage, maybe your mortgage was too high or maybe your mortgage, you're not in that position for yourself, but another option for this family member who you want to help out could be in the same realm, not helping you buy your home, but helping you get started in buying your first real estate property, your investment property, or maybe not your first one. Maybe it's another one down the line, but instead the idea is that the parent could say, "Take this lump sum of money that they have access to." And they're like, "You know what? I still want my passive income. I still want this regular income coming in off this money. I'm used to getting this already and I would like to continue that because that's all I really need."
This money eventually will get passed down the line anyway, so maybe instead of us buying a mortgage on your home, maybe we go out and we find a real estate rental property and we put that property in your name. Let's say it was you, Kyle, who we put this property in your name and then that family member passes you, say this mortgage and pays the mortgage, and now that this property is in your name and they're going to be promised, I think what we were thinking about creatively is since this person was really just wanting some income, then maybe we can set this deal up in a way that they get the cash flow off this rental property. And you, even though you're owning the rental property, eventually I think your benefit in this case is you are on the deed. This is your rental property. I mean you're not getting any monthly cash flow, but you're getting that appreciation and eventually, that rental property will be passed to you. So it's like passing the money down the line, but you've started this machine early.

Kyle: Yeah. I want to reiterate a couple things you just said there because a lot of people, I remember the first time I brought this idea up to you, Jon, it was almost like when you say it, what you hear is what your brain defaults to hearing. I remember this vividly because I had to repeat it a couple times and then you're like, "Oh, I see what you're saying now." Because we were chatting about this just in our own experiences and we were discussing this and I brought this idea up to you and you said back to me, you said, "Oh, so the parent would buy the rental property and you'd manage the property and then eventually you'd inherit this property. And that was sort of the initial interpretation, and that makes sense when you think about that. Well, it's their money, so they're buying the investment property and then they're going to essentially benefit from this and then you'll eventually benefit down the road.
And what's wrong about that or I guess what isn't helpful about that is two things. The first one is, and I know this about my own experience and my parents, I've spoken about them on earlier episodes, they were very, I'll call it good with their money. They didn't buy unnecessary things. They're also pretty conservative when it comes to their investing style. So just the thought that they would own an investment property is very stressful. It's like triggering. Even if you want to say, "No, we'll take care of everything." For them it would be like, "Nope, it's tied to our name. Our name is on it." That would be a concern for them and that may or may not be true for you, friends, but the other thing, instead of them having the title, meaning their names are on this property, by having it in the children's name, the benefit that happens there is that you do not have a capital gains tax upon that time when they move on to the next life.
So there is that benefit of course, which is making sure that it's in their name. But then the other piece too is that they're free and clear and they don't actually own the property. They hold the mortgage to the property in the same way that you would hold the mortgage if they were to say, pay off your personal mortgage that we discussed in the last episode. So same idea, except we've got a new property coming in and all of a sudden you now own this property. They hold a mortgage on it, and of course you would have to figure out what makes sense for them. I know for me, I've had this discussion. We haven't done anything about this discussion in my particular family or scenario, but we've been going down this rabbit hole and we've been talking about it and more and more, my parents are sort of like, "Wow, that actually makes a lot of sense."
And in our case we're like, "We're totally fine for you to just take all the cash flow. If anything goes wrong with the property, we'll handle it. We'll deal with it. We'll even pay out of pocket for it so that there's no thought of you having to worry about anything." It's hands off, just cash flow and they're going to get a great cash flow too. It's not about us maximizing cash flow. We don't want any cash flow. We just are happy that hey, they're getting cash flow and instead of them investing in some sort of mutual fund or whatever, first of all, they would have a hard time generating that same amount of cash flow.
The bank gets the benefit over there and they get the cash flow, which is good for them, but now it's like, "Wait a second, if we do it this way, they get more cash flow and there's going to be a benefit on our end as well." So once again, instead of only getting one way for your entire family wealth to grow, you now have two ways. So you're keeping that money in the family and you're making that money work within the family. And I'll be honest and say that many parents, when you have a good enough relationship that you're actually having conversations like this, if that's the case, then they're going to be like, "Wow, they're going to feel a sense of pride that they're able to provide a better opportunity for the future generations."

