Generational wealth is a way for you to build wealth for your future generations .
If you do not come from a family that has built wealth, you can be the person to change that! Simply say bye to any bad money habits that you had! Start to think about abundance and have clear strategies to grow and build wealth as well as protect it.
An easy way to look at generational wealth is by thinking about Assets. This can come in the form of cash, property and business ownership that can be passed down from one family generation to the next.
Start to think about the lifestyle you want to provide for your family and the size. This will help put things into context so that wealth is fairly distributed.
Diversify your sources of your wealth to avoid any risks of loss!
It is important to enjoy the process and do not let fear get the best of you. Here are some things to keep in mind:
- Be alert you never know how the market will change
- Create an emergency fund
- Contribute to any employer-matched investments
- Pay off any debt that you have
- Max out your contributions in your current retirement account
- Take time out to learn about investments
Continue to learn everyday and share money management tips with your loved ones, so that they can also build good habits. This also helps avoid any loss of wealth.