How to Build Generational Wealth?

No matter where you are in your journey, it’s still important to understand generational wealth and how you can build a great financial legacy for your family. 

What is Generational Wealth?

Generational wealth is any kind of financial asset that families pass down to their children or grandchildren, which continues to repeat throughout future generations. These assets can be in the form of cash, trust funds, stocks and bonds, properties or even entire businesses.

Why is generational wealth important? 

Generational wealth is important because it puts your financial situation into perspective and helps you plan for the future. It can give your children an edge for education, less debt, or lead them down a path of entrepreneurship if passing down a business.

How much money is generational wealth?

Generational wealth is achieved when you have accumulated enough assets and investments that can pay for your family’s expenses and retain that amount for years. 

How to Build Generational Wealth

Your main goal will be to ensure you have plenty in your retirement to last you for your remaining years. Once you have that plan in place, you can begin focusing on acquiring assets and money beyond what you may need in retirement. If creating generational wealth is interesting to you, then here are some tips to help you get started.

1. Build a plan

If you want to pass on generational wealth, the best place to start with is a plan and some goals:  - How much do you want to pass on to the next generation? - What financial mistakes do you wish you hadn’t made? - What do you wish your parents had helped you with when you first started managing money?

2. Pay off debt

If you are currently paying off high-interest debt, you may want to prioritize getting rid of ALL your debt before building appreciating assets. 

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