Jon: Yeah, and I think, Kyle, correct me if I'm wrong here, this particular scenario, this is a scenario where this family, or let's say it's one of our family members and they have access to this capital that's going to help buy this home outright, because that's going to allow them to get the cash flow that gets a return on their money in the best case scenario. So all of a sudden they're going to say, "You're going to buy the property." They're the mortgage holder. You're paying them all the cash flow on this rental property, and that's going to look good for them because maybe if I put it over here, I would get 5%, 6%, 7%. I'm going to hope to get that here or more. So this is a scenario where if this is your family, this is not probably a case where that person needs access to that money, the actual lump sum of money, right?
Let's say the house, I think the example we used last time when we talked about this to pay off the mortgage or to lend you the mortgage and they're the mortgage holder was $100,000. So let's say this family member has access to that kind of money and they help you buy this rental property. If they needed access to that $100,000, I don't think this is a scenario for them because maybe they're thinking, "I need that to live. I can't give you my $100,000 because you're going to buy a rental property and then give me the cash flow. Well, maybe I need to eat into that $100,000 eventually." If that's the case, this is not the scenario for you because that money is going to be locked in that property and we're thinking long term and that money would be passed. So right Kyle, we're not thinking that. We're making sure that this is not the scenario where that family member is going to need that money to live.

Kyle: Absolutely. You definitely do not want to be the cause of any stress for, and this would be in a joint venture as well. We always have the conversation with joint venture or potential joint venture agreement participants to say, "Based on what you're saying, this doesn't seem like a good fit for you because the amount seems a little too high, where now you're going to be a little tight." We don't want that for you. We certainly don't want anybody every week breathing down our back either saying like, "Hey, is everything working out? Is there any problems? You want it?" You want them to know it's okay, this is going to be something that's longer term. But one thing that could be really beneficial is where they do have some cash. They don't necessarily need it right now, but they're thinking, "Over the long run, if I just keep using this money.", because what ends up happening in a lot of cases when people get into retirement mode, first of all, not only do financial advisors or planners would suggest that you want to have less risk, so that means less reward.
What sometimes happens is they almost get to something where it's almost so low that now it's like you're just living off of almost cash and sometimes, it's the actual people that want that, that they're like, "I don't want to see the number going up and down like it did on the way to get to this place because I don't have the same income. I'm living on a pension." Maybe they don't even have a pension. They're living off of this nest egg, so they want it to be as secure as possible, but then they're looking at it going, "Well, if we keep on spending this amount of money every year, you can quickly do the math. In 10 years, I'm going to have this much left and in 20 years, if I'm lucky enough to be alive in 20 years, I'm going to have this much left and that's not enough given my current lifestyle."
Not to mention maybe they wanted to do a few other things. So now it's like, "Well, how do we take some of that nest egg? How do we make sure that we're giving them some cash flow without huge fluctuations?" So again, is this a good idea if let's say you, the person I'm going to say, we'll call it the child in the relationship who is maybe middle age. If you don't have a steady enough income to ensure that hey, what if you get a tenant in there and the tenant doesn't pay the rent? Are you able to for a few months, maybe even 10 months, are you able to continue giving your parents or the in-laws or whoever, whatever relative, are you able to sustain that just in case? Because you don't want them to now be put in lurch because something happened over here.
So you also need to make sure that you've got your budget organized and that you're like, "Okay, I do have access to maybe a home equity line of credit so that if things didn't go well for three, four or five months, that we can make sure this works and sustains itself until we get over this rough patch because again, we're in this for the long term. Now another piece, Jon I wanted to mention is you could also have an agreement where maybe it's on a shorter term and you say, "Well, maybe it's for five years. We're going to aim to do this for five years, and then in five years, we are anticipating or we are hoping that we will be able to get a 70% or 80% loan to value mortgage through the bank if you no longer want to do this arrangement."
So it doesn't have to be forever for the parents or relatives. It could be on a shorter term, but I would argue that that might be something you say, "Well, in five years let's sit down and let's discuss where we are." And that might mean you trying to get a mortgage traditionally, if they just don't like the arrangement. Hopefully you've kept up your word and they've received all of their payments. Maybe they're going to be like, "I'm ready to just keep sailing off into the sunset." That's kind of the goal is that they're winning to the point where they want to keep going, but at least you can put something down on paper where you say, "Listen, just like a joint venture, we're going to sit down and we're going to come to some sort of agreement. And let's say if you're not liking it, then we can look to other means. Or if the property didn't appreciate as we anticipate it would have by now, maybe, or maybe my financial situation doesn't call for it, then maybe we look to potentially sell the property."
But ultimately at the end of the day, if it is a long-term play and you've set it up so that everyone's winning, you'll probably get to a place where they're going. I mean, unless they're that much more courageous by that point, they might say, "This is the easiest way that I've ever managed this particular part of my nest egg."

