What does it mean to build generational wealth, even better to trust yourself with the title of a wealth builder?
All things being equal, there’s a sense of fulfillment that comes with having more than enough money in your pocket – an inexplicable satisfaction with life. You should explore a wealth builder app to make the right money decisions to start building your wealth.
The feeling that you can afford your needs and wants as you ‘need’ them. The repose you get from fine living, and more opportunities you can get into that build your wealth in multiples.
But that’s just a bite when you consider how your money can live beyond your timeline, and keep generations after you at ease.
Think about the following names and tell what they bring to your mind:
Did you think about companies? Businesses? Or Families with Billions of dollars to their name?
Whichever your answer, you’d be right. But here’s something that connects them all — one person started a business that continuously poured money into the ‘camber’ of their descendants, young and old.
That is exactly what generational wealth is all about: it is wealth that moves from one generation to the next generation contributing to the riches of your children and their children too.
Building this kind of wealth is something anyone would want (daresay, crave), and that’s because generational wealth is a legacy. Something to be remembered for. Your mark in the sands of time.
While it is one thing to create riches that allow you the leisure of living a life of freedom, more hard work, discipline, and savviness is needed to grow the kind of wealth that spans through the prickly and merciless thorns of different lifetimes.
But it’s possible. And that’s what this article is all about — timeless wealth.
Before you learn the simple rudiments of growing generational wealth, here’s a story. It will create a foundation for what you’re about to learn.
“…On a beautiful late spring afternoon, twenty-five years ago, two young men graduated from the same college.
They were very much alike, these two young men. Both had been better than average students, both were personable and both—as young college graduates are—were filled with ambitious dreams for the future.
Recently, these men returned to their college for their 25th reunion.
They were still very much alike. Both were happily married. Both had three children. And both, it turned out had gone to work for the same Midwestern manufacturing company after graduation, and were still there.
But there was a difference. One of the men was the manager of a small department of that company. The other was its president.
What Made The Difference?
Have you ever wondered, as I have, what makes this kind of difference in people’s lives?
It isn’t a native intelligence or talent or dedication. It isn’t that one person wants success and the other doesn’t.
The difference lies in what each person knows and how he or she also makes use of that knowledge…“
What you are about to learn is like the knowledge that separated those two young men. Some of it may be common, but how you handle them will have a huge impact on your goal of building generational wealth.
It’s easy to head down to the store for some groceries or put on great wear for an event. Simple and Done. But for choices like changing location, or building a family, there must be well-considered steps and planning before any action is taken, because these choices hold more consequence.
The same is true for building generational wealth — you want to get things right from the onset. This is where a wealth plan builder helps. You get to cut out the unnecessary unproductive actions that hinder your goal towards generational wealth — especially overly risky actions — by using a plan fitted to your circumstance and goal, offering investment opportunities to cut down your risks as you grow your money.
There are many wealth builder planning services out there like SBI, however, one of the best you could use — that considers changes in economic trends and is focused on creating the features essential to you is guardianwealth.app. What you get is a highly mathematical approach to grow your finances and place the odds of becoming wealthy in your favor.
The stoic philosopher Epictetus said this: “only the educated are free.” And how right he was!
One of the best action steps you could take as you work towards building generational wealth is to invest in your education. Education opens your mind to new ideas from diverse fields and helps you bring those ideas together. Something James Altucher, an entrepreneur and angel investor calls idea-sex. You get to merge ideas from different fields and combine different world views in unique novel ways (especially if you have a knack for creativity).
Some ways you could get educated are
yes, college. A lot of young people have a negative bias towards college degrees, most of which come from the perspective that college knowledge is impractical. But the same college made the doctors, and the engineers, and the smart business professional who make the economic world work.
A college degree gives you more than just practical knowledge. You get to connect with new people and network your way up the socio-economic ladder. However, don’t just go to college because it is a societal thing. Go with an objective career path. It’s an open ground to create a solid educational foundation.
you will need to make tough money decisions. Sometimes exchanging comfort for stability. That is the reality of growing generational wealth. You need to understand some principles of managing money, and even personal finance ideas to get you moving.
GuardianWealth provides reputable financial literacy courses that help you go from money problems to being in charge of your finances. A simple survey to understand your present financial situation is all you need to get started.
Like having a balanced diet by combining different food sources is necessary for a healthy life, having multiple income sources is necessary for a healthy financial state, especially if they are passive.
More than one income source gives you a strong financial hold if an unplanned financial event happens. You save yourself from debts and work on creating a new and (sometimes, even more, profitable opportunity).
a job that you love is great. It is also a great source of income as you work on other sources. The benefits of having a job go beyond more than the services you are paid to deliver. You get to learn more about how businesses work, customer-focused operations, how to network, understand teamwork, and develop yourself in your career path!
If you desire freedom from a ‘boss’ and would like to utilize your ideas and creativity instead of seeking permission, see the job as a prep before heading into the wild.
a side hustle will certainly help increase your income. Wonolo.com describes a side hustle as any time of employment undertaken in addition to one’s full-time job. Some profitable examples of side hustles you could begin include:
Having multiple sources of income helps you live comfortably while working towards your objective of building generational wealth.
Expenses are a part of living. It must come. Your job is to control — as much as you can — all your expenses. A good way to do this is budgeting. Here’s a popular saying: what is not measured is misused.
If you don’t have a check for how much you are spending on your needs/wants, you’d find yourself living like the Charles Dickens Oliver Twist, always asking for more, only going by from paycheck to paycheck.
Taking control of your expenses requires discipline, which is necessary to cut out unnecessary spending and sticking to plans too. Anyway, here are simple ways you could take control of your expenses.
However, if you are still working on creating multiple income sources, know that the 20% saving recommendation is a floor, not the maximum. You’d be surprised how many millionaires preach frugality as their path to wealth. Learn to save more, it is age-long advice that still works.
Whether you are also saving ahead for upcoming major expenses or some other objective, this ensures that they don’t derail your wealth-building goals.
One thing to note is that stock picking is speculating, not investing. The most successful time-tested investment strategy, even among finance experts is a passive investment strategy that focuses on diversified investments using a long-term approach.
The most advertised way for growing real estate wealth is to buy investment properties and gradually build up your portfolio. When you are educated properly in this wealth-building option, you reduce the risks of making wrong decisions and increase the odds of getting great results.