Building Generational Wealth
Benefits, Pitfalls, and Strategies
Building wealth is difficult, but building generational wealth is even harder. Generational wealth refers to the accumulated assets and resources that can be passed down from one generation to the next. It can be in the form of cash inheritance, businesses, information, trusts, and other valuable assets. While generational wealth is often seen as a sign of success and achievement, it also has its downsides. It can ruin the motivation of future heirs, create conflicts within your family, and perpetuate existing inequalities.
Building Generational Wealth Strategies
When it comes to building generational wealth, the strategy you choose will largely depend on how much wealth you hope to accumulate and pass down to future generations. This is why your strategy should differ if you want to build a significant, multi-generational fortune rather than a smaller sum.