Jon: Yeah, and I think a big idea, what I just heard you say in two different ways is that you have to treat this family member who's holding your mortgage like the bank. You have to treat it like a business. You can't just say like, "Oh, we're going to get into this and then you're the mortgage holder and oh, I didn't get my rent this week. So guys, your cash flow's going to be a little low." You can't do that to the bank. The bank's going to say, "Where's my mortgage payment?" So normally when you get into real estate investing, you have to plan for this. You have to budget for vacancy. You have to think about what's going to happen. Can I meet that need if that happens? You normally have to do that when you get into this line of business anyway, and then the other thing is when you get into doing a mortgage, that's what the bank does, right?
They're like, "Look, we're going to set a five-year term because we're going to renegotiate in five years and see where we're all at in five years." You're going to be like, "Maybe I'll pay the whole thing off or maybe not." But you can do the exact same thing with your parents, so treat them like it's a business. Treat them like they're the actual mortgage holder. I think that you can erase some of those kind of wishy-washy things that it might sound like because it's a family member or somebody and trust. Kyle, I was going to bring up, say another question here about this kind of scenario that I think when you go to buy your rental property and they're the mortgage holder, I know that by you owning the property, it's almost eliminated their risk because you're now guaranteeing them to get their cash flow.
Now you being the owner of this property, I've got two wonders here. One wonder here is that now you have this property bought outright. Let's say it was a scenario where they bought the property outright. There's no mortgage, and that helps them get the cash flow that they need. Now this goes to probably any risk factor when you are buying a property. If you were buying this rental property outright, the risk here is that you paid a whack load of money to buy a property. You did not leverage any money. You didn't go to the bank and say, "I'm only going to put in this much on my property. I put in all of it. So now I've put all my eggs in one basket in a sense, instead of leveraging some money and going on one property." So there's a risk factor there, but that's true if you bought it outright yourself anyway, so I'm wondering what are your thoughts there? Is there a way for us to mitigate that risk? Can that be helpful to, I know that they're lending you the money to buy the property, but maybe splitting that up or coming up with a better scenario to limit your risk of saying, "Look, I'm going to put hundreds of thousand dollars of money here and then what happens if that property forecloses or something happens to the land?" You never know.

Kyle: Totally, totally. And if this is a new property purchase, which I'm guessing that anyone who's listening to this and going like, "Wow, this is a wonder we never consider or a possibility we never considered." Number one thing we've heard so far since the beginning of this podcast is people saying, "I don't have enough capital ready." So they are now saving, which is great. Maybe they don't have access to getting a mortgage because maybe they are self-employed or maybe their income just doesn't allow for it because they have a mortgage and they have other obligations. So typically, I'm anticipating that this would be a property that you're going out and purchasing. You don't already own, and that means you're going to have to go to the lawyer, at least here in Ontario, here in Canada, and in some parts of the U.S. that might just be a notary and other means, but the reality is if you're already going to the lawyer, you're going to want to actually have a formal mortgage drafted up.
So when you talk about risk, the reality is that regardless of how much money the relative, the parent, the whoever who is going to go in on this with you, they now hold a mortgage which essentially says that if you don't follow through, like you had said, Jon, you have to treat it like the bank. They are the bank, they truly are the bank, especially if you do it the right way. You're already going to the lawyer to sign off on the closing documents for title, get a legit mortgage charge, they call it, put on the property so that they are truly in fact able to take that property back from you, which I know seems like, "Well wait, we're family. We're this." Hey, if there's no issue, just do it. And then that way you don't have to worry about anything if a divorce happens. You just never know what could possibly happen in life.
It's just easy to know exactly what would happen if something like that were to take place. Now, on the other hand, you had also mentioned is there is some risk because hey, at the end of the day, it is putting, and I would hope it's not all their eggs in one basket, but you're right, it feels that way, right? They're taking a chunk of their nest egg. They're putting it all on this property, and that means one of two things. One thing is that they are the primary mortgage holder, so that means that they have first rights to take the property back. If there was any sort of disagreement, if there was a family rift, something happened and let's say there was a fight or whatever, a falling out, if you don't follow through with the agreement, then they could legally take the property back just like a banquet, a foreclosure or a power of sale here in Ontario and in Canada.
So there is that safety there. Now, what I think I heard you sort of asking about was, well maybe are there some other options? I would say the next option that you could have is say, "Hey, listen. If you are looking to put this property.", and maybe I'm the parent or a relative speaking to the person who wants to buy this property, I could say, "I would like you to bring 10% or I'd like you to bring 20%." Because maybe the downpayment isn't the issue for them. Maybe it's getting the mortgage. That's the issue for them. So they could ask them to bring a downpayment and then that way basically they're only putting a certain number of dollars invested. They're still the primary mortgage holder. Now you could take it one more step and you could say, "Well, I'm only interested Jon in paying for half of this property and having a mortgage on half the property."
This reduces the amount of money or capital that the mortgage holder is going to put in. But if the buyer is going to another lender in order to get the rest of the property paid for, what you're going to have is you're actually going to have two mortgages and how this works. So in one way, you're only putting up half the capital. So that part's nice, but you've actually increased your risk just a bit because it's most likely if you go to a typical big bank, they're going to make sure that they have the first mortgage and your relative is going to then be the second mortgage holder, which means they are in front of you in line to get their order. Let's say if the payments stop, they get first dibs and then the second mortgage holder gets their piece. If you do go that way, if it's a risk issue as to why you're doing that, I don't know if you're actually managing your risk. You're just reducing the amount of money you're putting in, but I would argue your risk is actually increased because you have a higher chance of losing that money because the first bank might fire sale the place and you may or may not get your cut.
So I almost feel like having a full mortgage or making the buyer have 10, 15, whatever percentage so that there's a little bit of skin in the game there for them and then them doing the remainder. I feel like that's the safe part from a maintaining ownership of the property so that you get the property. That might make some people feel and sleep better at night than say having somebody else ahead of them in line that gets to take their piece.

