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BUILD GENERATIONAL WEALTH

CREATE A BRIGHTER FUTURE FOR YOUR FAMILY

HOW TO BUILD GENERATIONAL WEALTH?

KACIEBUSINESS

Generational wealth is passing down assets from one generation to the next.  People who inherit generational wealth have a significant financial advantage over those who do not. They are likely to achieve a better start in building for their future. Creating an inheritance portfolio for your kids can help them avoid student loans as well as any costly debt that might arise in the future. In this way, they can focus on ways to invest in themselves, build wealth and live their best life. 

 

Many of us are struggling today because our parents didn’t have the opportunity to create a solid foundation for us to build. They live paycheque to paycheque to make ends meet, and because of this, there was no inheritance to gain. You must break this cycle for you and your family to build in wealth for the future. 

 

To create a wealth portfolio will take great financial discipline and an understanding of how money works and how to make it work for you. One of the greatest books that helped me understand how to make money work for me is “Rich Dad Poor Dad.” It literally changed my whole perspective on how to invest and create wealth. It is my number one recommendation for beginners to read. 

 

Here are some strategies to build generational wealth. 

INVEST IN REAL ESTATE

Real estate investing is indeed solid security for wealth creation. It is a great investment opportunity and option to create wealth for your kids. It has the potential to generate a steady cash flow for a lifetime for you and your family.

 

If you have already purchased a home, you can build your real property portfolio over time through home equity appreciation. You can also invest in real estate indirectly by purchasing Real Estate Investment Trusts (REITs) publicly on the stock market and privately through real estate online platforms. With this diversification, you can build a real estate empire for you and your family’s future. 

 

INVEST IN A LIFE INSURANCE PLAN

Having life insurance coverage will provide your family with something in the event of your death. It protects them from any financial distress that may arise at that time.

 

Life insurance is also a financial tool that can use to safeguard your family’s financial future. It’s a common tool used by people to transfer legacies and generational wealth. If you are the primary breadwinner of your home, you should seriously consider getting a life insurance policy to protect you and your family. 

 

There are several online providers that offer life insurance, and you can also contact your local insurance provider to have a conversation about what you might need to get started. 

 

Here are some popular life insurance providers you can visit online.

 

1. Ladder.

2. Liberty Mutual Insurance 

3. Allstate 

4. Guardian Life (Jamaican company) 

 

INVEST IN STARTING A BUSINESS

A great way to diversify your income is to start a business. It would be a great addition to your nine-to-five paycheque knowing the difficulty to build wealth on just a paycheque.  

 

A business is a wise investment that you can transfer to your children in the future. Even though not all businesses grow to long-term success, it is possible that yours can. And it is a lucrative investment to generate cash flow to create wealth. 

 

Starting an Online business would be a great move. It is easy, less costly, and it can generate high passive income over time for a lifetime. To start this journey, you can read “ A Basic Guide To E-business.“, this is my free e-book that will show you how to make money online doing what you love.  

 

When you make great investments and build strong businesses, your children will inherit wealth and not debt.

 

Here are 5 reasons why you should start an online business

 

INVEST IN STOCKS

Stock investment is a long-term wealth builder that you can set aside for your family’s future. It has the potential to increase in value over time and generate income. 

 

It is a risky investment, but you can safeguard yourself by diversifying and adding defensive stocks to your portfolio to manage risk. Stock is a common investment strategy that elite investors use to build wealth. 

 

INVEST IN YOUR CHILD'S EDUCATION

Investing in your child’s education will help them tremendously in college or in anything they want to pursue. Having your child make it through college without any debt can set them on a brighter path for the future. This can help them to navigate their own finances to build themselves. 

 

Invest in their financial literacy. This will help them on how to use and manage money from early. Invest in their lesson so that they know how to tackle the financial markets.  

 

INVEST IN YOURSELF

Invest in your education is a huge part of building yourself. Your educational growth is very important, especially if you don’t know much about wealth and managing wealth. You can read books and take online courses on finance and money management basics. You can also network with people who are serious about building wealth. 

 

CONSIDER GETTING A FINANCIAL ADVISOR

Work with a financial professional who has the expertise to give you sound advice on how to manage your investment portfolio. A financial advisor is a plus, especially when you are busy out there making money.

 

PREPARE A WILL

After you have built the assets, you’ll need to prepare a will to pass down the wealth to your family. This will give a clear guideline of who to get what and prevent future conflicts after your death. At this stage, I would recommend that you seek the assistance of an attorney-at-law for guidance. 

 

CONCLUSION 

Generational wealth should always be at the forefront of your mind whenever you are investing. Developing a wealth-building strategy to last for generations allows you to safely secure your family’s future. In this way, your kids will be way ahead and continue the future family trend.  

TOP 5 INTERNATIONAL INVESTMENT PROPERTIES
INVEST IN THE INTERNATIONAL PROPERTY MARKET
GO HERE
TOP 2 JAMAICAN INVESTMENT PROPERTIES
INVEST IN JAMAICA REAL ESTATE MARKET
GO HERE
WHAT IS REAL ESTATE INVESTMENT?
Learn 5 simple ways to invest in real estate.
GO HERE
HOW TO INVEST AS A BEGINNER?
Learn How to Create Wealth
GO HERE
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