The topic of generational wealth has been creating quite a bit of buzz in certain circles. It is discussed often in underprivileged and underserved communities which are most in need. There was an article that said that median wealth for black Americans would fall to zero by 2053. That is extremely troubling. So, it is imperative that black people and other races that are in jeopardy of experiencing similar results, find a way to minimize the chances of this occurring.
Keeping in mind the importance of generational wealth, we remember that it is not really about building wealth for oneself. It’s about thinking ahead strategically to provide wealth for the next generation. Essentially the goal is to increase the chances of creating a better financial situation for your children and your grandchildren. Planning in this way takes some discipline, self-sacrifice, and dedication.
There are a variety of ways to build generational wealth. All of which is something that can be started by regular working folks. It will involve some planning, strategy; and quite a bit of sacrifice. These sacrifices will be primarily financial. YES, your money.
- Stocks and bonds and investments are a great way to start building a nest egg for your children.
- Life insurance is something that can be purchased relatively easily. Most policies aren’t overly expensive. They are cheaper to purchase while you are younger, but essential no matter your age.
- Real Estate, in my opinion, is one of the best ways to create generational wealth. It can be beneficial to you while you are still alive as well as when you depart and leave it to your heirs.
I recently was deeded properties, which will substantially increase the chances of helping me realize my goal of obtaining generational wealth for my son.
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The Road to Zero Wealth https://ips-dc.org/wp-content/uploads/2017/09/The-Road-to-Zero-Wealth_FINAL.pdf
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