Giving Away Money While Building Wealth with Douglas Eze

Douglas A. C. Eze established Largo Financial Services Inc. in 2000 with a vision to provide individuals and small business owners with the education and guidance needed to achieve financial freedom. As a wealth strategist, former registered securities representative, and award-winning insurance agent, Douglas believes in helping his clients find money in places they may be throwing away money unknowingly and unnecessarily. He also equips individuals with the information and knowledge to make sound financial decisions.

The hard work and dedication Douglas has exhibited in his many years of business have brought him widespread recognition and awards. He has been awarded the ACE Award through American Classic Agency for four consecutive years. National Life Group has recognized him as a Chairman’s Club Qualifier and Diamond Club member, a significant recognition reserved for the company’s top insurance representatives throughout the nation. Douglas is a distinguished member of the exclusive Million Dollar Roundtable, an organization of notable financial representatives. He was awarded the 2013 EPNET Male Entrepreneur of the Year in addition to being nominated among the Top 100 Financial Advisors of 2013 by the International Financial Leadership Association (IFLA). As a leading business figure, Douglas has also been featured in Profile Magazine and Power Broker Magazine as one of the Top 25 Top Wealth Builders and Financial Professionals in the Tampa Bay Area.

Episode Highlights Here:

Douglas:

By me to make sure that you if you’re going to inherit what I left, you will pay attention and do exactly what I say.

Pierce:

What would you say is the number one secret to keeping generational wealth?

Douglas:

controlling it from the grave? Have different trust systems? Okay, all right, having different trust systems in place, you know, there’s over 80 different types of trust in America, actually in the world, really. So you have to have the right type, that’s going to make sure that whatever thing you build stays, and you can’t feel guilty with decisions, because my belief is this, when I’m dead, I’m dead, and God right, by me to make sure that you if you’re going to inherit, what I left you with pay attention and do exactly what I say, or else you’re going to be kicked out. And it’s very, very clear my trust, you know, if they’re not paying attention, they’re not doing exactly what they want. They just get written off, they’re out of the family business, because if the family is a business, now, of course, you know, who’s to pay them some money, but we’re paying them money to just stay away. You know, that’s what you wanna go blow the money, take, you know, his 100 grand every year, go do whatever you want to do. That’s your life you’re doing, we can go and ruin the family legacy, because the children, our children’s children, and depending on the decision I make today,

Pierce:

Okay, so, so we talked a little bit before about some different ideas, but I’m really curious about this concept that you just picked up how do you control from the grave?

Douglas:

Yes, so we as human beings, we as people, right, we’re gonna die, right? That’s like a given, we’re dead, and we’re out of here. But trust is a contract, it lives on forever, you know, it’s life, it’s a piece of paper, you know, so if he’s drawn correctly, it’s going to be here for a long time. Like, you know, when you look at all these wealthy individuals, all of them have, you know, nonprofits, their foundations, they have trust, they have a lot of things in place, you know, and when you look at the way they control the Empire, and these people are dead and gone, Walt Disney, for example, he’s been dead, like how many centuries but his family still controls a lot of money, the Walmart family, you know, when you look at all these farms, they, I mean, you look on the Forbes lists, all the farm is on that list? Well, there’s a reason for that, because they were able to create a situation where the contract the timings, how everybody’s going to operate. And, and then one thing that a lot of people miss is the foundation of world-building, which is life insurance because that’s a big part that a lot of people miss out on. Yet. We want to leave real estate and all this stuff. But life insurance itself is the only vehicle that will do exactly what you want it to do. The only financial vehicle that will do exactly what you want to do. So what do I mean by that? Well, first, if I want to leave millions of dollars, to my family, life insurance, is the fastest and easiest way to do that, because I’m buying $1 with a penny. So how much of that dollar do I want to buy as much as I can afford, right? So I get it, and then at the same time use it as a place to park money. Because a lot of times we think about a bank, you know, which is one thing I talk about a lot of regarding where you park your money and wealth transfers. You know, every dollar we lose, that’s a world that we’re transferring away from our children and our children’s children. So if I put $1 in a bank, and that same bank is only paying me disrespecting me pay me a 0.1% interest rate, I’m losing off the get-go. So I rather use my money twice, take the same dollar put in life insurance, or get a death benefit. If I die, they pay my family immediately tax-free. And then that dollar is also an interest that I could leverage later down the line to use in investing in real estate investing in businesses and all that stuff to continue to grow the family legacy, just in case I mess around and die that money comes in life insurance, like the infusion of cash into the family business. So the children cannot take that cash to continue growing the division.

Pierce:

Absolutely. Okay, so