The Best Guide To 9 Ways To Build Generational Wealth [Create A Money Legacy]

Published Jul 04, 22
4 min read
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The inflation rate is far higher than the interest most banks provide on your money, and that’s no way to create generational wealth. Instead, you could put that money to work by investing it in the investment vehicles that historically beat inflation like stocks, bonds, real estate, or private equity.

We can show you how to earn more money for generational wealth building. Plus, we can show you how to protect your money from predators looking to seize it. That way, you can rest easy, knowing your money is safely protected. You’ll have a clear mind focused on creating generational wealth.

But your legacy can live on — forever. When you learn how to build generational wealth, you can create assets that outlive you and your grandchildren. It’s about multiplying wealth, and it’s the ultimate gift for your family. Today, we covered five effective wealth-building strategies. But that’s just the beginning!Contact us so we can personally show you how to build generational wealth for the people you care about the most.

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Purchasing a property now and deciding to keep it in the family means that one day, once the home or mortgage have been fully paid off, your children and/or grandchildren will be able to either continue renting out that property and making money off of it, or, they can live in it themselves without having to pay additional fees (aside from utilities and insurance).

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You should also consider whether the value of the home you're considering acquiring will increase or decrease with time, as well as if the home will require a significant number of repairs or renovations. If you're constantly repairing the home for tenants or the home depreciates over time, it may not be worth the initial investment.

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Investing in stocks This is a great way to make an initial investment of any amount you're comfortable with, while giving it the chance to grow with interest while the next generation(s) grow in tandem. However, if your goal is to build generational wealth, you must be very strategic with the stocks you intend to purchase.

By stashing savings with the intention of spending it on higher education now, they will be well-positioned when it comes time to receive additional education that could help them establish themselves professionally, and in turn, increase their projected salary. Teaching children about personal finance One tactic to build generational wealth that many people overlook is taking the time to teach children about personal finance.

Teaching the youth how to think about, save, budget, spend, and even invest their money sets them up to be critical thinkers when it comes time to manage their own finances, putting them at an advantage. But, try to take this one step further than just giving firsthand financial advice.

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You should also get them started with a children's savings account so they can begin to form healthy money habits early on during their most fundamental years, while also taking on a unique level of responsibility and autonomy. This will ultimately set them up for financial success and true financial independence at any age.

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And the beauty of it being wealth that is passed down from generation to generation is that you can start with even a small investment, and watch it grow with interest throughout the years. Erin Ellis Accredited Financial Counselor ® Philadelphia Federal Credit Union .

1. Teach Your Children About Finances One of the challenges when it comes to building generational wealth is that you’ll have limited control — if any — over how your children will manage the assets you leave behind. That means one of the most important things you can do to build generational wealth is to teach your children about financial health and help them develop good financial habits.

2. Buy a Home Buying a home is a long-term investment that can reap financial benefits for you today and for the future of your family. As the value of your home increases and as you pay down your mortgage loan, you build equity that can help build the financial foundation you plan to leave to your loved ones.

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Fund Your Retirement Investments are a great tool for building generational wealth. When you invest strategically in the stock market, your money grows more quickly over a longer period of time. Among the best investment tools are retirement accounts, which offer tax advantages and other benefits that help your money grow faster.