Passive Income Can Help To Build Generational Wealth Can Be Fun For Everyone

Published Aug 06, 22
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To appeal to younger generations, you can also recommend or even and possibly to begin building credit. For example, the app has a library of resources meant to improve a user’s financial literacy. The app also has features that help the user and save money. Start Building Generational Wealth to Secure Your Family’s Financial Future With the birth of my son two years ago, I’ve spent a considerable amount of time reading into what actions I can take now to set him up for success later.

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About the Site Author and Blog In 2018, I was winding down a stint in investor relations and found myself newly equipped with a CPA, added insight on how investors behave in markets, and a load of free time. My job routinely required extended work hours, complex assignments, and tight deadlines.

I chose to start this financial independence blog as my next step, recognizing both the challenge and opportunity. I launched the site with encouragement from my wife as a means to lay out our financial independence journey and connect with and help others who share the same goal. Disclaimer I have not been compensated by any of the companies listed in this post at the time of this writing.

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What Is Generational Wealth? Generational wealth is family wealth, passed down from one generation to the next, repeatedly. A set of parents produce valuable assets, then pass them down to their children. The children then grow those assets, then pass them down to their children. As this pattern continues, the family’s wealth expands.

The branches extend, offering apples. The second generation decides to sell some of the family apples for profit. With that money, they plant more seeds, which grow into trees that supply more apples. The third generation nourishes every family tree, but now they’re flooded with apples, which they convert to cash.

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That’s more profit for the fourth generation to manage. But it all started from that one seed the first generation planted. That’s an example of the lasting impact of generational wealth. Why Is Generational Wealth Important? People with generational wealth have access to the best doctors. That means better health care, longer life — more years to grow wealth.

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With so many distractions, it’s no wonder they can’t focus on creating generational wealth. They’re focused on putting food on the table. So, someone with generational wealth can focus on the future, because they have a lucrative past. In short, the generationally wealthy have a tremendous advantage over the non-wealthy.

As the cost of living soars, people who have generational wealth will continue building assets. Unfortunately, people without generational wealth may have to work harder just to pay their bills and buy groceries. 5 Ways to Create Generational Wealth for Your Family, We’ve covered what generational wealth is and why it’s crucial for your family.

1. Set Up a Trust, A trust is a way you can dictate how your family receives your assets. You can set up a trustee who carries out your wishes, whether or not you’re still alive. With a trust, you can avoid probate. Your family would have access to more of your money, making it easier for them to continue building generational wealth.

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Also, a trust allows you to set specific terms your family must follow. For instance, your trust may say that your grandchildren will receive money to cover their college education, along with $20,000 when they turn 25. In short, a trust allows you to be in the driver’s seat, even when you’re no longer physically steering the wheels.

As your income and assets grow, you can add to your trust. 2. Develop Multiple Revenue Streams, Employment income is one money source, but you may need to pull from multiple to create generational wealth. That’s why it helps to develop multiple revenue streams. The goal is to generate as much passive income as possible.

Take the same approach as Warren Buffett when he invested in Coca-Cola. Buffett chose Coca-Cola because of its long history of being an American staple. He felt confident that people will still want a Coke 100 years from now. Likewise, you want to build a business that pulls in customers 100 years from now.

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You can be confident that as long as people live in chilly areas, that business can still be profitable long after you’re gone. A great example of a family-owned business is The LEGO Group. Yup, LEGO! Founded in 1932, the Kirk Kristiansen family still owns The LEGO Group. Members of the Kirk Kristiansen family have passed down their business for four generations and counting.