How To Build Generational Wealth

Part of caring for your loved ones is making sure that they have the financial resources they need. Generational wealth is one way that you can provide that for your children and loved ones.

Money

Knowledge

Support Systems

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What is Generational Wealth? Generational wealth comes in many forms, but the simplest way to put it is that it includes any financial resources you give to your children

How Can You Build Generational Wealth? There are lots of things that parents can do to help build generational wealth for their families.

The modern financial system is incredibly complex, and most people don’t learn about generational wealth, let alone the intricacies of things like credit scores and investing in school.

Educate Your Children Get your children involved in your family’s finances from a young age. Even something as simple as having them sit down with you while you pay the bills and explaining what you’re doing can help them learn about managing their money.

Be There To Help Make sure that your kids know that you’re there to help and serve as a support system for them. Even small gestures to make sure they know you care can help them feel more comfortable asking for help, saving them from falling deeper into a financial hole.

Save Money The most obvious way of building wealth is to save as much money as you can, as often as you can. The more money you have, the more assets you’ll have available to give to your children.

Plan for After You’re Gone You could have millions of dollars saved, but it won’t do your loved ones much good if you don’t have a plan for what should happen to it after you pass away.

Hearing from Some Professionals Deb Meyer, a Certified Financial Planner and founder of financial planning firm WorthyNest in Punta Gorda, Florida, says, “To build generational wealth, it’s important to start with a family mission statement. "

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