GENERATIONAL-WEALTH

Generational wealth does not get built in one generation by accident. It gets built intentionally, one investment at a time.

My grandfather started building in Brooklyn in 1901. My father built LeFrak City. I built Newport. My son will build what comes next. That is how you think about real estate — in generations, not quarters.

Every generation must build something meaningful. My generation built institutions. The next must build technologies that make those institutions irrelevant.

Being a good steward of what your family built means knowing when to grow and when to hold the line.

The best thing you can do with money is make sure the next generation does not need as much of it.

My father worked hard so I could study. I studied hard so my children could build. That is how it works in families that succeed over generations.