Building generational wealth may be something you have heard and seen before, you may have an idea how it works, but I am going to make you see it from a different and more rational perspective. If you were not born into a wealthy family, then creating generational wealth for your own linage can start from you. Creating generational wealth is not gender-limited. Even people born into wealth need to maintain it, else the empire will crumble. Here are 7 top tips for creating generational wealth.
Before you jump to a conclusion, pause and let me tell you how this one works. You don’t need to have properties to cash out in the real estate industry.
You can be an agent who finds rich people looking to buy houses, link them to sellers, and then take a commission from each sale.
You can also rent out your spare room in your rented apartment for a few bucks.
When you have enough money, and the option to buy a piece of land or a fancy car presents itself, go for the piece of land. The value of cars depreciates day by day, while the value of land would likely appreciate.
As soon as you have enough savings, your aim should be to put your name on as many properties as possible, not cars, shoes, and non-valuable items that the values will depreciate in a blink.
Have less children
I can’t stress this enough. The most expensive thing that costs money is the human being. Your goal is to give your child a better life than you had.
Having more children does not guarantee you a good position in the afterlife, nor guarantee you good care at your old age.
Children don’t only consume money, they consume time, when will you even have time to build generational wealth and take care of those children when you keep on having more and more with no spacing?
When you have fewer children your wealth will be enough to pass on to the next generation.
Buy valuable coins
I don’t want to talk too much about this as there is more information to it than just the surface. But cryptocurrencies are making people wealthy and billionaires recently, you need to research and buy coins that will boost value. Bitcoin and etherum are the two top ones now.
Buying assets are for sure on the top list of things to consider if you are looking to create generational wealth.
Buy things with value that can be transferred from one generation to the next without losing their value over time.
Assets can be houses, good quality commodities like gold, diamond, financial stocks, shares, and bonds.
A lot of people are going about and have no life insurance. Most of them have insurance on perishable cars and houses but not on their own life.
Life insurance is more vital for generational wealth-building.
Life insurance can cover you in case if something happens to you and you are not able to work again, you can get paid a large sum of money.
Also, life insurance can cover your family and children in case if you are no more there to take care of them, they would have money for the future. You can buy life insurance for your children as well.
Get citizenship in a good country
Let’s not bluff, being a citizen of a certain country makes your life easier, and creating generational wealth comes at ease rather than a far-fetched thing.
I will not mention the names of any country. But think about instances where you and your children have better educational and entrepreneurship opportunities including good quality of life.
Whichever country you choose, remember to save and don’t get carried away.
Study professional high paying courses
If you are waiting for me to tell you to go and give 10 years of your life to a university and end up in a profession you don’t even like just because you want to create generational wealth, then you are not going to hear it from me.
I have seen people with fine good skills just do under 6 months course to polish up their skills, and are doing much much better. Example: Photography, Good business strategists.
It’s all about choosing the right career in your path that would get you in the door and keep you going. For example, don’t go and do nursing because you heard that it pays, but if you are going to school to study ‘laboratory technology’ in a country that you are not guaranteed a job in laboratory technology after graduation, why not use that time to study nursing and know that you have wider chances and better opportunities around the globe to get a job after graduation?
Which of the top 7 tips for creating generational wealth is your favorite? Leave me a comment in the comment box below.Follow Me On Social Media