What Should You Leave Behind When You Die?
00:00:00.000 | (upbeat music)
00:00:02.580 | - You talked about the purpose of all this
00:00:07.100 | isn't just to have a boatload of money.
00:00:08.560 | It's not just to be a billionaire and all that.
00:00:10.920 | And you've talked a lot about philanthropy.
00:00:13.040 | So, and how that's become a more,
00:00:15.560 | a bigger focus in your life.
00:00:17.680 | And I think beyond just saying why it's important,
00:00:20.720 | you've thought about ways to infuse it
00:00:22.600 | into your future business, your future endeavors.
00:00:25.600 | Talk a bit about why it's important,
00:00:27.600 | but also how you're trying to bring it
00:00:29.600 | into your business that maybe is different
00:00:31.720 | than the way most people think about philanthropy.
00:00:34.320 | - Few ways that I'm looking at it right now.
00:00:35.520 | First of all, like, I, everyone believes this,
00:00:39.480 | but I really like internalize it.
00:00:41.360 | It's that like, nobody gets out alive.
00:00:43.600 | Like we all die and it doesn't make sense
00:00:46.040 | to be the richest guy in the graveyard.
00:00:47.400 | Like, I don't care about legacy.
00:00:49.240 | I don't care about my kids being rich.
00:00:51.080 | Like I don't plan to actually give my kids anything.
00:00:53.440 | Maybe they'll get a little bit,
00:00:54.360 | maybe they'll get a property or two, whatever.
00:00:55.840 | - No, they get the college savings property.
00:00:58.400 | - Yes, they get the college thing, yeah.
00:00:59.880 | And what's great about that too, by the way,
00:01:01.400 | just to go way back to the last episode
00:01:03.640 | that we did together, but that property,
00:01:05.680 | like I don't care if Rosie takes that one property
00:01:08.000 | and goes to college with it, or she starts a business.
00:01:09.920 | I actually hope she'll just start a business with it
00:01:12.160 | or invest it in something.
00:01:13.320 | But anyway, I don't need my kid to be rich
00:01:16.000 | because A, like you can't grow up in the Turner,
00:01:19.440 | the Brandon Turner household and not have all the skills
00:01:22.520 | you need to be successful, first of all.
00:01:24.800 | 'Cause like, I'm going to train her.
00:01:25.880 | I train him every day.
00:01:26.760 | I'm always talking about money and finances
00:01:28.760 | and entrepreneurship and Rosie has bake sales
00:01:31.400 | and Wilder will, you know, when he's a little older.
00:01:34.200 | So either A, if they're not wealthy by the time
00:01:37.240 | they're in their mid twenties,
00:01:39.080 | then there is some problem
00:01:43.080 | that they don't deserve the money anyway, right?
00:01:45.040 | Like my kids will either not need the money
00:01:47.920 | 'cause they'll be so successful anyway,
00:01:49.520 | or they don't deserve the money because they can't handle it.
00:01:51.680 | So anyway, that's why I'm not planning
00:01:52.840 | to give my kids money.
00:01:54.080 | So in other words, what do I do with it then?
00:01:56.600 | I mean, wealth is kind of a game in some ways.
00:01:58.640 | Like I don't have to earn more money and get wealthier,
00:02:00.720 | but it's kind of a fun, it's a fun challenge.
00:02:02.920 | Like, can I give away a billion dollars?
00:02:05.280 | Like, I would have laughed at that 10 years ago.
00:02:07.160 | And now I'm like, well, shoot.
00:02:08.520 | Yeah, I could definitely give away a billion dollars.
00:02:11.560 | Plus happiness is largely derived for most people
00:02:15.480 | by giving away money and not just like throwing
00:02:18.360 | something from random charity,
00:02:19.200 | but by doing something with it.
00:02:20.640 | Like it's one thing to make money.
00:02:22.280 | It's another thing to make money matter.
00:02:24.720 | So I wanna spend a lot of my time making money
00:02:27.440 | 'cause I'm good at it.
00:02:28.560 | I'm not just gonna like give away all my money right now
00:02:30.200 | and go live under a bridge.
00:02:31.680 | Like I have been gifted with this ability
00:02:33.800 | to generate mass amounts of money.
00:02:35.640 | So I'm gonna use that to its fullest ability.
00:02:37.960 | And then I'm gonna make that money count.
00:02:39.600 | I'm gonna make it matter through business.
00:02:41.600 | So a couple of ways we do that.
00:02:43.360 | Number one, there's like the obvious,
00:02:45.360 | like we try to take good care of our tenants
00:02:47.240 | and be good people and all that.
00:02:48.400 | That's not what I'm talking about.
00:02:49.960 | I wanna start, we're gonna start,
00:02:51.280 | actually we're gonna launch it hopefully
00:02:52.240 | in the next couple of months.
00:02:53.080 | We're gonna raise capital for big apartment complexes.
00:02:56.440 | And then we're going to take all the profit from that
00:02:59.520 | and just donate it.
00:03:00.560 | So for example, let me give you a real simple.
00:03:03.240 | We buy a $100 million building right now.
00:03:05.280 | It's pretty normal by let's say $100 million building.
00:03:07.600 | We have to raise 20 or $30 million from investors like you.
00:03:11.400 | You give the money, we will buy the property.
00:03:13.560 | At the end of the deal, we sell it for $150 million.
00:03:16.240 | Very normal, very just 3%, 4% per year
00:03:19.560 | over the course of 10 years, it gets there.
00:03:21.560 | And then at the end of the deal,
00:03:22.440 | everyone gets their money.
00:03:23.400 | We divide up all, everyone gets their piece of the pie
00:03:26.000 | and everyone is happy.
00:03:27.160 | But what I wanna do is I wanna raise all that money.
00:03:29.560 | And then at the end of the deal,
00:03:30.520 | when we sell the property two, three, four, five years later,
00:03:33.360 | you get your investment back,
00:03:34.880 | but all the profit, that $50 million goes to charity.
00:03:39.320 | And I'm like, I could do like one of those a year
00:03:41.120 | and be like the biggest charity in the country.
00:03:42.720 | Like it's stupid how good real estate
00:03:45.440 | and especially my division of real estate,
00:03:47.360 | syndication and multifamily,
00:03:49.560 | it's stupid how much profit we can create out of thin air
00:03:54.560 | and with that level of assuredness,
00:03:57.800 | of that little surety.
00:03:59.520 | And so if I can just take like one out of every 10 deals
00:04:02.080 | I do and just donate it to good,
00:04:05.760 | that makes everyone feel good.
00:04:06.760 | And then the LPs, even like you,
00:04:08.280 | if you were investing in that,
00:04:09.520 | not only do you get to feel good,
00:04:11.000 | not only do you get your money back,
00:04:12.360 | so you're not even donating it,
00:04:13.520 | you're just lending the money for a little while basically,
00:04:16.000 | you also get a big tax write-off at the end.
00:04:17.720 | And so it's like a win, win, win across the board.
00:04:19.440 | Everyone feels good.
00:04:20.280 | Everybody wins.
00:04:21.280 | We're saving lives.
00:04:22.120 | We're stopping human trafficking.
00:04:23.360 | We're feeding kids.
00:04:24.680 | It's gonna be a good life.
00:04:25.520 | So I'm fired up about that right now.