Want to leave your kids an inheritance? Start here. – What you should know about generational wealth, and what you can start doing now to plan for your families financial future.
What is generational wealth?
By definition, generational wealth, also referred to as family wealth or legacy wealth, represents wealth passed down from one generation to the next. If you can leave behind a notable amount of money or assets, that constitutes generational wealth. These assets can include real estate, stock market investments, a business, or anything else which contains monetary value.
Stated simply, people who inherit generational wealth have a significant financial advantage over those who do not. These people likely have the ability to avoid student loans and other types of costly debt. Instead, their inheritance could go towards income-generating investments, assets which appreciate in value, or even towards purchasing their first home.
However, it’s not easy to maintain generational wealth through several generations. Approximately 70% of families lose their capital in the second generation and 90% have lost it in the third. Keep reading to learn the best ways to build generational wealth as well as how to ensure it lasts.
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