MAKE YOUR FAMILY RICH
Why to Replace Retirement Planning with Succession Planning
Patrick J. Keogh is the author of Make Your Family Rich: Why to Replace Retirement Planning with Succession Planning and Hey Kid! Wanna Own Great American Businesses?
Pat manages the Keogh family office with his two adult children, Matt and Erin. They handle the assets of the Keogh family. The office holds securities of the kind recommended in Make Your Family Rich. Check out Matt and Erin's daily options trades on the Diary they maintain on this web site. The Keogh office also manages a portfolio of real estate assets but, over time, that capital has been migrating from real estate to Dividend Champions. He still does an occasional development deal. Old habits are tough to break.
Pat was born, raised, and educated in the Bronx. Both his parents were immigrants and the best investors he ever knew because they both went long the US and short Europe in the middle of the Great Depression. The Depression is the one time in US history when more people left the country than immigrated here. The smartest contrarian investment ever! He started work at age fourteen, selling hot dogs and peanuts for Harry M. Stevens Inc. at the Yankee Stadium and other New York City sports venues. His professional career was focused as a financial and real estate development executive with the US General Services Administration. He left government service in 1994 and went into private practice, specializing in public-private partnerships for development projects and managing his development projects. Pat also focused on managing the family's investments
Pat is a certified public pension trustee and was chairman of the board of a Florida municipal pension plan. In June 2021 he was appointed by the City Commissioners of Gainesville Florida to their General Employees Pension Review Committee. He is a graduate of Manhattan College in the Bronx and the Georgetown University Law Center night school in Washington DC. Pat is a member of the Virginia Bar and the American Association of Individual Investors.
The system no financial advisor can support, because their lawyers won’t let them
THE PRINCIPLES AND STEPS OF THE MAKE YOUR FAMILY RICH PHILOSOPHY
1. Adopt the goal to make your family rich.
2. Commit to save first, and spend only what’s left over.
3. Open a brokerage account now.
4. Invest only in Dividend Champions (DC) unless you have a special expertise and interest, but then only invest in moderation. A DC is a publicly traded firm that has increased dividends for a minimum of 25 years.
5. Don’t buy a DC directly if you can sell a put instead. Always sell a put on a day when a particular DC drops a lot and with a strike price lower than the current price. If you do not have adequate funds to sell a cash backed put maybe buy a couple of shares.
6. Start thinking of your investments as having and managing a second, part-time job, which is to run your asset management business.
7. If you have to scratch an itch and buy a stock other than a DC, do it, but only in moderation.
8. If you invest in real estate, understand it’s a complex, time-consuming business. It’s probably better for you to invest in REIT DCs.
9. Invest in a college education. Although you can make your family rich without a college degree, it will be tougher. You’ll likely be a better person, parent, and citizen with a college degree.
10. After you’ve bought a DC, never sell unless it fails to increase its dividend, and then sell immediately.
11. Engage your family in your asset management business and pay them if they get involved and are productive.
12. Take all your dividends from DCs in Dividend Reinvestment Plans (DRIPs).
13. Move to the (virtual) rich neighborhood.
14. Maintain a close relationship with your securities broker. Negotiate everything.
15. Forget the idea of retirement. Your lifetime job will be to manage your family’s asset management business.
Pat Keogh is with Kathy Brennan and Alisia Smith in the lobby of Pineland Bank, 715 Centre St, Fernandina Beach, FL. Pineland is hosting local authors in their lobby and featuring Pat's books during April. Pineland is a friendly community bank and has great rates and services. They are a local leader in small business loans. Contact Kathy at 904.261.8233.
From the Dave Scott Blog:
Hey Kid! The next time grandma or grandpa gives you a few bucks for a birthday, bar mitzvah, Christmas, etc. don’t rush out and buy a pair of jeans with holes in them, pricy sneakers, or a sack of greasy burgers. Instead buy the companies that make and sell that junk.
Local businessman Pat Keogh’s new book, “Hey Kid! Wanna Own Great American Businesses?” explains how kids can happily transfer their instant gratification from the mall to the stock exchange and become fledgling securities tycoons.
Dad and mom can read “Hey Kid!” to their children then tuck them into bed, leaving them to dream about running the C Suite at McDonalds corporate headquarters someday.
Pat explains to kids in language they can easily understand that buying shares in corporations ranging from Walmart and McDonalds to Target and Pepsi Cola can make them rich. “It’s good to be rich” Pat tells the kids and then explains why and how to do it by gradually buying shares of companies.
As I was reading through Pat’s slim 60-page primer I learned a lot more than I ever did from the slick talking brokers who attempted to peddle me annuities so they could increase their commissions.
Pat wrote another book last year titled: “Make Your Family Rich” another straight forward easy to read financial primer geared toward adults. Both of Pat’s books are available through Amazon. You can hear from Pat and ask him questions Monday, November 8, from 5-8 pm when he will appear at Shuckers with three other local authors to discuss their latest books. The event is put on by the local “We The People” group. The other authors are Ken Timmerman, author of “The Election Heist”, mercenary Bill Craun, who wrote “Working the Kill Zone”, and Deb Boelkes author of “Women on Top: What’s Keeping You From Executive Leadership? Reservations can be made by contacting Ms. Boelkes at 904-310-9602 or Deb.Boelkes@BWRising.com.