How To Build Generational Wealth + 5 Tips to Get Started

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, their children, and beyond, offering them a head start in life so they don’t have to start from zero.

Money

The most basic form of generational wealth is money. That can be in the form of simple cash or other valuable assets, such as a car, home, or investments.  Giving your child a car or setting up a trust fund for them is a form of generational wealth. 

Knowledge

Even if you don’t have vast amounts of money to pass on to your children, you can help them tremendously by educating them about money. Teaching your children how to build a budget, use a credit card, or how investing works is all a form of generational wealth. The knowledge you give them can help them improve their financial life.

Support Systems

Support systems are another form of generational wealth that doesn’t strictly require that you have a lot of money to give to your kids. Simply being there and being willing to help can help your children get a leg up in their financial life.

How Can You Build Generational Wealth?

There are lots of things that parents can do to help build generational wealth for their families. 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.

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. Set aside a portion of your income for saving and investing.

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