How To Build Generational Wealth

[{"selector":"#anim-cf3f3005-59a7-452a-bae0-add563bbe71b","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3f765404-7ed8-4519-9799-0098debbb755","keyframes":{"transform":["translate3d(-114.28572%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c03291fc-d7bd-4b3d-badb-478ff0d3f76e","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-0e9fe3f9-17dc-44f2-922e-ec8508324bad","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Read More

How does one build generational wealth? Step one is to build some wealth of your own. Steps two and beyond will depend upon the goals you set for the wealth that you’ve built. What will your priorities be for those dollars? Do you have philanthropic aspirations? Would you like your kids (and their kids) to receive the bulk of your wealth?

[{"selector":"#anim-665aba65-2636-4921-adb1-135ff58b51d8","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8cdf2fdb-ad64-45c3-8809-08ff35a5b468","keyframes":{"transform":["translate3d(-115.50632%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Read More

I like Warren Buffet’s take, who has said he’d like to give his kids “just enough so that they would feel that they could do anything, but not so much that they would feel like doing nothing.”

[{"selector":"#anim-4e57a02e-6919-4a83-9e2b-f99beb5e59e5","keyframes":{"opacity":[0,1]},"delay":0,"duration":2400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e18d1022-cc85-474a-9245-866bea7995fd","keyframes":{"transform":["translate3d(0px, -98.35032%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Read More

When you envision generational wealth, do you see images of private jets, lavish parties, extra chilled martinis, and designer clothes for toddlers come into view? That may be, but this post is not about those already wealthy. It’s about people striving to build wealth and pass it to the next generation.

How To Build Wealth

To build wealth, you need to start by taking care of your basic financial needs. That means:

You can’t predict when your boiler breaks, the car needs fixing, or your pet requires surgery. Rather than relying on borrowing or putting these expenses on your credit card, tapping your readily accessible emergency fund is more cost-efficient.

Spending less than you earn so you can invest the rest is the mantra for successfully growing your wealth. The tripwire for many is not being able to resist overspending and having high debt levels. It means making trade-offs that align with your financial goals.

According to the 2019 Survey of Consumer Finances (SCF), the US homeownership rate remains high at 64.9% in 2019, though below the 2004 peak of 69.4%. Housing wealth is the most significant contributor to the net worth of Americans, accounting for over 32% of the increase across all income levels.

SWIPE UP NOW TO READ MORE

[{"selector":"#anim-60d1c0cc-b02f-48c0-8263-31c43db44369","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ffcb973c-10fe-4fb2-8e69-e8e5f402da3d","keyframes":{"transform":["translate3d(-115.55555%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Read More

How To Build Generational Wealth

I like Warren Buffet’s take, who has said he’d like to give his kids “just enough so that they would feel that they could do anything, but not so much that they would feel like doing nothing.”

How To Build Wealth

To build wealth, you need to start by taking care of your basic financial needs. That means:

Manage Your Finances Well

You can’t predict when your boiler breaks, the car needs fixing, or your pet requires surgery. Rather than relying on borrowing or putting these expenses on your credit card, tapping your readily accessible emergency fund is more cost-efficient.

Establishing An Emergency Fund

Spending less than you earn so you can invest the rest is the mantra for successfully growing your wealth. The tripwire for many is not being able to resist overspending and having high debt levels. It means making trade-offs that align with your financial goals.

Spending Less, Saving More

According to the 2019 Survey of Consumer Finances (SCF), the US homeownership rate remains high at 64.9% in 2019, though below the 2004 peak of 69.4%. Housing wealth is the most significant contributor to the net worth of Americans, accounting for over 32% of the increase across all income levels.

Homeownership or Rent My Home

SWIPE UP NOW TO READ MORE

MORE STORIES