Proverbs 13:22 – “A good man leaveth an inheritance to his children’s children”
Inheritance: The Key To Building Wealth
When you think about creating generational wealth for your family, it almost seems impossible.
Most of us are just trying to make ends meet on a daily basis. So building a lasting financial legacy is just a distant dream.
The truth is, it’s not just for rich people. Anyone can build generational wealth if they do the right things.
But you do have to live your life in such a way that you build wealth over your lifetime.
It takes long term financial discipline and a concrete plan for your money.
Generational wealth can be achieved with the right actions and mindset.
Passing down wealth
Generational wealth is wealth (cash, stocks, real estate, etc.) that is passed down through a family for generations.
It creates a distinct financial advantage to those that inherit it.
The lesson here is that not only should you pass down assets, you should also pass down knowledge.
Passing down wealth through the generations is a great way to bless family members you may never even meet.
Some advantages of generational wealth are, the ability to live life on your own terms. The ability to be debt free.
Make a difference through charity.
Why is it important
You have to understand the basics of personal finance for starters. Generational wealth is a personal choice.
Building a financial legacy is key. Having the opportunity to make a difference is vital, not just in your family and community.
Building wealth takes time, money and knowledge. You have to invest in assets that will guarantee a return.
Consider investing in your family, this will ensure your financial legacy is preserved.
How to get started
Teach your children about money. Educate your children about the pros and cons of taking on debt.
Invest in yourself. The more you learn and build skills, the more you earn.
A good way to create lasting wealth is to build a family business. Teaching them how a business runs and how to work hard is a legacy in itself.
Investing in real estate is one of the most lucrative generational wealth builders available.
The great thing about investing in real estate is that it creates cash flow now and the properties increase in value over time.
My thoughts
There are several ways you can produce passive income that can be handed down over many generations.
If you plan on handing assets down to your heirs, you need to protect those assets.
Create an estate plan. Workout how your assets will be preserved, managed, and distributed upon your death.
DISCLAIMER: I am not a financial adviser. This site is for educational purposes only. It is imperative that you do your own research. I am sharing my opinion from personal research and experience with no guarantee of gains or losses on investments, finance etc.
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