Jon: Yeah, that's a good idea to consider when going down this pathway. Another thought I had, which is a benefit to you, the owner of the property is if your family member paid off this in full is now you have access. Think about now you have access to all the equity built into the home. So you essentially could take out a home equity line of credit on that home and go and use that to buy another property and then make sure all the numbers work. So it's like you are building this system, a machine that can help you generate your wealth while at the same time making everybody have a win-win. Your family member is getting what they need in this scenario. They feel secure. You're starting a system to build up your wealth. You're feeling secure. You're feeling happy. Everybody's getting a win-win out of this idea.

Kyle: Yeah. I guess the last piece too when you think about in the long term what this does from a family wealth perspective is just being able to know that capital, that wealth is now being generated in the next generation. So now they're building that equity you were just talking about. And there's also, again upon death, there's something that oftentimes when parents or relatives are getting older, they start to think about these things and they're like, "Okay, I'm going to pass down some of this here." But sometimes they forget that some of their investments, they haven't been taxed, so the capital gains piece has not happened yet. So if they were to purchase that property in their own name. Upon death, there's now another capital gains tax event triggered where they'll have to pay it. Whereas in this scenario, one benefit is now the next generation owns the actual asset.
You can actually have that stipulation where basically, that mortgage upon death would actually be forgiven. And the beauty is that because it's cash that they actually lent in the first place, cash, there is no capital gain there. It's just going to pass down and it's not going to be taxed because it was already taxed. It either was earned as income at some point or it was earned as investment income, so it came out of an RSP or a 401(k) if you're in the U.S. or an IRA or whatever it was, it came out. If it was an unregistered investment that you're liquidating, that's the tax event when you liquidate and now it's cash and that cash can be gifted as you see fit.
So of course, hey, if they're up for you just being gifted the money, then you don't have to have a mortgage at all. But wouldn't it be great if you could feel great about bringing an idea that's going to help them with their lifestyle and their cash flow while you're also helping your own generation as well as probably if you have children, you're probably thinking ahead to them as well because you're like, |I want to build something for them. But I just don't have the means to do it right now." This is at least a great thought that you can have one other creative idea of how you might start to generate that wealth.

Jon: Awesome stuff there, Kyle. Awesome stuff, and I think we've given some great new creative ideas that extended on our last episode's creative ideas, and if you are looking to get into real estate investing and aren't sure exactly how to take the next step, it sounds risky and you want some guidance along that next step. That's what we do. We help people just like you get started in real estate. We partner with each other to make sure that you are feeling comfortable in the situation so that you can start to build your wealth. So we are always growing our list of potential joint ventures or JVs. You can quickly head on over to investedteacher.com/jv. There's a form to fill out and if you're interested in partnering with us on your next or your first rental property, you can fill out the form and join the list there so that when we come across a deal. We can reach out to you.

Kyle: I love it, I love it. And Jon, people are being so kind, those who are taking just a moment to make sure that you leave a rating and a review on Apple Podcasts. Even a one-liner goes a long way to ensure that the algorithm says, "You know what? There's something to share here and let's get that information out." Remember, it's an abundance mindset that we have here at Canadian Wealth Secrets. We want you to think about the same thing, so help others in your social circle to start thinking differently. Maybe they've found today's episode really helpful and it applies to them. Maybe this episode actually doesn't apply to them because maybe they're not in a situation where this even makes any sense. But one thing I will tell you is that we're going to keep striving to find ways that you and your closest family can benefit and can start thinking about how you can generate wealth. There's not one way to do it. There are so many different ways in so many different contexts, and if we can be a part of that, we would love it. So let us be a part of it for other people. Like I said, rating and review, huge, huge help to us and we can't wait to see you in the next episode.

Jon: All links, resources, and transcripts from this episode can be found over at investedteacher.com/episode19. Again, that's investedteacher.com/episode19.

Kyle: All right, Invested Students, class dismissed. Just a reminder, the content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.