We all get inspired by a good come-up story, and today's guest, Jerry Boggess, has an incredible one to share. Join us as he discusses how he and his wife used a clever blend of the corporate world, education, real estate, and life insurance to create generational wealth that their grandchildren can now enjoy.

Climbing the Corporate Ladder

• Jerry Boggess's journey began at the bottom, working as a fire alarm technician. He spent his days bolting pipes into the ground, often ending his shifts covered in dust and dirt. While working, he also earned a degree in mechanical engineering from the University of Utah.
• During his college summer breaks, Jerry took on more hours and responsibilities. This allowed him to learn how to design and sell fire alarm systems. As graduation approached, he was promoted to general manager after his predecessor left to start his own business.
• After a few years, he moved on to a new company, which led to a higher income. This career progression ultimately paved the way for him to embark on his real estate investment journey.

From First Land Plot to Generational Wealth

• Uninterested in stocks and bonds, Jerry chose to invest in real estate instead. At just 17, he made his first investment: a lot near a protected reservoir, for which he paid just $15 down with a $15 monthly payment. After a few years, he realized it wasn't a great investment.
• His next real estate venture was more successful. Right after getting married, he and his wife purchased a 12-acre plot of land in Congo.
• Rather than taking on car payments, they decided to invest in more properties, which eventually led them to a warehouse. Jerry explains how buying an $850,000 warehouse helped create generational wealth for his family.
• Here's a key part of his strategy: Tie up a piece of property with an income-producing asset and let that income pay the mortgage. Over time, the value of the property will grow.

Passing Down a Legacy of Wealth and Wisdom

• From a young age, Jerry instilled in his children the importance of education. One of his sons followed in his footsteps to earn an engineering degree, while another became a doctor. He firmly believes that a college degree is essential for success in life.
• In addition to education, Jerry also taught his family the importance of investing and building wealth. While not all of his children chose the same career path, they all have a strong understanding of his financial principles.

The Insurance Strategy That Built a Fortune

• Jerry's savvy financial moves weren't limited to real estate. Early in his career, he secured a variable life insurance policy that served a dual purpose: it provided coverage for him and his wife and offered a source of liquid cash.
• While they were both healthy, they converted the cash value from the variable policy into a fixed policy. This move ensured a tax-advantaged payout that would provide for their beneficiaries regardless of the circumstances.
• It was a smart play. Instead of risking the policy's value declining to zero, they seized the opportunity to lock in a guaranteed benefit. This allowed them to use that cash to fund real estate investments and ultimately create generational wealth.

“Buy rental properties, generate revenue to cover payments, and inflation will increase the property's value. The payments stay the same with the insurance company, but you're able to increase the rental payments, which grows your cash flow." - Jerry Boggess. 

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