None of us is promised tomorrow. And the importance of investing in real estate here in Kansas City, or anywhere really, was driven home to me yesterday afternoon while reading about a young father of 24 who lost his life in a tragic automobile accident. A young, newly widowed mother of two is left to pick up the pieces and move forward.
Do you remember twenty-four? You thought you had lived. But you hadn't. You thought you would live forever. But you won't.
As you grow older and begin to realize the frailty of this life you begin to understand the importance of prioritizing your time, money and energy. God. Family. Business. For me, anyway. And the funny thing is I do the third as work for the previous two. Sometimes I lose sight of that. But I'm always brought back when reminded, almost weekly, of the temporary nature of our stays here on Earth.
What will I leave behind for my wife. My kids?
I have life insurance now. A sizable amount. More than enough to keep my wife in the lifestyle she is used to living and to get my kids through college.
Just as importantly, I have rental property. Investment real estate designed to;
- Provide a comfortable retirement for my wife and I.
- In the event I don't make it that far, to provide additional security for my wife and kids.
- Provide a business for said family to either liquidate or take over.
My hope is that I will live long enough to meet at least my first great grandchild. But if at anytime I am unable to meet that goal, my hope is to leave them a legacy of self-sufficiency here on Earth. A legacy of prudent planning and financial care. A legacy of failing in order to succeed. Of getting back up and moving on.
Some people invest in Kansas City real estate to get rich. To build bigger houses and drive fancier cars. I own Kansas City investment property for peace of mind. Luxuries, to me, are not nearly as important as time with my loved ones. I'd rather have an extra week's vacation with my family every year than make enough for the leather seats. That's just me.
What is your reason for investing in real estate? Maybe that will help to clarify your goals.
NOTE: If you would like to help the young widow I spoke of in the beginning, you are invited to follow this link (since I cannot get the ribbon to work right because I am not an html genius). Even a $5 donation would be appreciated.
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