Generational wealth is a critical component of long-term success for many families, but how do you go about building generational wealth and preserving it?
Generational wealth refers to the assets, resources, and financial stability passed down from generation to generation.
It can help ensure financial security for future generations, support legacy-building efforts, and create more significant opportunities for families.
Generational wealth is a crucial factor in economic mobility and stability. Still, it’s something that many Black and Hispanic families struggle to attain due to the present-day racial wealth gap.
Creating a legacy for your family is a powerful way to ensure that your loved ones remember you even after you’re gone. It’s also a way of passing on your values and beliefs to future generations.
Families can honor their legacy by creating trust funds and endowments, donating to charities, investing in education, and more.
1. Financial education 2. Budgeting 3. Wealth-building resources
1. Saving and investing 2. Entrepreneurship 3. Estate planning