President of the Jamaica Bankers Association Jerome Smalling is stoutly advocating for Jamaicans to acquire real estate as a means of building transgenerational wealth.

“I want to reinforce the fact that in an environment where we are having lower interest rates, we need to think about building transgenerational wealth. And the best way to do it— the way it has been done for many, many years— is through acquisition of real estate, understanding that we also have to structure our portfolios so this transfer can occur from one generation to the other,” Smalling recommended.

He bemoaned that not enough Jamaicans are into acquiring transgenerational wealth.

“Ever since the beginning of time, real estate is considered important in defining wealth and in the establishment of transgenerational wealth. One of the things we have not done as well…we should as Jamaicans coming out of slavery… is that we have not done good a job of establishing transformational wealth. Wealth that goes beyond our own lifetime, that our great-great-grandchildren will come and say yo’u know what, great-great-grandpa started this and established this foundation and I am still benefiting today’,” he argued.

The bankers association president pointed out that globally, real estate is widely used in passing down wealth from generation to generation.

“If you consider successful families across the world — and you can think even closer to home, think about the big names that you would say, the 21 families or however you want to refer to them — real estate is a big part of the ability to transfer wealth from one generation to the other. And I want us to consider that. The fact is that I am also happy to be in Montego Bay which I am now told is the fastest-growing city in the Caribbean,” Smalling said.

He was speaking at the media launch of the International Realtors Conference and Expo at the S Hotel in Montego Bay on Wednesday.

http://www.jamaicaobserver.com/sunday-finance/buy-real-estate-to-create-transgenerational-wealth-says-jba-president_175918